Managers of Wealth Africa

The Mauritius Commercial Bank Ltd (MCB) provides USD 60m funding to fuel Senegal's national electrification and LNG-use ambitions

The Powership will soon shift from the use of heavy fuel oil to gas.

COVID-19 trims bank acquisition costs to their lowest

With the ratio slumping to its lowest level across seven years to the end of 2020, this means that the market is attaching a lower costs to bank acquisition in respect to their asset carrying value.

Moroccan banks’ profitability fell in 2020 due to increased provisioning and Covid-19 fund donations

The agency expects the cost of risk to remain elevated in 2021, but lower than in 2020.

Bank of Cairo announces new expansion step on the continent

Bank of Cairo is also a minority shareholder in the African Export-Import Bank, which gives it insight into the trade finance needs of Africa.

Bob Diamond’s African Bank Exits Another Market With Botswana Deal

London-listed Atlas Mara is paring back on its African foray after Diamond misjudged competition on the continent and paid too much for acquisitions.

Access Bank moves to acquire BancABC Botswana

The Nigerian bank would buy just over 78% of BancABC Botswana for an undisclosed cash amount of about 1.13 times the book value plus a two-year deferred payment.

UBA’s profitability rises 27% to N38bn in Q1’21

Gross Earnings (income) rose to N106. 65 billion in Q1’21 from N93.94 billion Q1’2020, indicating 14 per cent increase.

Co-op Bank salary advances double to Sh105bn on Covid

The lender said that 86 per cent of the cumulative e-credit or Sh105.113 billion relates to salary advances—called e-flexi— while the remainder was taken up by businesses.

Ecobank and Orabank hold 42% of Togo’s banking market share

Right behind the two giants are Banque Atlantique Togo (with CFA263 billion) and Union Togolaise de Banque (CFA262 billion).

Absa Shuts $6 Billion Mutual Fund, Sparking Spin-Off Speculation

Lender cites misunderstanding of product by clients as reason

Standard Bank cautions govt on rising debt levels

Debt-to-GDP levels rose to 76 per cent in 2020 and could well hover around those levels in 2021 should GDP growth improve as expected.

BoG direct banks, SDIs not to pay dividends

The Central Bank, which made this known in a recent notice, said this was in view of the uncertainties surrounding the pandemic and its potential impact on the banking sector.

Capitec Bank resumes dividend payment despite a slump in earnings

Capitec chief executive Gerrie Fourie said after taking the SA Reserve Bank’s guidance last year the bank felt it was in a good position to resume dividend payment during the period.

Nigeria's Access Bank buys Atlas Mara's BancABC stake

Bannalotlhe also assured clients safety of accounts, the stability of banking operations, and that customer service will remain top priorities.

African core banking vendor AppZone lands $10 million in new funding

To date, the company’s platforms have served 18 commercial banks and over 450 microfinance banks, amassing a yearly transaction value and yearly loan disbursement of $2bn and $300mn respectively.

Wema Bank‘s Financial Fundamentals Remain Strong, Says CEO

According to him, the bank’s performance in the 2020 made it one of the best performing financial institutions in the land given the challenging operating environment.

Access Bank: Expansive growth

The bank also demonstrated resilience and stability, combining its organic growth with keen focus on its complementary strategy of value-based mergers and acquisitions.

Access Bank Lagos Marathon to Feature Virtual Participation

“This is why we decided to have an exclusive virtual event – that allows participants from all over the world to run the race wherever they are.

FirstBank Partners LAWMA, Unveils 16,000 Sweepers’ Uniforms

“The Lagos state initiative to tackle waste through LAWMA is indeed an excellent initiative of the Governor of the state.”

Access Bank eyes trade finance expansion as Grobank acquisition moves a step closer

Sarb notes in a statement announcing its approval of the deal that the transaction is in the “best interest” of both Grobank and its existing depositors.

Retail Banking