Banking

September 24, 2018

1

World Bank, SECO sign $4.6m trust fund to boost SA financial sector

South Africa’s efforts to strengthen its financial sector stability and improve financial inclusion got a boost with the signing of $4.6 million multi-donor Trust Fund program by the World Bank Group and the Swiss State Secretariat for Economic Affairs (SECO), to help the country further implement its financial sector regulatory reform agenda.

The South Africa Financial Sector Development and Reform Program (FSDRP) phase 2, is a five-year"...

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September 24, 2018

2

AfDB approves $1m to boost private sector in wood industry

The African Development Bank’s Fund for African Private Sector Assistance (FAPA), has approved a grant of US $1 million to Liberia, to provide technical assistance to its fast-growing wood processing industry.

The grant will strengthen the capacity of public and private sector players in the nation’s secondary wood processing industry and provide institutional support to small and medium-sized enterprises (SMEs).

Liberia"...

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September 23, 2018

3

Polycarp Igathe named Managing Director of Equity Bank Kenya

Five months after joining Equity Group Holdings Plc, Polycarp Igathe has been confirmed and named the Managing Director of Equity Bank Kenya.

This marks the completion of the Group’s strategy of separating the management of its subsidiaries from that of the Holding Company. Dr James Mwangi will now serve as the Group Chief Executive and Managing Director providing overall strategic direction and oversight to the Group.

Speaking"...

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September 20, 2018

4

Mastercard becomes first global sponsor for League of Legends esports

Mastercard today announced a multi-year partnership with Riot Games to become the first global sponsor for League of Legends esports, the largest esport in the world. This first-of-its-kind global agreement signifies Mastercard’s support of the esports community and further diversifies the technology company’s world-class sports and entertainment portfolio.

“Esports is a phenomenon that continues to grow in popularity, with fans"...

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September 19, 2018

5

Afreximbank closes $150m Korea-focused club facility

The African Export-Import Bank (Afreximbank) has closed a Korea-focused $150 million club facility which has Shinhan Bank as coordinator and lender.

Other banks participating as lenders in the facility, which has a three-year tenor, are KEB Hana Bank, Woori Bank and NongHyup Bank.

Speaking at the signing ceremony held in London on 14 September, Denys Denya, Afreximbank’s"...

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September 19, 2018

6

Access Bank, WorldRemit in instant money transfers deal

International digital money transfer service WorldRemit has partnered with Access Bank for instant money transfers to Access Bank accounts in Nigeria.

The new partnership further expands WorldRemit’s presence in Nigeria, allowing its customers in over 50 countries to send money to millions of Access Bank accounts directly from their phones.

Access Bank is a leading"...

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September 15, 2018

7

Vibrant mobile money market drives Somalia’s economy

Somalia’s economy is projected to grow at an annual rate of 3–4 percent, according to the third Somalia Economic Update (SEU) published by the World Bank.

Titled “Rapid Growth in Mobile Money: Stability or Vulnerability?” the SEU assesses Somalia’s vibrant mobile money market, and provides concrete recommendations on introducing mobile money regulation that can boost a secure system for widespread financial inclusion.

"...

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September 11, 2018

8

Union Bank issues notes under N100b Bond Program

Union Bank of Nigeria has announced the registration of a N100 billion Debt Issuance Programme and the subsequent inaugural issuance of Series I and II Bonds under the newly registered Bond Programme.

At the conclusion of the Book Build, the N20 billion issuance was 165% subscribed. This level of response to our debut issuance is a testament to the growing strength of the Bank’s brand and performance and underscores the high level of investor"...

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September 11, 2018

9

Blockbank partners with Kenya's Spire Bank to spur crypto banking

One of the leading commercial banks in Kenya, Spire Bank, will be instrumental in facilitating a wide variety of international Crytpto banking activity in association with Blockbank, to present the world's first fully licensed crypto bank with low-cost funding availability.

Spire Bank, Headquartered in Nairobi top commercial banking entity, fully licensed by the Central Bank of Kenya is valued at having total asset worth of around 180million USD. Originally established as a finance company in 1983 and later"...

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September 10, 2018

10

EXIM Bank loan to create 100,000 jobs in Nigeria

Nairametrics reports that to implement the Flare Gas Recovery Programme and establish modular refineries, a $500 million loan facility has been secured by the Federal Government from the Export Import Bank of China through the Bank of Industry (BOI).

The Chief Executive of BOI, Olukayode Pitan, states that the development, which is expected to facilitate growth in Nigeria’s oil and gas sector, will create over 100,000 jobs in the Nigerian"...

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