The BMCE Bank of Africa (BOA) group has been selected by the non-financial rating agency, Vigeo Eiris, as "Top Performers CSR 2019" in Morocco from among 16 winners and 10 listed companies for their overall performance in integrating ESG (environment, social and governance) aspects.
The monthly London-based international financial affairs publication “The banker” owned by the Financial Times Ltd, shows that KCB, Equity, Diamond Trust Bank and Co-operative Bank, which are largely retail banks, remained resilient in a tough operating environment to maintain an upward growth in profitability.
The Governor of the Tunisian Central Bank, Marouane Abassi, was elected Saturday October 19, in Washington, "Best Central Bank Governor in 2019 for the Middle East and North Africa (MENA) region". The award was presented by the specialist magazine "Global Markets" during a ceremony held on the occasion of the annual meetings of the World Bank and the International Monetary Fund.
In less than three weeks, the Banque Centrale Populaire (BCP) group has just completed its third acquisition in Africa. Thus, after Cameroon at the beginning of October, the DRC a week later, it is in Madagascar that the Moroccan banker acquired 71% of the capital of the Banque de Madagascar et de l’Océan indien (BMOI), bought from the French BPCE.
The African Development Bank has thrown its weight behind a concession agreement for the construction of a high-speed railway in Accra, Ghana’s capital. The signing took place on the opening day of the second Africa Investment Forum, running from Monday 11th to Wednesday 13th November 2019 in Johannesburg.
The African Development Bank’s Board of Governors has approved the conversion of the Bank-administered multi-donor trust fund SEFA into a “special fund”, to amplify its development impact by allowing it to access a wider range of financial instruments beyond the current scope of technical assistance.
Referred to as the East Africa Skills for Transformation and Regional Integration, the World Bank project is expected to benefit the Meru National Polytechnic, Kisumu National Polytechnic and Kenya Coast National Polytechnic.
Projects to be targeted cut across clean energy, transport infrastructure, irrigation, water resource management and sanitation, sustainable urban development, and economic cooperation and integration.
The USD 2 billion co-financing fund was launched by the AfDB and China for a period of 10 years. The €138 million allocated to Steg is intended to finance the implementation of the Project to develop and equip the electricity transmission network (Paerte).
The African Development Bank’s board approved a 125% capital increase to $208 billion on Thursday October 31st ,2019, the largest in the lender’s history, AfDB President Akinwumi Adesina said.
European Bank for Reconstruction and Development’s (EBRD) investments in Egypt amounted to about $5 billion; in which the private sector share of the total investments represents 58%, according to Head of the Bank Suma Chakrabarti.
Nigeria’s banking landscape is currently undergoing a huge transformation. A number of financial institutions have been quick to capitalize on this trend and these are the organizations celebrated by World Finance’s Digital Banking Awards. In 2018, Access Bank stood out among Nigeria’s top banks, taking home three awards, including Best Digital Bank, Best Mobile Banking App and Most Sustainable Bank.
The aim of the office will be to position the central bank as the coordinating authority, as an author of prudential and market conduct regulatory requirements and as an enabler and facilitator of FinTech activities in the UAE. The new office will ensure also that financial innovation continues in the banking sector with the support and facilitation of the national authorities.
The BANK OF AFRICA Group launched its new Internet Banking system, BOAweb, on Monday 28 October 2019 at its subsidiary in Senegal. The meeting provided a forum to present and explain the bank's digital offer and strategy to corporate clients. Some senior executives of the group attended the meeting, including Abderrazzak Zebdani and Abdel Mumin Zampalegre.
Visa, the global digital payments firm, has appointed international property developer Sweid & Sweid to build its new Dubai headquarters. The HQ project is on track for completion in June 2021.
The building to cater for operations in the company's Central and Eastern Europe, Middle East and Africa (CEMEA) region will increase capacity to over 500 employees, a statement said.
The UAE is the largest fintech hub for startups in the MENA (Middle East and North Africa), securing 69 per cent of funding so far this year and houses the most number (46 per cent) of fintech startups in the region, accounted for 47 per cent of all fintech deals in 2019.
FNB is opening its banking app to all consumers in South Africa, regardless of who they currently bank with. The bank said that these customers will have the opportunity to explore and experience the benefits and features of the FNB App including the ability to create a digital account with no monthly fees.
INFOMINEO RESOURCES
A highlight of some of our resources to expand your knowledge on Africa and the Middle East.
The analysis of the asset management market covers the valuation of assets under management, distribution channels, main financial products, etc, which supported the client’s interest in identifying the emerging trends in asset management organization.
The US-China Trade War has seen two of the world’s largest economies battle each other through increased tariffs, political speeches and propaganda. While the presence of both countries in international cooperation forums, such as the G-20 summit should imply that there is hope for a quick “cease fire”, the current scenario points at a long, and more importantly, costly war.
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 conductingCustom Research for clients, Infomineo also delivers an Expert Network service and a Business Translation service.