The Covid-19 pandemic and the containment measures it called for have strained insurance systems in several African countries. The settlement of business interruption claims remains a financial audit challenge in the industry.   In its FY2022 financial results, South African insurance group Santam revealed that its net exposure to Covid-19 claims settlement risks was reassessed at ZAR1.9...

MTN Ghana is the leader of the Ghanaian telecom market with a 65 percent market share, according to the latest data from the National Communications Authority (NCA). At the end of the 2021 financial year, the operator’s revenue was around $604.5 million.   Ghanaian telecoms operator Scancom Plc (MTN Ghana) recorded a total revenue of 9.91 billion cedis ($776.5 million) in the 2022...

To cushion the impacts of various global shocks on its economy, Egypt has implemented several reforms in areas such as industry, food self-sufficiency, and investment. However, further measures are needed to strengthen economic resilience. Egyptian President Abdel Fattah al-Sissi (photo) has taken five new measures to improve people's living conditions, the presidency announced last...

One month after the WAEMU adopted a regulation aimed at modulating Islamic securities, the local financial markets authority (AMF-UMOA) signed an instruction setting out the guidelines for Islamic mutual funds’ operations. In an instruction effective since February 20, 2023, the West African financial markets authority AMF-UMOA set the guidelines for the creation and operation of Islamic...

COVID-19, floods, and the war in Ukraine have harmed South Sudan, whose growth dropped from 12.9% to -4.9% between FY 2019/20 and FY 2020/21. The numerous economic reforms implemented by the authorities are gradually reviving the economy. South Sudan is expected to record positive growth in FY 2023/24 after the negative figures it recorded in the previous three fiscal years. According to an IMF...

While 4G will remain the main driver of growth in the Sub-Saharan African mobile market by the end of the current decade, the GSMA expects 5G to capture 16% of all subscriptions by that time.  Smartphone adoption will reach 87% in sub-Saharan Africa by 2030, up from 51% in 2022, according to the “The Mobile Economy 2023” report released on Feb. 27, 2023, by the Global System Operators...

African economies remain resilient with a stable outlook in 2023-2024, despite the tightening global financial conditions, the African Development Bank has projected in a new report. The report, Africa’s Macroeconomic Performance and Outlook (MEO) 2023, estimates Africa’s average GDP to stabilize at 4% in the next two years, up from 3.8% in 2022. Presenting the report on 17 February on the...

In its financial results for the fourth quarter of 2022, the Moroccan insurer posted a $521.3 million turnover for 2022, slightly above the 2021 turnover.   Last Tuesday, Moroccan insurance company Atlanta Sanad Assurances posted its Q4-2022 report. In the report, the company posted a MAD5.4 billion ($521.3 million) turnover for 2022, slightly above the MAD5.4 billion ($521 million)...

Econet Wireless controls 67% of the Zimbabwean telecom market. To improve its services and strengthen its leading position, it wants to accelerate the modernization of its network.   Telecom operator Econet Wireless Zimbabwe recently inked a new partnership agreement with Swedish technology company Ericsson to upgrade its network infrastructure across Zimbabwe. The agreement was signed last...

Five days after a tight presidential election that broke turnout records, Nigeria now has the name of its new president. At 70, Bola Tinubu who has long been considered a kingmaker will now lead Africa’s most populous country, which is facing a serious economic and security crisis.   Nigerian veteran politician, Bola Tinubu (photo) is the winner of the February 25 presidential election....