Managers of Wealth Africa

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.

Top banks set aside Sh109bn for loan losses

Part of the provisions represent estimates of potential losses from defaults expected in the near future because of general economic weakness or problems specific to certain industries and customers.

UBA is well-positioned to benefit from recovery trends in 2021 – Tony Elumelu

To this effort, UBA Ghana contributed 11% of the Group’s Operating Income and 12% of the Group’s profit before tax.

BoG cautions banks on money transfers abroad

He said funds that were transferred under TTAs that were not registered would attract sanctions when evidence of such transactions became available to the Central Bank.

East African banks raise bad loans provision to cushion distressed clients

A review of the banks audited financial statements shows that top eight Kenyan banks by market share more than tripled their loan loss provisions to Ksh104.64 billion ($960 million) from Ksh28.68 billion ($263.11 million) in 2019.

StanChart named Global Coordinator for Seplat’s $650m bond issuance

This transaction is the largest Nigerian oil and gas bond ever priced in international markets.

As Access Drives Revenue Growth through Retail Banking

The situation was further worsened by the outbreak of the COVID-19 pandemic