West Africa’s leading connectivity and data center provider, MainOne, has partnered with AWALE, a neutral network operator that provides high speed data transmission capacity via its fiber optic cables installed on the national transport and electricity, to support the Crisis Cell of the Ivoirian Government in its fight against the COVID-19 pandemic. This measure of solidarity will reinforce...

The Arab Financial Consultants revealed in a study issued June 2 that the 3-month moratorium granted on the payment of personal loans in Tunisia could drop banks’ revenue by TND595.3 million (about $211 million). The maturity period postponement measure was decided by the Tunisian Central Bank in April 2020 to mitigate the economic impact of covid-19 on the population. The $211...

The Islamic Development Bank announced a “Murabaha” financing of $8.8 million in favor of the Islamic Bank of Senegal (BIS) to support 1,000 jobs in the private sector amid the coronavirus pandemic. The fund was approved by the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group. According to Hani Salem Sonbol (pictured), ITFC's...

Data presented from  the PricewaterhouseCoopers (PwC) Nigeria 2019 African Capital Market Watch, which reviewed the performance of Africa’s capital markets between 2010 and the first quarter of 2020, shows that African equity capital markets activity have seen a downward trajectory over the past three years as major economies on the continent are faced with fiscal challenges due to growing...

Guinean manufacturer of low-cost smartphones -Kunfabo- founded by Fadima Diawara (pictured), has decided to market its mobile devices. To this end, the company has signed a deposit-sales contract with the mobile phone operator MTN. A strategy that gives it credibility and visibility. The adventure will begin with the Kunfabo F99 phone which has been meticulously tested over the last few months...

The South African company, which acquires and operates real estate properties in South Africa and abroad, sold its Velica Gorica real estate asset in Zagreb, Croatia, for €9.1 million euros ($10.1 million). The company realized a capital gain of $300,000 on the sale, and plans to use the money to repay part of its debts. The property consists of a building and commercial spaces. It...

The African Development Bank’s Fashionomics Africa initiative on Tuesday launched its first webinar series to discuss the impact of the COVID-19 pandemic on the industry. In total, 136 fashion entrepreneurs, digital innovators and creative minds joined the discussion. The theme of the first episode of the series was: “What does the COVID-19 disruption mean for Africa’s Fashion Market?...

For the past five decades, the African Development Bank Group has been at the forefront of driving Africa’s economic transformation, leveraging its diverse resources and unique know-how as an indigenous development finance institution. The Bank has delivered on its goals of reducing poverty and fostering inclusive growth on the continent. We scaled up development support for our 54 regional...

Commodity exports to China could fall by $33.1 million in 2020, down 46% from initial forecasts. According to the UN Conference on Trade and Development (UNCTAD), this decline in Chinese commodity imports could led to a 9% decrease in the annual growth in developing countries. In those countries, revenues from commodity exports to China is expected to slide by $2.9-7.9 billion. The...

Financial services institution Finbond Group announced its plan to divest all assets in South Africa (Finbond Mutual Bank and Supreme Finance) as market conditions becomes more difficult there. Indeed due to the coronavirus pandemic, the company’s business volume dropped by about 70% in April this year. The group says the exit plan will be gradually carried out over the next five years and the...