According to the January 2020 Banking Sector Report, the higher increase in the net income in 2019 was on the back of significant increases in both net interest income and fee and commission income outstripping the growth in operating expenses. Net interest income grew by 23.6 % to GH¢9.27 billion in 2019 compared to a marginal 1.5% growth recorded in 2018.
Private Property and Absa Bank have partnered to create maximum value for the South African property industry. The strategic partnership between Private Property and Absa Home Loans will provide information, tools, and inspiration to ignite the property industry through various content partnerships to be launched later this month, serving as a significant catalyst for innovation and consumer education.
The European Investment Bank today published the new edition of the “Banking in Africa” series: “Financing Transformation amid Uncertainty”. It is the fifth edition of this economic report that analyses recent developments in the African banking sectors. Based on both macroeconomic and survey data, the report addresses structural issues and investment opportunities in Africa and frames policy options for all stakeholders.
The rating agency sees Lebanon's deteriorating balance of payments, with the closure of trade routes to Syria and large refugee inflows, has gradually undermined the sustainability of the country’s funding model based on foreign direct investment and capital inflows mainly from the GCC and the Lebanese diaspora.
Morocco’s Ministry of Finance and the central bank, Bank Al-Maghrib, announced the country’s readiness to expand the dirham’s band of fluctuation to 5%.The ministry said the country will enter the next phase of its currency reforms on Monday, March 9. The move is part of Morocco’s initiative to gradually expand the dirham reform process.
Central banks in Saudi Arabia, the United Arab Emirates and Bahrain matched the Fed’s half-percentage point cut. The UAE’s central bank said it’s reducing the repo rate and its certificates of deposit rate by 50 basis points. The Saudi Arabian Monetary Authority cut the repo rate to 1.75 per cent from 2.25 per cent and the reverse repo rate to 1.25 per cent from 1.75 per cent. Bahrain’s central bank lowered its key rate to 1.75 per cent from 2.25 per cent
"In a letter last week to the head of the IMF, I called for Iran's right to benefit from the fund's $50 billion rapid facility program to prevent, treat and counteract the economic impact of the corona virus," Abdulnaser Hemmati.
The African Development Bank (AfDB) announced plans to invest $200 million through the Rural Electrification Agency (REA) to boost power supply in Nigeria. This announcement was made by the Bank’s Acting VP for Power, Energy, Climate and Green Growth Complex, Wale Shonibare, during a visit to Nigeria’s Minister of State for Power, on Monday 9th in Abuja.
Burundi has received financing from the International Development Association (IDA). These are two grants totaling $160 million that will improve access to “essential services” in rural areas, including electricity. The Government of Burundi is banking on off-grid solar systems to accelerate the electrification of the country’s rural areas.
As the MENA region continues its fight to contain the outbreak of novel coronavirus, the Kingdom of Saudi Arabia has announced it has donated $10 million in financial support to the World Health Organization (WHO).
During their visit, they met with the country’s Prime Minister and other senior officials. The mission began on 2 March 2020 in the capital, Yaoundé where the Executive Directors held consultations with stakeholders, including private sector operators and development partners. They also toured Bank-financed projects.
The African Development Bank has signed an agreement with DAL Group, one of Sudan’s largest conglomerates, for the provision of up to $75 million to improve food security and household incomes in the country. The agreement is the Bank’s first private sector loan to the East African nation.
Orange has announced that it has launched its Orange Money suite of financial services in Morocco, broadening the reach of its financial footprint across its Middle East and Africa footprint.Orange Money will allow Moroccans to make mobile payments and transfer money on their mobile phone. The launch comes following approval from Bank Al Maghrib.
LiquidX, a global network for illiquid assets, has continued to expand its presence in the Middle East region, trying to leverage strong trade connectivity between Asia and the Middle East. Particular focus has been given to the areas of energy and petrochemical space.
“Azilen has over a decade of lean product engineering experience across a variety of vertical sectors. Together with Jini Guru’s local fintech knowledge and experience, we are excited to build solutions that extend across payment and banking applications,” says Smits.
Launched as a partnership between the Bank and MasterCard, the GTBank Virtual Card is a unique electronically generated prepaid card that enables customers of the Bank to shop and make payment across thousands of online platforms globally including on popular sites such as amazon.com, aliexpress.com, ebay.com, bestbuy.com, jumia.com among others.
INFOMINEO RESOURCES
A highlight of some of our resources to expand your knowledge on Africa and the Middle East.
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,
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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.
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