Nigerian Banks Limit Card Spending Abroad
Nigeria dollar shortage has prompted some of the top banks to limit debit card spending abroad. Two Nigerian banks said the plans will help mitigate against foreign currency settlement risk. [...]
Airtel WorldRemit to Offer Instant Money Transfers Across Africa
Airtel Africa has partnered with WorldRemit to scale its operations by offering instant money transfers across Africa. WorldRemit will enable customers from across the globe to receive money in Airtel [...]
IFC Loans $12 Million to Ghana's Steel Plant
The IFC (International Finance Corporation) has issued a $12 million loan to Rider Iron and Steel Ghana to support the company's construction of a steel manufacturing plant. The move seeks [...]Total Gas Project in Mozambique Raises $14.9 Billion in Debt Financing
Total's Liquefied Natural Gas project (LNG) in Mozambique has received $14.9 billion in debt financing. Export Credit Agencies who took part in the financing include UK Export Finance (UKEF), the [...]Independent Board to run South African Airways
South African Airways is considering appointing an independent board to run the debt-ridden airline. Reuters quoted Public Enterprises Minister Pravin Gordhan who revealed plans to run the airline like the [...]IM Signs Agreement to Acquire 90% of Uganda's Orient Bank
IM Holdings PLC has issued a cautionary announcement advising its shareholders of a proposed transaction between the bank and Uganda's Orient bank Limited, which may affect the value of its [...]RwandAir Optimistic on Demand ahead of 1 August Resumption Date
National Carrier for Rwanda RwandAir will resume its flights on 1 August after almost five months since they suspended their operations. Officials of the airline said that the carrier is [...]Mergers and Acquisitions Decrease Across Africa in H1; 2020
Mergers and acquisitions decrease across Africa in the first half of 2020 in terms of both volume and value. International law firm Baker McKenzie says that in the short term [...]Mums Village Kenya and BabyBliss Nigeria Merge to form Bliss Group
Mums Village Kenya and BabyBliss Nigeria have merged to create the Bliss Group, a Pan-African entity focused on mother and child care. While Mums Village Kenya has proven strengths in [...]South Africa’s Economy to Shrink by 6.9% in 2020 SP Global Ratings
Ratings agency, SP Global Ratings, projects that South Africa's economy will contract by 6.9% in 2020, compared to its April forecast of a 4.5% contraction. The coronavirus situation in the [...]Nigeria’s Public Debt Rises by 4% in Q1
Nigeria’s total public debt grew by 4 percent to $79.303 billion as of March 31, 2020, from $76 billion in the fourth quarter of 2019. The debt stock comprises of [...]East Africa Still Africa’s Fastest Growing Region AfDB
The African Development Bank (AfDB), through its East Africa Regional Economic Outlook 2020, says that East Africa is still Africa's fastest-growing region, despite the disruptions brought about by COVID-19. Economic [...]
