Shareholders of the Nigerian investment bank, Nova Merchant Bank Limited, have approved its transformation into a commercial bank. This move will help Nova Merchant expand its range of banking products and services On July 20, Nova Merchant Bank Limited announced that it received approval from its shareholders to transform into a commercial bank. The bank's chairman, Phillips Oduoza, explained...

Four telecom operators are active in the Nigerien telecom market: Airtel, Zamani, Moov Africa, and Niger Telecoms. In 2022, they collectively generated approximately $406.7 million. Last week, the Nigerien telecommunications regulatory authority, ARCEP, announced a fine of 4.32 billion CFA francs (approximately $7.3 million) on telecom operators in the country. Celtel (Airtel Niger),...

Vantage Capital, a mezzanine fund manager, has made a new investment in the water and sanitation sector after its recent engagement in the healthcare industry in Morocco. On Friday, July 21, Vantage Capital announced a $25 million investment in Aquasantec. The transaction involved mezzanine debt and ordinary shares, granting the fund manager a majority stake in the company. Aquasantec...

Malian industrial paver and slab producer, Rock, becomes the first recipient of support from Zira Capital Investment Fund since January 2023. The financial backing and guidance from the investment fund will help this SME strengthen its production and sales. Zira Capital, a fund that supports start-ups and SMEs in Mali, recently added a new company called Rock to its seed-stage portfolio. The...

Despite the opposition's requests for the annulment of the new fundamental law, the constitution adopted by the Malian Constitutional Court now bolsters the powers of the transitional government. On Saturday, July 22, Colonel Assimi Goïta promulgated the Constitution of the 4th Republic in Mali, following its adoption a day earlier by the Constitutional Court. The new fundamental law of the...

In May 2023, President Tinubu abolished Nigerian fuel subsidies, citing massive fraud benefiting neighboring countries. Since then, authorities have been considering measures to offset the impact of this removal. Nigerian President Bola Tinubu has approved the establishment of an Infrastructure Support Fund (ISF) for all 36 states in the country. The announcement was made through a presidential...

Burkinabe telecom users staged a protest in April against operators and their services, which were deemed too expensive. Despite commitments made by telecom companies, consumers have seen little improvement three months later. Starting August 8, telecommunication consumers will start a fresh protest campaign against Burkinabe mobile operators Moov Africa, Orange, and Telecel. The announcement...

During its 113th Monetary policy committee (MPC), the central bank of Ghana raised its MPC rates by 50 basis points to 30%, after about six months of stability at 29.5%. The hike came as no surprise as inflation has been going up since May 2023, although in a subdued manner (42.2% Yoy in May and 42.5% YoY in June). At the press briefing announcing the rate hike, Dr. Ernest Kwamina Yedu Addison,...

Egypt aims to increase the mining sector's contribution to GDP from less than 1% in the last decade to 5% by 2030. To attract investors, the government introduced new regulations in 2020 and subsequently granted new exploration permits. Centamin, a mining company in Egypt, revealed on July 20 that it has signed a preliminary agreement with the Ministry of Petroleum and Mineral Resources and the...

Portugal maintains collaborations with African Lusophone countries on various themes, including telecommunications. This year, it has engaged in cooperation projects with Mozambique, Guinea-Bissau, and São Tomé and Príncipe. The Portuguese National Communications Authority (ANACOM) announced its partnership with Cape Verde's Multisectoral Regulation Agency for the Economy (ARME) to improve...