Morocco exported less to other African countries in 2018 compared with the previous year, the country’s recent Foreign Trade Annual Report showed. In 2018, the country exported $2.2 billion worth of products to the rest of Africa, down 2.4% compared to 2017. The document reports a decline in exports of fertilizers, refined sugar and lubricants to the continent's countries over the period...

Nigerian tycoon Tony Elumelu (photo) announced he is partnering with the UN Development Program (UNPD), to empower 100,000 entrepreneurs in Africa over the next ten years, the Tony Elumelu Foundation reported last week. The support program targets young people from disadvantaged communities in the Sahel. It is expected to reduce unemployment and underdevelopment, the level of which contributes...

Tunisia’s telecoms company Sotetel, which specializes in the implementation and maintenance of telecommunications network infrastructure, signed a strategic partnership agreement last week with the Tunisian Internet Agency (ATI). They seek to improve their respective ICT offers and develop more effective responses to customers’ needs, especially in the Wi-Fi and smart city segments. The...

The wave of mergers and acquisitions in sub-Saharan Africa’s banking sector is set to continue over the next two years, rating agency Moody’s observed in a report issued July 4. “The number of small banks is declining, while the largest are growing steadily, producing banks with stronger credit profiles. We expect this trend to continue,” according to the agency. Although the sector is...

The African Continental Free Trade Area (AfCFTA) is going to be officially operational from July next year. This was announced last week at the African Union extraordinary summit held in Niamey, Niger. Nigeria, Benin, Gabon, and E. Guinea signed the agreement yesterday July 7, and became the latest countries to join what is seen as the biggest integrated market in the world. Before the AfCFTA...

South Africa’s President Cyril Ramaphosa says it continues to trust partner Huawei despite standoff with US. Speaking during the 4IRSA Digital Economy Summit held in Johannesburg on July 5, the Head of State said “this standoff between China and the US where the technology company Huawei is being used as a victim because of its successes is an example of protectionism that will affect our...

PayU, the financial technology arm of South Africa’s Naspers, acquired a majority stake in Singapore-headquartered online payment solution provider Red Dot Payment (RDP). With this investment, PayU intends to expand online payment services in the fast-growing market in Southeast Asia. “This investment is PayU’s first step towards expansion in the SEA region. Owing to the immense potential...

Tunisia’s Wifak International Bank, which specializes in Islamic banking operations, closed its first bond issue in accordance with the principles of Islamic finance on June 28, 2019, raising 15.2 million dinars.  This operation, whose subscription period started May 10, was arranged by Stock market intermediary Maxula Bourse. The 15.2 million dinars, provided by about 400 subscribers...

Sunu Insurance Nigeria, subsidiary of Sunu Group, says it will wait until the compliance deadline set by the Nigerian insurance regulator is up, to raise its minimum capital threshold. The company’s MD Samuel Ogbodu (photo), indicated that Sunu Insurance Nigeria will increase its capital to N10 billion as required by the National Insurance Commission (NAICOM) by June 2020. The fund will be...

Konnect Africa, the African arm of Eutelsat, sent a delegation to DR Congo in July 2. Its objective is to explore expansion possibilities. During its three-day working visit, the delegation exchanged views with business partners on market competition, strengthening activities and knowledge sharing. The delegation is composed of Béatrice Beau, Vice President in charge of Broadband Global,...