Banking | - Part 82

SBM of Mauritius Eyes Kenyan Banks, Plans Nigerian Expansion

PORT LOIUS (Capital Markets in Africa) – SBM Holdings Ltd., Mauritius’s second-largest lender, plans more acquisitions in Kenya as it seeks to become one of the country’s top 10 banks within the next three years before expanding into West Africa. The bank, which obtained a license to begin operating SBM Kenya Ltd. in May, expects to have its systems and staff in place by December, Advisor to the Board of Directors & Group Lead Executive Moses Harding…

Ghana Bank Holds Key Rate at 2015 Low as Inflation Quickens

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ACCRA (Capital Markets in Africa) – Ghana’s central bank kept its key lending rate at the lowest since 2015 after inflation accelerated for the first time in four months. The Bank of Ghana left the rate at 21 percent, Governor Ernest Addison told reporters Monday in the capital, Accra. Two of seven economists in a Bloomberg survey predicted the hold, while the rest forecast cuts ranging from 50 to 100 basis points. The central bank of West Africa’s biggest…

Record-High Nigeria Rate Seen Held on Inflation, Naira Woes

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LAGOS (Capital Markets in Africa) – Now that Nigeria’s economy is recovering from its worst slump in 25 years, the central bank can turn its focus to fighting inflation again — and shoring up its currency. The Monetary Policy Committee has kept its interest rate at a record-high 14 percent since July 2016, trying to support the economy, and will probably hold it there at its decision this week to contain above-target consumer-price growth. Officials can take heart…

Nigeria Central Bank’s Acting as Piggy Bank, MPC Member Says

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LAGOS (Capital Markets in Africa) Nigeria’s central bank is acting like a “piggy bank” with its funding of the government, according to a member of the Monetary Policy Committee who said he struggles to understand the regulator’s economic rationale. Monetary data showed a “sharp rise” in the Central Bank of Nigeria’s financing of the government deficit this year, Doyin Salami said after the MPC’s July 24-25 meeting, according to a central bank statement published Tuesday. The regulator’s…

The Reason Why South Africa’s Central Bank May Cut Again This Week

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JOHANNESBURG (Capital Markets in Africa) – If South Africa’s central bank cuts interest rates again this week, just don’t accuse it of doing so for the sake of “socioeconomic well-being.” The institution has been fighting off a bid by the nation’s anti-graft ombudsman to change its mandate away from targeting inflation to focusing on the financial health and quality of life of its citizens. But officials might be about to deliver their second rate reduction this…

Global Central Banks Can’t Ignore the Bitcoin Boom, BIS Says

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LAGOS (Capital Markets in Africa) – The world’s central banks can’t ignore the growth in cryptocurrencies and may at some point have to consider whether it makes sense for them to issue their own digital currencies, according to the Bank for International Settlements. “Whether or not a central bank should provide a digital alternative to cash is most pressing in countries, such as Sweden, where cash usage is rapidly declining,” the BIS said in its quarterly review….

Kenyan Politics Limbo Hinders Central Bank on Currency Risk

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NAIROBI (Capital Markets in Africa) – On Monday, Kenya’s central bank may have little choice but to do what the rest of the country is stuck with: waiting for a rerun of its presidential election. With political limbo reigning since the Supreme Court’s annulment of the previous attempt at a national vote on Aug. 8, officials are left contemplating the effects of prolonged uncertainty on an economy that also faces slowing growth and persistent inflation….

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