KCB Group to Acquire DRC Lender Trust Merchant Bank
KCB Group has signed an agreement to acquire 85% stake in the Democratic Republic of Congo (DRC)-based lender Trust Merchant Bank (TMB). The two lenders said in a joint statement [...]
Absa Group Gets $124 Million Loan from IFC to Drive South Africa Low-Cost Home Mortgages
Absa Group Ltd. will get a 2 billion rand ($124 million) loan from the International Finance Corp. to help South Africa’s third-largest bank by assets expand its affordable-mortgage business. IFC’s first social-sector loan [...]
Virtual Pay Launches Operations in Tanzania
Payments service provider Virtual Pay has launched its operations in Tanzania, extending its regional footprint after launching in Kenya in 2020. This comes after the Bank of Tanzania granted the [...]Zambia's Creditors Agree to Provide Debt Relief, Unlocking a $1.3 Billion IMF Loan
Zambia’s official creditors led by China have agreed to provide debt relief to the country, paving the way for a $1.3 billion IMF bailout to revive Zambia's finances. A committee [...]Miraa Exports to Somalia Earn Kenya KSh221 Million in 4 Days
Kenya's miraa exports to Somalia earned a whopping KSh221 million to Mogadishu in four days following the reopening of its border with Somalia. Head of Miraa, Pyrethrum and other Industrial [...]Vodafone Sells its Ghanaian Operations to Telecel Group
Vodafone has agreed to sell its operations (majority stake) in Ghana to Africa-focused Telecel Group. Telecel plans to help fund the acquisition by later offloading the Ghana business’s mobile towers. [...]Angola Partners with AFC to Add Value Across its Commodity Exports Spectrum
Angola has partnered with the Africa Finance Corporation (AFC) as a shareholder and its 35th member state, seeking to add more In line with this, AFC recently approved $100 million [...]Ethiopian Airlines Places Order for Africa's 1st Airbus A350-1000
Africa’s most profitable airline, Ethiopian Airlines has placed an order for Africa's first Airbus A350-1000, after converting its existing orders of A350-900 for larger planes. The airline has swapped four [...]World Bank Approves $100M Grant to Somalia to Strengthen Fiscal Transparency
The World Bank approved a $100 million grant to support the continuation of Somalia’s reform efforts in reaching the Completion Point of the Heavily Indebted Poor Countries (HIPC) Initiative when [...]Central Bank says Flutterwave Not Licensed to Operate in Kenya
Kenya's Central Bank has clarified that Africa-focused payments giant and Africa's highest valued startup Flutterwave is not licensed and should not be operating in Kenya. Flutterwave is not licensed to [...]Airtel Africa Plc Net Earnings Up 25.3% to $178 Million
Airtel Africa plc, a multinational company that provides telecommunications and mobile money services in 14 countries in Africa reported its earnings for the quarter ended 30 June 2022. Revenue for [...]Zimbabwe Allows Use of Hemp in Medicine for the First Time
Zimbabwe is allowing hemp-based products to be sold for the first time as part of complementary medicines given to patients. The Medicines Control Authority of Zimbabwe has invited all licensed [...]
