Net 1 UEPS Technologies, a financial technology company with operations in Africa, Asia, and Europe, announced it has signed a definitive agreement to acquire 100% of its South African-based competitor Connect Group. Net 1 acquired Connect for R3.7 billion, or $242 million. The deal reinforces the buyer's ambition to become the leader in the fintech sector in South Africa. It is expected to...

African Development Bank President Dr Akinwumi A. Adesina has highlighted the importance of stopping desertification in Africa’s Sahel and turning the region green. Adesina spoke at a high-level side event held on Monday 1 November, on the Great Green Wall initiative during the ongoing UN global climate conference, COP26, in Glasgow, Scotland. The event was co-hosted by His Royal Highness...

Since 2020, the international community has been calling on rich nations to waive part of their Special Drawing Rights (SDRs) for the poorest. Nearly three months after the International Monetary Fund issued $650 billion in SDRs to facilitate the global post-Covid recovery, the solidarity of rich countries towards the poorest is yet to materialize. The G20 said it has already gathered 45% of...

The 2021 Conference on Land Policy in Africa opened Monday with a resounding call for African countries to develop pro-poor land policies and inclusive land tenure rights, particularly for women and youth. The theme of this year's conference is "Land governance for safeguarding art, culture, and heritage towards the Africa we want." This is in line with the African Union declaration of 2021 as...

Moody's Investors Service ("Moody's") has affirmed the African Development Bank's Aaa long-term issuer and senior unsecured ratings. The outlook remains stable. In a rating action note dated 28 October 2021, Moody’s said the key factors underpinning the affirmation include robust capital buffers, combined with superior risk management which contain the challenges associated with low...

The Covid-19 pandemic has highlighted the weakness of the e-learning process in Africa. To ensure that children on the continent still get access to quality education in the pandemic, Unicef has partnered with Airtel Africa to provide internet to schools in Africa. The African branch of Indian Bharti Airtel -Airtel Africa- and the United Nations Children's Fund (Unicef) announced today November...

Nigerian e-payment company E-Settlement announced it has reached a deal to acquire QuickCash, an Ivorian rural-focused fintech. The acquisition amount was not disclosed. “We believe that E-Settlement Limited has the right vision and deep expertise to drive QuickCash’s geographic expansion and next stage of growth. E-SL is a leading payment services provider with a strong position in...

Since 2012, France has signed three debt relief and development contracts with Côte d'Ivoire. The latest agreement signed on October 27 will allow the country to use the resources initially intended to pay its debt to Paris to finance development projects. Côte d'Ivoire signed a new debt reduction and development contract (C2D) with France on October 27 in Paris. Through this deal signed...

The World Bank announced it has approved a Development Financing Policy (DFP) loan of $360 million to support the recovery of the Egyptian economy in the post-Covid period. Called “Egypt Inclusive Growth for Sustainable Recovery,” this financing operation comes in addition to the first set of macroeconomic reforms, which bolstered the country's resilience and improved its fiscal and...

The Democratic Republic of Congo and the International Monetary Fund have reached an agreement on the first review of the Extended Credit Facility (ECF) granted to the country. The information was reported by the Bretton Woods institution in a statement issued yesterday. Approved at $1.52 billion by the IMF last July, this ECF agreement aims to help the country “to raise revenues,...