In an interview with Ecofin Agency at the end of Forum Afrique 2019, the forum dedicated to investors in Africa, hosted in Paris on February 8, 2019, Francesco De Musso (photo), managing director of BGFIBank Europe, expressed his views on the priorities of this forum and the ongoing changes in the African banking sector.  Ecofin Agency (E.A) : M. Francesco De Musso, what were...

Kenyan Commercial Bank of Africa (CBA) announces that its shareholders have approved the merger with National Industrial Credit Bank (NIC Bank). “As a result of the share exchange transaction, it is proposed that NIC Group will acquire sole control of CBA and its subsidiaries,” CBA indicated in a release relayed by Kenyan media. At the end of the merger process, current NIC Bank’s...

The Egyptian Exchange (EGX) has received a mission from the African Development Bank in the wake of its membership of the African Exchanges Linkage Project (AELP), an initiative to foster greater integration in securities trading across the continent. The AELP project, jointly initiated by the Bank and the African Securities Exchanges Association (ASEA), has the main objective of increasing...

The Italian Government has signed an agreement for an additional €1 million contribution to the Multi-Partner Somalia Infrastructure Fund. Established by the Bank in October 2016, the Fund is one of the financing windows under the Somalia Development and Reconstruction Facility of the New Deal Compact for Somalia. It aims to support and accelerate Somalia’s inclusive and sustainable...

The African Development Bank is pleased to announce  the nomination of Professor Anthony Nyong, Director for Climate Change and Green Growth, as one of the ‘100 Most Influential People in Climate Policy 2019’ by Apolitical, a peer-to-peer learning platform for governments. Nyong, a pioneering and globally recognized climate change expert, was named among the top 20 on the prestigious...

STOA, The investment vehicle of French bank CDC, acquired 23.08% of the capital of South African optical fiber operator Metro Fibre Networks. According to Marie-Laure Mazaud, deputy managing director of STOA, this investment is the third of a large infrastructure investment project. It will “help support a firm with strong growth in a dynamic market (…) and offer a first-class...

Morrocan Banque Centrale Populaire (BCP) announced, in a release published on March 19, 2019, a net profit of MAD2.9 billion ($302 million) in 2018. Year on year, it represents a 3.5% rise.   During the period under review, the bank’s net banking product grew by 4% year on year to reach MAD17 billion. The group, which has more than 6 million clients in Morrocco, granted MAD15 billion...

On March 15, 2019, the IoT Industry Council was created. The new body will defend the interests of companies providing IoT devices, connection, software and services. It will also lobby for the development of this segment in the country. The founders of this council are Internet Solutions, Nerospec IOT, Real Telematics Systems, Sqwidnet, Activer Group, Comsol Networks, CST Electronics, Dimension...

Morocco will issue two Eurobonds in 2019 and 2020, Abdellatif Jouahri (photo), governor of the central bank, announced on March 19, 2019. During the press conference announcing the operation, the official indicated that MAD11 billion will be raised during each operation. According to the governor, the operations are aimed at increasing Morroco’s foreign reserves from MAD231 billion in 2018 to...

South African rental car startup FlexClub raised $1.2 million during a funding round managed by CRE Venture Capital. Savannah Fund, a fund targetting high growth Sub_Saharan firms, and Montegray Capital also took part in the fundraising. FlexClub will use the funds to extend its activities out of Africa (in the Mexican market namely) in partnership with Uber Mexico. The revenues...