The plan was recently approved by Beninese authorities allowing the two tech companies to distribute audiovisual content to their subscribers.  In Benin, telecom operator Moov Africa and internet service provider (ISP) Isocel have obtained the right to provide audiovisual content. Their approvals were awarded by the High Authority for Audiovisual and Communication (HAAC) following an...

Al Salam Bank, which previously held 37.43% of the Algerian bank's capital, has acquired additional shares from several shareholders following the amendment of the 51/49 rule governing foreign investment in Algeria.  Bahraini banking group Al Salam Bank has increased its stake in Al Salam Bank Algeria (ASBA) from 37.43% to 53.13%. According to a press release published by the banking group...

Anwar Soussa became Safaricom Ethiopia's first CEO in August 2021. His achievements include the launch of the company's commercial activities, the gradual expansion of its telecoms network coverage, and the acquisition of 4 million subscribers. Anwar Soussa (photo), CEO of Safaricom Telecommunications Ethiopia PLC (STEP), will step down from the helm of the company on July 31, when his term of...

Global development financiers attending this year’s Organisation of Petroleum Exporting Countries (OPEC) Fund’s forum in Vienna, Austria, have pledged a strong commitment to remodel their investments to support green projects at scale. The delegates, representing multilateral development banks and intergovernmental institutions, said business and political leaders must do more to stimulate...

In mid-June 2023, year-to-date inflation was 9.2%, according to the Central Bank. To preserve price stability, the institution decided to raise its key rate to 11%. The Central Bank of the Democratic Republic of Congo has raised its key rate by 2 basis points, from 9% to 11%, in a bid to curb inflation. The announcement was made by the banking institution on Monday, June 19. For the Monetary...

Link Africa wants to connect over 10 million South African homes and businesses by 2025. To achieve this goal, the company needs to strengthen its fiber optic infrastructure. South African independent fiber optic network operator Link Africa announced on Tuesday, June 20 that it had raised ZAR500 million ($27.1 million) from Prescient, Absa Group, and Paragon Debt Advisory. This financing should...

Airtel is stepping up its investments to gain a foothold in the Nigerian telecoms market, which is contested by MTN, Globacom, and 9mobile. The company claims to have invested around $10 billion in its Nigerian operations over the past ten years. Telecom company Airtel Nigeria, a subsidiary of Airtel Africa, plans to invest $700 million annually over the next three to four years to...

The survey reveals that business leaders operating in Sub-Saharan Africa see tech adoption as a priority but do not consider cybersecurity risks to be a major threat compared to other risks like macroeconomic volatility and inflation. In the finance sector, 87% of executives operating in sub-Saharan Africa believe that technology is strongly disrupting their companies' business models, according...

The West African Economic and Monetary Union's (UEMOA) public securities market experienced a particularly intense activity last week. Four bond issues were organized to raise CFAF156.92 billion.  Last week, WAEMU countries raised CFAF163.53 billion on the public securities market, far higher than the CFAF156.92 billion they were seeking. Niger stood out, raising CFAF37.62 billion via a...

The Board of Directors of the African Development Bank has approved a $23.04 million loan to Prime Meridian Docks AssetCo Ltd (PMD), a special purpose entity to co-finance the construction of a modern floating dock ship repair facility in Ghana’s western Takoradi port. The loan will support the company to design, build, operate and maintain a world-class ship repair and maintenance...