- Africa offers a wealth of chances for startups and innovators looking to address cybersecurity risk across the increasingly digitized continent. The number of African internet users will double to one billion by 2022, and global cybersecurity spend will top 4 BN USD in 2022.
- The 2020 Cannabis Vexpo Africa kicked on 26 November till 28 November,2020. Over 1,000 visitors were registered, noting that this is the first time that anything of this scale in the African cannabis industry has been hosted.
- South Africa inflation rate increased to 3% in October compared to 3% in September. The increase was mainly driven by food and non-alcoholic beverages. However, food prices are not expected to increase rapidly over the short- to medium term, mainly due to excellent agricultural production.
- Uganda economy is projected to contract by negative 0.3% in 2020, in line with global contraction of negative 4.4%, according to the International Monetary Fund (IMF). Noting that Bank of Uganda (BoU) attributed the contraction to the drop in Foreign Direct Investment, remittances and exports.
- About 65% of migrants detained in Kenya hail from Uganda, Tanzania, Somalia and Ethiopia. The report by the Kenya National Commission on Human Rights indicates that a third of these migrants are being detained for being in the country without proper documentation.
- The International Monetary Fund (IMF) has urged the Central Bank of Nigeria (CBN) to get the country a unified exchange rate for the naira. It remained stable at 378 NGN to dollar on the CBN’s official The naira was on Sunday exchanging at 500 NGN to dollar at the parallel market.
- The World Bank Group launched 6-year Rwanda Country Framework for the period between 2021 and 2026 which will see up to 2 BN USD invested by 2023 across key sectors. The partnership framework and funds committed are expected to play a role in the recovery from the economic effects of the Covid-19.
- Zambian inflation quickened for the third straight month in November to a four-year high propelled by food and non-food items. Consumer prices increased 4% compared to November 2019 and 16% compared to October 2020.
- Ethiopian Prime Minister Abiy Ahmed stated on Thursday that the country's military is in the "final phase" of its operation against fighters in the Tigray region's capital, Mekele. The prime minister vowed that religious and historical sites, institutions and residential areas would not be targeted.
- Zimbabwean Vice-President Kembo Mohadi called for promotion of political and economic relations with Iran and expansion of international cooperation to combat the sinister phenomenon of terrorism. In the meeting, the Iranian ambassador stressed the importance of strengthening cooperation in the economic fields.
- The Nairobi Securities Exchange (NSE) has lifted the suspension of trading of shares of former shoe-seller, Nairobi Business Ventures (NBV), following the conclusion of 83 BN KES (75.3.8 MM USD) buyout deal by Dubai-based Delta International FZE.
- Nigerian Stocks (NGSE)’ All-Share Index and Market Capitalization appreciated by 19% to close the week at 34,885.51 and 18.22 TR NGN (165.54 BN USD) respectively. Investors gained 390.26 BN NGN (3.54 BN USD).
Note: Weekly values are calculated on Friday of each week.
- King Faisal Hospital Kigali has become the first hospital in Rwanda to receive a four-year accreditation award from The Council for Health Service Accreditation of Southern Africa (Cohsasa). The occasion was celebrated at a ceremony on October 29, 2020 held at the Marriott Hotel in Kigali.
- The African Development Bank (AfDB) has granted 1 MM USD (2.3 BN KES) to the East African Crude Oil Pipeline (Eacop) project. Noting that 500,000 USD goes to Uganda while the other 500,000 USD goes to Tanzania.
- Stanbic Bank has overtaken Absa and other banks in income generated from selling insurance. Satnbic earned the highest commission of 7 BN KES (15.44 MM USD) from bancassurance in Q3-2020.
- The Group Managing Director of Flour Mills Nigeria Plc (FMN), Paul Miyonmide Gbededo, purchased a total of 7,486,719 additional shares of the company, worth 29 MM NGN (542,448 USD).
- In the light of COVID-19, FirstBank has launched the FastTrack ATM, a Next Generation ATM and first of its kind in Africa, designed to promote financial activities on the ATM devoid of any form of physical interaction with the machine.
- Carbacid has reported 22% increase in net profit for the year ending July 2020 recording 324 MM KES (2.9 MM USD) compared to 264 MM KES (2.4 MM USD) in a similar period last year. This increase makes it one of the few companies to report double-digit growth in earnings amid Covid-19 pandemic.
- Pan-African financial institution, United Bank for Africa (UBA) Plc, carted two highly coveted laurels at the BusinessDay’s Bank and other Financial Institutions Awards (BAFI) winning the Bank of the Year and the International Bank of the Year at the glamorous event held over the weekend.