Nigeria’s central bank on the 29th of April sacked the entire board of First Bank of Nigeria and appointed new directors. The bank had been in "grave financial condition" when the regulator become involved in its management "to maintain financial stability" in 2016.
EU Council commissioned a further feasibility study into three possible options for the future of the European Financial Architecture for Development, namely: (1) Scenario A - a European development bank based on the EBRD, (2) Scenario B - a European development bank based on a subsidiary of the EIB for EU external activities and (3) Scenario C - improving the current architecture (status quo +)
The UAE’s banking sector that came under pressure from huge spike in loan loss provisions and squeeze on profitability from COVID-related economic contraction last year are seen fast recovering. Thanks to the improving economic outlook, the loan demand is picking up and the pace of loan impairments are abating.
Attijariwafa bank group has submitted a bid to acquire a majority stake of 49.97% of the shares of the Union Bank of Nigeria (UBN) based in Lagos and owned by the Atlas Mara Group in Union Bank of Nigeria, according to Bloomberg. An acquisition that could allow it to strengthen the presence of Attijariwafa Bank in the English-speaking market.
A coalition of multilateral development banks and development partners including the Africa Development Bank and the UN International Fund for Agricultural Development (IFAD) have pledged more than $17 billion to fight rising hunger and improve food security in Africa.
Representatives from the EU, the EIB and the Guinean government signed a contract for the provision of $399.2 million (€330 million), which will be used to implement a project designed to provide millions of people in Guinea and Mali with clean and affordable electricity.
The funding will be allocated to humanitarian projects in the following eight countries: Burkina Faso (€24.3 million), Cameroon (€17.5 million), the Central African Republic (€21.5 million), Chad (€35.5 million) Mali (€31.9 million), Mauritania (€10 million), Niger (€32.3 million) and Nigeria (€37 million).
Mauritius Commercial Bank is facilitating Senegal’s endeavor to improve its national electrification rate through its USD 60 million participation in the syndicated project finance facility of USD 140 million to Karpowership.
Nedbank Group Ltd., South Africa's fourth-largest bank by assets, pledged to stop funding new thermal coal mines from 2025 and will no longer directly finance new oil and gas exploration with immediate effect...
Saudi Arabia has provided a $20 million grant toward covering part of Sudan’s financial debt with the International Monetary Fund (IMF). Saudi Arabia also announced it would transfer the balance into the two emergency and deferred fees account with the IMF, to contribute to the handling of arrears and alleviate Sudan’s debt burden.
Accenture has made an investment, through Accenture Ventures, in Nigeria-based fintech company Okra, an open finance data infrastructure startup serving the rapidly expanding African financial services market. The investment in Okra was made through Accenture Ventures’ Project Spotlight
Qatar has recognized the Fintech industry as a key component of its knowledge-based economy objective. The National Fintech Strategy, set by Qatar Central Bank (QCB), provides a framework for initiatives that enable the local startup sector and create a favorable ecosystem for international Fintech firms to choose Qatar as their launchpad to the global market.
The Central Bank of Bahrain (CBB) announced today the launch of a series of nationwide fintech innovation challenges, the Bahrain Supernova. The challenges will be hosted on FinHub 973, CBB’s Digital Lab, which is powered by Fintech Galaxy’s FinX22 Open API platform.
The acquisition enhances Triterras’ supply chain finance capabilities, establishes Middle East presence, and accesses leading regional e-commerce platforms. The company announced that it has executed definitive agreements in connection with its previously announced Letter of Intent for the acquisition of Invoice Bazaar, an established provider of supply chain finance services and e-commerce financing in the Gulf Cooperation Council markets. The transaction is subject to customary closing conditions.
After months of necessary WFH implementation, business executives as well as workers are assessing its long-term potential and shaping their opinions on it. Will it last, once the public health emergency is over?
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Infomineo is a data and research outsourcing company, dedicated to supporting global companies in getting access to information that power their business decisions. Infomineo provides a quick access to market data on key questions such as: market and product prioritization, partner identification, commercial due diligence, route to market, supply chain mapping and competitive analysis among others. Along with conducting Custom Research for clients, Infomineo also delivers Graphic Design and Business Translation as a service.
