A joint report from BPC Banking Technology and Fincog estimates that 21 digital banks were active in Africa in 2021, with 80% of them concentrated in South Africa and Nigeria. The “Digital Banking in Sub-saharan Africa” report made a list of the 10 largest neo banks by customer base across the continent in 2021. The document ranked South African Bettr first with 6.5 million customers....

The second edition of the Cyber Africa Forum (CAF) will be hosted by Abidjan on 9 and 10 May 2022, under the high sponsorship of His Excellency Patrick Achi, Prime Minister of Ivory Coast and in the presence of a number of key cybersecurity players, including representatives from Huawei, Deloitte, Orange and Ecobank. It is co-organised by Ciberobs, one of Africa’s foremost cybersecurity...

Tincan Island Container Terminal Limited (TICT) has ordered two eco-efficient Konecranes Gottwald Generation 6 Mobile Harbor Cranes. Expected to be delivered in June 2022, this new equipment will improve the operational efficiency of TICT and supports its container traffic development. The cranes on order have a working radius of 54 m and a capacity of 150 tons. They feature strong lifting...

The Ethiopian government announced last year it has started the process to open part of the capital of the incumbent Ethio Telecom to private investors. However, the government now says it has to reschedule the process. The new decision was made public last March 18 via a tweet by the Ministry of Finance. "Given the recent developments and fast-moving macroeconomic changes, both globally and...

Although the refugee crisis in South Sudan is one of the largest in Africa, it was one of the least funded over the past year. With the help of 102 partners, UNHCR wants to raise more funds to support the refugees. The UN refugee agency (UNHCR) and its partners need $1.2 billion to assist South Sudanese refugees and local communities in five countries on the continent. The UN body announced...

New Veld, an Africa-focused investment platform set up in 2016 by U.S. insurer Prudential and Mauritius-based private equity firm LeapFrog plans to buy a 33% minority stake in Alexander Forbes. The latter is a South African financial services and pension fund management company. The buyers bid the equivalent of $50 million in local currency. “The transaction builds upon Prudential...

African Guarantee Fund for Small and Medium-sized Enterprises (AGF) has signed an equity guarantee agreement with Empower New Energy (Empower) paving the way for long-term renewable energy investments for commercial and industrial businesses across Africa. The Norwegian Agency for Development Cooperation (Norad) has also provided partial support to the costs of the guarantee, with the instrument...

The Africa Investment Forum boardrooms have drawn $32.8 billion in investment interest in bankable projects.  Unveiling the results of the Forum’s virtual boardroom sessions on Thursday, African Development Bank Group President Dr. Akinwumi A. Adesina told the 500 project sponsors, investors, deal brokers and government representatives from around the world who took part in them:...

Demand for telecom services is growing in Africa, especially in rural areas. To tap into the opportunity, operators are multiplying their investments. As part of this strategy, MTN South Africa has just announced a new investment of R700 million ($46.4 million) to upgrade its existing network infrastructure and deploy new ones in KwaZulu-Natal. The initiative includes 4G and 5G expansion and the...

IFC is planning another investment in KMRC, a Kenyan-based mortgage refinancing company. Along with other investors, the institution is helping the company raise $93 million. The International Finance Corporation (IFC) has participated in a $37 million medium-term debt issue by Kenya Mortgage Refinance Company (KMRC). This contribution enabled the beneficiary to raise the equivalent of...