Axa Mansard, the Nigerian subsidiary of French insurance group Axa, reported an overall book loss of N1.6 billion (about $3.76 million) for 2021. This amount includes an effective net margin of N3.5 billion, which, although positive, was down 21.6% compared to that in 2020. The overall negative result is due to a potential loss of more than N5 billion on available-for-sale assets. In 2020,...

In a broadcast statement, the Malian government "vigorously condemns and rejects" the recent comments of Jean-Yves Le Drian, the French Foreign Minister. On January 27, Le Drian had criticized the "irresponsible measures" of an "illegitimate" junta. These comments have escalated the tensions between Mali and France and in response, the African nation demands that the French ambassador, Joël...

Mozambique's state-owned telecommunications company, TMCEL, has begun the second phase of a project to modernize and expand its mobile network across the country. The project, which is scheduled to last until 2023, began in the province of Maputo.  TMCEL will install new 2G and 3G equipment, and extend 4G and 4.5G technologies throughout the country. The company also plans to upgrade and...

Tourism is one of the main money-making sectors in Uganda. Before the pandemic, the sector contributed 7.7% to the country’s GDP and 6.3% of all formal employment, according to official data. To get back and even exceed the pre-pandemic level, the government has launched a new project to attract visitors to the country. “Explore Uganda, The Pearl of Africa" is the new brand launched last...

The measures taken in 2020 by the regional WAEMU bank -BCEAO- to enable banks to support states have proven successful. However, the real economy was overshadowed by these measures and the consequences are felt on market prices. The free reserves of commercial banks operating in the WAEMU reached CFA2,089.6 billion ($3.56 billion) as of November 30, 2021, according to a recent BCEAO situation...

The Board of Directors of the African Development Bank has approved a $10 million grant from the Green Climate Fund, for which the Bank is the accredited agency, to improve Liberia’s early warning weather systems. The project will also receive $431,969 from the Bank’s ClimDev Africa Special Fund and $1 million from the government of Liberia. The funding will strengthen the...

A few days after a deal with banker UBCI, Enda Tamweel announces a new partnership with Inma Finance. The Tunisian private debt vehicle, Inma Finance, concluded on January 26 a financing agreement of TND7 million ($2.3 million) with the Tunisian microfinance body Enda Tamweel. The beneficiary will use the money to finance micro-entrepreneurs as well as very small Tunisian companies...

NGO Transparency International revealed in its latest report that corruption increased in sub-Saharan Africa, in 2021. The causes, the NGO says, are covid-19 and security crises.          “With the COVID-19 pandemic severely hitting the previously less-affected continent, alongside protracted armed conflicts and rising terrorist threats, 2021 was a...

The Ivorian government will invest more than $5.9 billion this year to implement its national program. This amount is up nearly $1.3 billion compared to 2021. According to a statement issued yesterday following a Council of Ministers, the 2022 program includes 445 projects and 219 reforms. $5.6 billion will be spent on projects and investments, while nearly $331.6 million...

Nigeria is one of the few African countries where 5G is operational. The country wants to leverage this technology to tackle security issues. President Muhammadu Buhari (pictured) presided over the launch of the national policy on fifth-generation networks (5G) on Tuesday 25 January in Abuja. He sees this technology as a tool for development. "The 5G network is a viable platform for security...