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FINANCIAL SERVICES NEWS

A focus on the Middle East & Africa


BANKING
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Panic as Tanzania closes five banks

The bank of Tanzania announced the revocation of the business licenses of 5 lenders, citing that the reason is for the protection of the country’s banking stability. The bank of Tanzania took the decision after it learned that the banks have inadequate capital.
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Bahrain’s Al Baraka and Morocco’s BMCE Bank launch Islamic lender

Bahrain's Sharia-compliant lender Al Baraka Banking Group (ABG) launched together with the Moroccan BMCE Bank: Bank Al Tamweel wa Inma (BTI) in Casablanca Morocco with plans to open 37 branches all over the country, by 2022.
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Riyad Bank becomes first Saudi bank to introduce Mastercard Digital Enablement Service

The Mastercard Digital Enablement Service (MDES) was adopted by Riyad Bank, one of the major financial institution in Saudi Arabia. The platform aims to provide simpler and more secure digital payment experiences for the users.
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UAE banks ready for challenges

The UAE’s banking industry has been performing well during 2017, and it is projected to stabilize by 2018. Due to the overbanked structure of the country, consolidation should be taken into consideration; however, mergers would rather remain exceptional.
FUNDING & INVESTMENTS
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$55-million investment into Off-Grid Energy Access Fund

A set of four times investments were allocated by the African Development Banks Board, Calvert Impact Capital (CIC), Global Environment Facility (GEP) and Nordic Development Fund (NDF), for the investment in the Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI OGEF).
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Investors upbeat on Qatari economy

Despite the blockade against Qatar, may regional and global investors visited the country, proving global players’ interest and confidence on the Qatari economy. Qatar Chamber signed 13 cooperation agreements with industry, organizations and business representatives from several continents.
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Budget Support - Cameroon Obtains FCFA 112 Billion Loan

A FCFA 112.83 billion loan was accorded to Cameroon by the World Bank for investment projects. Reforms such as the reduction of fiscal spending should be adopted with the budget support program.
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IFC, CIB sign $100M deal for private sector projects

A 100 million USD agreement between the International Finance Corporation (IFC) and the Commercial Investment Bank (CIB) of Egypt was signed to support the bank’s growth strategy.
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Ghana gets $200 million from World Bank as aid

The International Development Association (IDA) credit facility was accorded by the World Bank to Ghana to support the country’s improvements of its macroeconomic indicators.
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African Development Bank supports Tunisia digital plan with new loans

The signature of two loans was realized by the African Development Bank and the government of Tunisia to support the country’s Strategy Tunisia Digital 2020. The first loan provided reached EUR 72 million.
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EBRD supports Turkish renewable projects with US$ 85 million loan to TSKB

The EBRD provided a US$ 85 million loan to Turkiye Sinai Kalkinma Bankasi (TSKB) for investments in renewable energy and resource efficiency projects in Turkey. The investments will be allocated to the private sector.
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UAE essential to One Belt One Road, says Bank of China GM

Under the “Belt and Road” initiative, Khalifa Industrial Zone Abu Dhabi (KIZAD) and Bank of China Ltd – Abu Dhabi, have signed a Memorandum of Understanding (MOU) to promote their services.
MARKETS
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Nigerian stock market among best performing of 2017

The Nigerian all-share index has seen a 43% increase in 2017. The Nigerian market is one of the cheapest markets on the planet.
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Kuwait says it does not recognize bitcoin

Kuwait bans bitcoin trading as the Ministry of Finance announces that the cryptocurrency is not recognized in the country.
FINTECH
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ADGM, EDB sign Region’s First MENA Fintech Agreement

Abu Dhabi Global Market (ADGM) signed a Fintech cooperation agreement with Bahrain Economic Development Board (EDB). The cooperation is the first of this type in the MENA region, and it aims to promote economic growth of financial services by adopting new technologies.
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Fintech Is The New Oil In The Middle East And North Africa

In the Middle East and North Africa (MENA), the financial technology sector, or fintech, is coming of age with regulators and governments across the region thinking more deeply about the impact that fintech companies will have on the broader economy.
INFOMINEO RESOURCES
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Digitalization to Spur African Growth

Africa is undoubtedly benefiting from digitalization but where does it stand in the digitalized world and what tools should be leveraged to make the changes and the future positive impact possible?
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Understanding Cryptocurrencies

Cryptocurrencies are digital currencies that are not ruled or governed by any institution. They are designed to be used outside of the intermediary rule that is applied today by financial and governmental institutions.

INFOMINEO

Infomineo is a data and research service provider, that specializes in Africa and the Middle East, dedicated to supporting global companies in getting access to information that powers their investment decisions in the region. Through a direct presence in key markets such as the UAE, South Africa, Kenya, Egypt and Morocco, 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 an Expert Network service, an Executive Search service, and a Business Translation service. 

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