Africa Specialty Risks (“ASR”), the pan-African focused reinsurance group, was a co-sponsor of the East African Tea Trade Association (“EATTA”) Breakfast held in Mombasa this morning. The event was jointly supported by Abimar Brokers (part of the Tea Insurance Africa Consortium) and MIC Global Risks (Insurance Brokers) Limited, Kenya. The EATTA is a non-profit organisation dedicated to...

The African Development Bank Group has released its 2022 Annual Report. The report shows solid performance over the year, recording a significant increase in lending to the Bank Group’s regional member countries in the face of a challenging global environment for Africa. “Amid multiple global shocks, the [African Development] Bank once again demonstrated its unwavering commitment to African...

Less than two months after his inauguration, Nigeria's new president is stepping up his efforts to revive the economy and consolidate his power. After the cancelation of fuel subsidies and the suspension of the governor of the central bank, he is now suspending the head of the Economic and financial crimes commission.  Nigerian President Bola Tinubu has suspended the head of the country's...

The brief points out that the boom in artisanal gold mining is due in particular to the country's economic crisis, the opening up of the mining sector to "all competent people" and the rising price of the precious metal.  Artisanal small-scale mining (ASM) accounts for 62% of Zimbabwe's gold production, according to a policy published on June 8 by Megatrends Afrika, a research platform...

The new executive has over 25 years of experience in the telecoms sector, with senior positions at leading mobile network providers in South Africa and abroad. Most recently, he was the Chief Customer Officer of Vodacom South Africa. South African telecommunications company Cell C recently appointed Jorge Mendes (photo) as its new Chief Executive Officer, effective July 1, 2023. In his new role,...

In 2021, Econet kicked off plans with rival NetOne to expand its telecom network.  In February, the operator signed a new partnership agreement with Sweden's Ericsson to modernize its network infrastructure. Telecommunications company Econet Wireless Zimbabwe has announced plans to upgrade 500 of its base stations and deploy 300 new stations across the country before the end of the year....

The decision was eagerly awaited by several actors. However, insufficient regulation could lead to excessive speculation and the value of the naira going excessively high to become unaffordable for small and medium-sized businesses, with banks being the main beneficiaries. In a release issued on Wednesday, June 14, the Central Bank of Nigeria ended a policy that was consecrating the multiple...

The Fund for Export Development in Africa (FEDA), the development impact-focused subsidiary of the African Export-Import Bank (Afreximbank), has announced that Democratic Republic of São Tomé and Príncipe has become the latest country to sign the FEDA Establishment Agreement. The accession to the agreement, achieved under the guidance of Prime Minister Patrice Trovoada of São Tomé and...

In November when it was launched, uMunthu raised €50 million. In the six months that followed it managed to raise only €7 million till its first close at €57 million.  Venture capital fund uMunthu II is struggling to secure the financial resources it needs to finance SMEs in Africa. In an official memo published at the end of May 2023, this investment vehicle co-managed...

The Congolese government goes as far as brandishing legal actions and disclosing its will to acquire a controlling stake in the subsidiary.   In Congo, the government is opposed to the agreement reached by French banking group Société Générale for the sale of its local subsidiary to Vista Group, a bank holding company founded and managed by Burkinabe banker Simon Tiemtore. "The...