Banking | - Part 98

Barclays Africa Faces Apartheid-Era Investigation on Bankorp

JOHANNESBURG (Capital Markets in Africa) – Barclays Africa Group Ltd. is being investigated by South Africa’s graft ombudsman over whether it received undue state support when it bought Bankorp during the apartheid era, and whether it should repay the money. The Barclays unit said it’s “regrettable” that a preliminary report by the ombudsman was leaked to the media, adding that the document contains “several factual and legal inaccuracies.” The Johannesburg-based lender, then known as Absa, did not benefit from…

Cash Is King in Mugabe’s Zimbabwe as Dollar Supply Dries Up

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Walk into Pedzai Nyika’s furniture factory in Zimbabwe’s capital and he’ll offer a 20 percent discount straight away — provided you pay in cash. He’s not alone. A shortage of banknotes gripping the southern African nation has become so dire that business are offering huge discounts to cash-paying customers and limiting the amounts they can charge on credit cards or refusing to accept them altogether. “I am desperate. Business is…

African banks’ regulation and supervision is improving, Says Moody’s

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – While increased regulation and improved supervision have strengthened the financial stability of African banks, progress has not been uniform and gaps remain, especially in the areas of enforcement and cross-border coordination, Moody’s Investors Service said in a report today. The report, entitled “Banks — Africa: Gaps in Banking Regulation and Supervision Are Progressively Being Addressed”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link…

Zimbabwe Bank Suspends Use of Visa Cards as Cash Crunch Worsens

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – CBZ Holdings Ltd., Zimbabwe’s largest bank, suspended the use of Visa Inc. cards for local transactions as the country struggles to cope with a cash shortage. Charges on making transactions are very expensive for customers, CBZ Chief Executive Officer Never Nyemudzo said by phone from Harare, the capital, on Friday. Money also has to be settled outside the country for accounts that are held overseas in foreign currency, he said. The…

Troubled Nigerian Loans Seen Spiking Before Economic Rebound

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Access Bank Plc is predicting that the level of troubled loans in Nigeria will continue to climb before an economic recovery in the second half of the year brings relief to the country’s lenders. “Across the entire industry you’ll see an uptick in non-performing loan ratios,” Chief Executive Officer Herbert Wigwe said in an interview on Thursday in Lagos, the commercial hub. “We are better than most.” Nigeria’s fourth-largest bank by assets expects…

South African Bank Stocks Beating Rivals May Find 2017 Tougher

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa was a bright spot for banks on the continent in 2016, with stocks shrugging off the nation’s economic woes to head for the third-best performance in the past decade. Next year the picture may not be as rosy. The nation’s banks index rose 25 percent this year as rate increases boosted lending income, commodities rose and the rand rebounded. In Nigeria, 15 banks fell 33 percent on average and 11…

Moroccan Central Bank keeps benchmark interest rate unchanged at 2,25%

Posted on by The Editorial Team

RABAT (Capital Markets in Africa) – Morocco’s central bank said on Tuesday economic growth would jump to 4.2 percent next year from an estimated 1.2 percent in 2016 on the back of sharply rising agricultural output. It made the bullish projections as it kept its benchmark interest rate unchanged at 2.25 percent. Abnormally dry weather across North Africa slashed the cereal harvest last season to 3.35 million tonnes, down 70 percent from the previous record…

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