During its general annual meeting on April 28, 2019, in Côte d’Ivoire, MainOne announced the extension of its submarine optical cable and the opening of its data centre in the country in October 2019. These announcements were made by Kazeem Oladepo (photo), Business Executive for MainOne French-speaking countries in the West African region and in Ghana.   Once the extension is...

Banque du Caire will list 20-30% of its capital on the Egyptian Exchange by end 2019, Ahramonline reported on April 25, 2019, citing one of the bank’s executives. According to Tarek Fayed, president of the bank’s administrative board, the timing will depend on the environment in local and international financial markets.   The listing should help Banque du Caire raise between $300...

On April 28, 2019, Fidelity Bank announced a pre-tax gain of NGN25.1 billion ($70 million) for its 2018 operation, representing a 30.6% rise year on year.   According to the bank’s financial report, the operating income rose by 4.8% year on year to NGN188.9 billion. Deposit rose from NGN775.3 billion to NGN979 billion, up by 26.3% year on year. Listed on the Nigerian Stock Exchange,...

The African Development Fund on Tuesday approved $11.1 million to support Zambia’s public finance and economic management as part of efforts to restore fiscal stability and improve livelihoods in the middle-income Southern African nation. The copper producing country is pursuing reforms to stabilize its economy, particularly, to rein in a widening public debt partly due to commodity price...

Development impact on the continent and security in the Sahel were among the top issues discussed in a recent meeting between United Nations Secretary General António Guterres and African Development Bank President Akinwumi Adesina in New York. Both leaders agreed that current efforts must succeed in Africa, or risk failing globally, and emphasized the need for deeper collaboration between...

On 29 April 2019, telecom operator Société nationale des télécommunications (Sonatel) announced an agreement that would soon grant it access to the Gambian telecom market.   It will acquire 91.6% of internet access provider Xoom Wireless. Once the agreement is approved by Gambian authorities, Sonatel can truly enter this market. Sonatel explains that in Gambia, its investments in...

Cabo Verde plans to open 10% of the capital of state-owned airline company Cabo Verde Airlines (TACV) on the local stock exchange. This was announced by the state minister of parliamentary affairs Fernando Elísio Freire (photo) announced on April 29, 2019. According to the official’s statement relayed by local media Inforpress, 100,000 shares are to be listed at CVE1,457 ($14.78) each. He...

Safaricom and Equity Bank announced, on April 29, 2019, their partnership to boost financial inclusion in Kenya.   The two firms plan to create financial products that are more inclusive, examine regional synergies, simplify the fund transfers between their agents and share technical expertise to set a common approach for the fight against various risks including cybersecurity. For Bob...

In a release published on April 29, 2019, the Wifak International Bank announced that it has received the approval of a TND10 million ($3.3 million) sukuk issuance. This amount could be increased to TND20 million. In the framework of that operation, 100,000 bonds of a nominal value of TND100 each will be issued. The subscription period is May 10 to June 30, 2019. The operation is aimed at...

The construction of “Mohammed VI Tangier Tech” will not be abandoned despite the rescission of Chinese group Haite. Indeed, a memorandum of understanding for the development of this industrial city was signed on April 26, 2019, in Pekin during the second Belt and Road Forum. It was signed by société d’aménagement Tangier Tech (SATT), China Communications Construction Company...