South Africa: FirstRand secures $20mln loan to strengthen operations
Wednesday, 21 October 2020 17:59
FirstRand, one of Africa’s largest financial institutions, secured a new credit line of $20 million to strengthen its private sector financing activity. The Johannesburg Stock Exchange-listed bank plans to deploy innovative lending solutions for its 700,000 clients.
The financial institution headed by Alan Pullinger (pictured) will pump 30% of the resources into women-led initiatives. FirstRand has supported more than 30,000 women entrepreneurs. With this strategy, FirstRand Limited is redefining its priorities in terms of support for private sector players. In addition to being good savers and responsible clients, as highlighted in the October 2020 joint study by the International Finance Corporation and the FMO, women are increasingly being brought into corporate management. 29% of companies in sub-Saharan Africa are owned by women, according to World Bank statistics of March 2020.
The line of credit obtained by FirstRand Limited is an initiative of Findev Canada, a Canadian institution that provides financial services to the private sector in developing countries.
Chamberline MOKO
Live News
-
DRC and World Bank Agree to Lift Project Disbursement to 30% in 2026 to Curb Low Execution Rates
18:48
-
Cameroon Unveils 2026 Borrowing Plan, Seeks CFA1,650 Billion
18:37
-
Cameroon Completes Buyback of Eneo in a CFA78 Billion Deal with Actis
20:55
-
Cameroon’s Social Housing Program Falls Short of Initial Targets
20:10
-
Cameroon Customs IT Operator Campass Replaces Chairman After Governance Dispute
20:08
-
Cameroon’s Jan 2026 Inflation Eases to 3.1% but Remains Above CEMAC Ceiling
20:06
-
DRC Formalizes Partnership With UNOPS on Infrastructure Cooperation
19:51
-
Interpol Arrests 651 Suspects in Massive African Cybercrime Crackdown
17:48
-
Flextock Secures Funding to Expand On-Demand Warehousing in Saudi Arabia, UAE
17:44
-
Orange Says Digital Shift Boosts Competitiveness for Ivorian Firms
17:40
ECOWAS central bank governors reaffirm a 2027 target for launching the Eco. Nigeria signals...
South Africa led with 35% of total deal value, ahead of Kenya and Egypt Inbound deal value ro...
Safran invests €280m to build one of the world's largest landing gear plants in Morocco, crea...
This week in Africa, Africa CDC is stepping up its drive for health sovereignty, building new partne...
South Africa will remove transmission control from Eskom and create a separate public grid operato...
DRC and World Bank approved an action plan to raise disbursement to at least 30% in 2026. Current rate stood at 22% in 2025, below 25% over the past...
Finance minister presented the 2026 state financing strategy to investors in Douala. President authorized up to CFA1,650 billion in domestic and...
DRC, UNOPS sign infrastructure cooperation memorandum in Kinshasa Agreement covers development, skills transfer, strategic coordination,...
MTC Namibia and Botswana Fibre Networks (BoFiNet) signed a memorandum of understanding to expand cross-border fibre connectivity. The partnership...
The University of Lomé on Wednesday opened a fossil and rock exhibition hall showcasing specimens from the country’s coastal sedimentary basin. Led by the...
Senegal, Morocco resume talks on film co-production pact Countries seek revised agreement on training, distribution Partnership produced two...