Banks News

Tayo Oviosu, Founder & CEO, Paga

He's Banking the Unbanked in Nigeria and Beyond

“I knew that whatever I wanted to do had to pass the big idea test.” For Tayo Oviosu, 39, that big idea was Paga, now the largest distribution network for financial services in Nigeria, reaching more than 6 million people.

Sim Tshabalala, CEO, Standard Bank Group

Africa's Biggest Bank Names Tshabalala as First Sole Black CEO

Standard Bank is now only South African lender with black CEO. Kruger will remain an executive director of the bank.

Akeem Lawal, Divisional CEO, Switching & Processing, Interswitch. Credit: SlimTrader

Interswitch Nigeria Sees Delayed IPO Concluded by End-2019

Interswitch Ltd., a Nigeria-based payments-processing company, expects to complete its delayed dual listing in London and Lagos before the end of 2019.

Capitec Bank

The Budget Bank Rattling South Africa's Financial Sector

A budget bank is booming in South Africa’s economic slump, challenging the decades-long dominance of the “big four” lenders and prompting a price war that is driving down banking costs in a country where many people can’t afford an account.

Jim Ovia, Founder, Zenith Bank. Credit: guardian.ng

Nigerian Banker Jim Ovia Gains $84 Million In One Year As Zenith Bank Shares Soar

Nigerian banker Jim Ovia has made at least $84.5 million in paper gains over the last one year as shares of Zenith Bank, a Nigerian-Stock Exchange-listed commercial bank in which he holds a minority stake, surged 59.32%.

Quick Guide for Those Who Can't Figure Out the Naira's Worth

Quick Guide for Those Who Can't Figure Out the Naira's Worth (Infographics)

Monetary policy officials unified some of their multiple exchange rates when they let currency dealers quote naira levels used in actual trades this month.

Angolan billionaire Isabel dos Santos, whose net worth is $3.5 billion, is Africa's richest woman, according to Forbes.

Portugal Dominated Angola for Centuries. Now the Roles Are Reversed

How the roles have reversed: The colonizer, some Portuguese contend, has been colonized.

Cape Town, South Africa

The African economy: Better than people think

Analysis of headline GDP figures in Africa would presuppose a region going through a period of prolonged stagnation.

Africa property offers rich pickings for the brave

Africa property offers rich pickings for the brave

Some property pundits believe there are major opportunities for investors or companies on the continent.

Adesola Adeduntan, CEO, First Bank

Nigeria banks trying to stabilize 9mobile ahead of sale, FBN says

Nigerian lenders will try to stabilise the business of 9mobile, the country’s fourth largest telecoms group, until they can find new investors.

Nigerian stocks hit 33-month high on foreign fund buying

Nigerian stocks hit 33-month high on foreign fund buying

Nigerian stocks hit a 33-month high on Tuesday as foreign investors bought shares following improved liquidity on the currency market and a strong half-year performance by listed companies.

Standard Bank Starts Prime Brokerage on South Africa Hedge Funds Growth Bet

Standard Bank Starts Prime Brokerage on South Africa Hedge Funds Growth Bet

Standard Bank Group Ltd., Africa’s largest lender by assets, plans to start a prime brokerage next month to benefit from regulatory changes in South Africa it expects will boost the hedge-fund industry.

Nigeria Moves Closer to Single Naira Rate

Nigeria Moves Closer to Single Naira Rate (Infographic)

Nigeria took a step to unify its multiple exchange rates by allowing banks to use a currency window for investors when quoting the naira rather than the official rate.

Johannesburg, South Africa

The top 10 wealthiest cities in Africa: AfrAsia Bank & New World Wealth (Infographic)

AfrAsia Bank and New World Wealth recently reviewed the 10 wealthiest cities in Africa by total wealth held.

GT Bank, Nigeria's biggest bank by market value, has raised the maximum monthly dollar spend limit to $1,000 from

Nigeria Banks Boosting Dollar Spending as Liquidity Improves

Nigerian banks are boosting dollar-spending limits for payment cards denominated in local currency as much as tenfold because of improved foreign-exchange supply.

Malusi Gigaba, South Africa's Minister of FinanceMalusi Gigaba, South Africa's Minister of Finance

South Africa Weighs State Internet Company Merger

South Africa is considering a merger of state-owned technology companies Broadband Infraco and Sentech to help to accelerate the rollout of high-speed internet to the population within three years, according to two people familiar with the matter.

Aliko Dangote, CEO, Dangote Group

Africa's Richest Man Invests $4.6 Billion in Nigeria Farming

Dangote Group, controlled by Africa’s richest man, Aliko Dangote, plans to invest $3.8 billion in sugar and rice and $800 million in dairy production in the next three years as the company seeks to expand and deal with a shortage of dollars in its home market of Nigeria.

Etisalat Nigeria's new CEO targets profit after regulator rescue

Etisalat Nigeria's new CEO targets profit after regulator rescue

Etisalat Nigeria is focused on getting the telecoms group back on track to make a profit after it was saved from collapse, while working on the paperwork to eventually raise new capital.

Africa's Liquid Telecom raises $700m in bond and term-loan issue

Africa's Liquid Telecom raises $700m in bond and term-loan issue

Liquid Telecom, an unlisted pan-African telecoms group, has raised $700m in a bond and term-loan issue that will help it refinance debt and provide a war chest for further acquisitions.

Funke Opeke, CEO, MainOne

MainOne CEO Funke Opeke on the challenges of and opportunities for investing in Africa

While many fear investing in Africa, one woman has not been afraid of doing so. Funke Opeke is the Founder and CEO of one of the continent’s largest ICT companies, MainOne.

Edwin Dande, Managing Partner & CEO, Cytonn Investments

Meet the Kenyan entrepreneur who built an $800 million asset management firm

Kenyan-born Edwin Dande is the Founder of Cytonn Investments, an alternative investment management and real estate company, with offices in Nairobi and the DC Metro area.

Orange & Vodafone are seeking to purchase 65% of Etisalat Nigeria

Orange, Vodafone are reportedly seeking to purchase 65% of Etisalat Nigeria

Orange Telecom and Vodafone are seeking to purchase 65 percent of Etisalat Nigeria following the departure of the UAE-based Etisalat Group from its Nigerian business, reports Brandish citing unnamed sources.

Sahel Capital closes agribusiness fund FAFIN at $65.9 million

Sahel Capital closes agribusiness fund FAFIN at $65.9 million

Sahel Capital, fund manager for the Fund for Agricultural Finance in Nigeria (“FAFIN”), is pleased to announce the successful $65.9 million final close of its debut fund.

Omobola Johnson, Senior Partner, TLcom and Nigeria's former Minister of Communication Technology. Credit: ITU

VC firm TLcom rakes in $40 million for new Africa fund

London and Nairobi-based venture firm TLcom Capital has raised $40 million for its new Africa fund. The target is $100 million. TIDE Africa Fund will focus on tech startups in Sub-Saharan Africa.

Godwin Emefiele, Governor, Central Bank of Nigeria

Investors cheer Nigeria currency shift, want more

Nigeria’s recent tentative steps to free up its naira currency, particularly via a new trading window, have gone down well with some adventurous stock and bond investors who are cautiously returning to the markets they fled two years ago.

Bob Diamond, Chairman of Atlas Mara and former CEO of Barclays

Bob Diamond sells $200M Atlas Mara stake to boost holding in Union Bank of Nigeria

Atlas Mara raising $200 million to increase Union Bank stake. Fairfax Africa partners with firm by purchasing shares and bond.

Jabu Moleketi, incoming Chairman, Vodacom

Vodacom names Moleketi as Chairman

South Africa’s Vodacom Group said on Thursday it has appointed non-executive director Jabu Moleketi to succeed Peter Moyo as the mobile phone network operator’s next chairman.

EFG Hermes eyes acquisition in Nigeria, Kenya brokerage licence

EFG Hermes eyes acquisition in Nigeria, Kenya brokerage license

Egypt’s EFG Hermes wants to enter Nigeria through an acquisition and expects to get regulatory approval to start a brokerage business in Kenya this year as part of a big push into frontier markets, a senior executive told Reuters last week.

Africa's consumer data opportunity is being tackled by startups

Africa's consumer data opportunity is being tackled by startups

The Peter Drucker management aphorism, “You can’t manage what you can’t measure,” is a favorite of Yannick Lefang, the founder of Kasi Insight, an integrated marketing research firm operating in seven African countries.

Jes Staley, CEO, Barclays

Barclays to surrender control of Africa unit with £1.6bn sale

Barclays has been given regulatory approval for the sale of its remaining stake in its Barclays Africa Group, according to a unit of the business.

Nairobi to Mombasa high-speed railway opens

Nairobi to Mombasa high-speed railway opens

East Africa is now more accessible than ever. After two years of construction, Kenya’s largest infrastructure project since independence, a $3.8 billion Chinese-built high speed railway, is up and running.

Carole Wamuyu Wainaina, incoming COO, Africa50 Infrastructure Fund

Carole Wamuyu Wainaina is Named Chief Operating Officer for Africa50

Africa50, the pan-African infrastructure investment platform capitalized by the African Development Bank, 23 African countries, and two African Central Banks, has appointed Carole Wamuyu Wainaina as Chief Operating Officer.

World Bank launches program, XL Africa, to support Africa’s top tech entrepreneurs. Credit: infodev.org

World Bank launches program, XL Africa, to support Africa's top tech entrepreneurs

With support from prominent African investment groups, XL Africa will help 20 selected startups attract early stage capital of between $250,000 and $1.5 million.

Shoprite

Africa growth to rebound in 2017: Africa Capital Group (Infographic)

After the U.S. election in November, many Africa investors became concerned that a move toward a more isolationist trade policy in the U.S. would hinder business, trade and capital flows to and from Africa.

Aigboje Aig-Imoukhuede,Nigeria, President of the Nigerian Stock Exchange (NSE) Council

The Nigerian Stock Exchange gets green light for public listing

The Nigerian Stock Exchange (NSE) has been given a green light by its members to become a publicly listed company, it said on Thursday.

Lamin Manjang, Chairman of the Kenya Bankers Association (KBA)

Kenya sets sights on green bonds after mobile phone issue

Kenya aims to issue its first ‘green’ bond this year, the initiative’s backers said on Friday, bolstering the nation’s reputation for financial innovation after the government launched the world’s first mobile phone bond earlier this month.

Peter Baird, Managing Principal, African Private Equity, Investec Asset Management

Investec Hires Baird To Lead Africa Private Equity Efforts

International asset manager Investec Asset Management has named Peter Baird as managing principal for its Africa-oriented private equity funds.

Nigeria's President Muhammadu Buhari (L) and Vice President Yemi Osinbajo

The Economist explains: The demand for Nigerian debt

Nigeria’s economy shrank by 1.5% in 2016, its first annual contraction in 25 years.

Ecobank Mobile

Ecobank targets 700% customer growth from mobile banking

Ecobank expects its new digital banking platform to help to boost its customer base across the continent to 100 million from 13 million by 2020.

WSJ Africa Bureau Chief Joe Parkinson (Left), Kenya's Central Bank Governor Patrick Njoroge (Center) and Nigeria's Sovereign Wealth Fund's CEO Uche Orji (Right)

Kenya and Nigeria Officials Have Different Economic Outlooks (Videos)

Kenya’s Central Bank Governor Patrick Njoroge and Nigeria’s Sovereign Wealth Fund’s CEO Uche Orji discuss their nations’ growth prospects.

Paul Kagame, President of Rwanda. Credit: WSJ

Rwanda's President on Africa's Fate in an Age of Trump-Style Populism (Videos)

Rwanda’s economy is one of Africa’s best performers, and many say President Paul Kagame has played a big role in that.

Arunma Oteh, Vice President and Treasurer, World Bank; former Director General of Nigeria's SEC

Harvard Business School Interview: In My Humble Opinion by Arunma Oteh, Vice President and Treasurer, World Bank; former Director General of Nigeria's SEC

World Bank VP and Treasurer Arunma Oteh (Harvard MBA, 1990) has a clear sense of why she likes her job.