The low-interest rates on the Nigerian government’s Treasury bills continue to pose risks to the profitability of local banks, rating agency Moody’s found. In an email to Ecofin Agency, Peter Mushangwe, a banking sector analyst with the U.S. rating agency, said extremely low yields on Nigerian Treasury bills and lower lending rates will limit the net interest margins and earnings before...

The Kenyan government engaged in talks with China to secure a debt repayment suspension. The information was reported by China’s embassy to Nairobi this week. This operation will allow the African country to reduce its debt burden, making it easier for the government to deploy its economic takeoff plan in a post-pandemic period. Kenya has already reached a debt moratorium (covering $300...

Eswatini becomes the first African country to join the Clean Network. The announcement was made in a Jan 15 joint statement by the African country and the US. The partners expressed their interest in "developing a common approach to 5G network security and ensuring a secure, resilient, and trustworthy 5G ecosystem" and announced their desire to strengthen collaboration on this mobile...

Tech companies in the Middle-East and North Africa raised more than $1 billion in venture capital financing last year. While the amount is higher than that raised a year previously, the number of transactions fell by 13% YoY to 496. The figures were provided in a recent report by Magnitt. Philip Bahoshy, Founder and MD of Magnitt, said 2020 has been a tipping point for venture...

General Eugenio Mussa (pictured) has been appointed as the chief of staff of the Mozambican army, an official government statement reported last week. The serviceman, who was the commander of the northern operational zone, will now replace the former army’s chief of staff, Lázaro Menete. This move, which was made amid an insurgency in Islamist attacks in the country, was not justified by the...

Bestaccountingsoftware.com has in a recent article made a list of the most profitable African countries for online business. According to the platform, Mauritius, Tunisia, South Africa, Morocco, Egypt, Kenya, Algeria, Ghana, Nigeria, Senegal, Cameroon, Zambia, Angola, and Uganda are “the best countries to set up an online business” on the continent. These countries were selected based on...

FinDev, the Canadian financial institution dedicated to the private sector in developing countries, has announced an investment of $12 million in the capital of Miro Forestry Developments, a forest and wood products company operating in Sierra Leone and Ghana. Welcoming the partnership with FinDev, Andrew Collins, MD of Miro Forestry Development, said the financing will help his company...

The International Monetary Fund approved additional financing of $28.8 million for The Gambia under the Extended Credit Facility signed with the country in March 2020. In an official statement, the Fund said the money will help the country meet its urgent balance of payment and fiscal needs and boost its pandemic-affected economy. Covid-19 has hampered the implementation of reforms...

The security crisis currently hitting the Central African Republic has caused food prices to rise. Data provided by the Central African Institute for Statistics, Economic, and Social Studies (ICASEES) show that the prices of basic imported food products jumped from 15% up to 240% during the first week of January 2021. According to the “price monitoring bulletin,” the hike was observed in the...

The African Development Bank today announced the addition of two new countries - Mauritius and Morocco - to its Bloomberg African Bond Indices (ABABI), marking a steady progress in the Bank’s efforts to deepen the continent’s local currency bond market. The African Development Bank administers the ABABI, a family of African bond indices launched in February 2015 and calculated by the...