Banking

LAGOS (Capital Markets in Africa) – Nigerian central bank’s digital currency has lured about half a million users three weeks after it was introduced in a move to entice people away from crypto currencies. Adoption rate for the Central Bank of Nigeria digital currency called eNaira “has been excellent,” according to Osita Nwanisobi, spokesman for the Abuja-based lender. More than 488,000 people have downloaded the consumer wallet — that’s needed to transact eNaira — while about 78,000…

LAGOS (Capital Markets in Africsa) – Tomi Somefun still recalls the shock in 2015 when she was summoned to meet the board of Unity Bank Plc and offered the position of chief executive officer. That made her the only female CEO of a Nigeria-based lender — the second woman to occupy the top position. But she’s no longer an outlier. Women now make up almost one-third of the CEOs of Nigeria’s commercial banks, well ahead of African peers…

LAGOS (Capital Markets in Africa) – The pace of transition in futures and options markets has sped up with total Secured Overnight Financing Rate (SOFR) exposure beyond 2023 rising quickly. The pace of the transition to the new U.S. interest rate benchmark, the Secured Overnight Financing Rate (SOFR), has picked up dramatically in recent months, with the additional impetus coming from July’s successful launch of the SOFR First initiative by U.S. regulator the Commodity Futures…

HARARE (Capital Martkets in Africa) – Zimbabwe’s government has ruled out adopting the U.S dollar as the country’s sole official currency, terming it “suicidal,” the state-run Sunday Mail reported, citing Finance Minister Mthuli Ncube. Ncube said such a move could result in foreign currency deficits and deflation for the African nation. “We cannot adopt the United States dollar alone as the official currency,” Ncube told lawmakers during a pre-budget consultation meeting, according to the Harare-based newspaper. “You…

MAPUTO (Capital Markets in Africa) –  Credit Suisse Group AG agreed to pay almost $475 million to resolve multiple investigations into its role in a fundraising scandal that saw hundreds of millions looted from Mozambique and tipped the country into economic crisis. The Zurich-based bank said it expects to take a $230 million charge in the third quarter as a result of the settlement, a further hit for shareholders after the bank was buffetted by…

LONDON (Capital Markets in Africa) – Bank of England Governor Andrew Bailey moved to strengthen the case for raising interest rates, saying the central bank will “have to act” to curb inflationary forces and warning higher energy costs mean price pressures will linger. Speaking to an online panel organized by the Group of 30, Bailey said that while central banks don’t have the tools to counter supply disruptions and he still believes the recent acceleration…