- Zambia National Commercial Bank plans to launch microfinance services including loans and savings for poor households in Q4-2020. The services are part of Zanaco’s digital strategy and will rely on digital credit-scoring and collection systems. The loans will be mainly to households, for amounts as small as 50 USD or 100 USD.
- Kenya is one of the fastest-growing economies in Africa. However, nearly half of the 50 million residents live below the poverty line. In fact, about two-thirds of Kenyans do not have access to basic financial services such as bank accounts to be more specific, agriculture acts as a motive for the economic growth in Kenya. About 75% of Kenyans making their lives by expending time on Agricultural activities.
- The World Bank approved 150 MM USD International Development Association credit to improve tenure security and access to basic services for 7 million residents living in selected Kenya urban informal settlements.
- According to the Ugandan ministry of finance, Uganda earnings from gold exports more than doubled from 4 MM USD registered in April 2020 to 126.3 MM USD in May 2020. Comparatively, the earnings from coffee exports have increased from 36.9 MM USD in April 2020 to 42.5 MM USD in May 2020.
- The World Bank’s Board of Executive Directors has approved 554 BN KES (150 MM USD) to enable greater access to higher-quality secondary education among Ugandan children in safer and better-equipped learning environments that are also supportive of girls’ education.
- Ethiopia will receive around 210 MM USD as the second disbursement of the 3 BN USD program from the International Monetary Fund (IMF) and the approval is pending by its executive board. The funding, which is part of the financial package that was approved in December 2019, is expected to support the country's balance of payments.
- The Reserve Bank of Zimbabwe (RBZ), has extended by a year the deadline for local financial institutions to meet the new minimum capital requirements. The regulator had taken into consideration the impact Covid-19 has had on the financial services sector.
- Namibia has approved an additional 342,000 NAD (19,700 USD) as part of the grant to bail out the country's arts sector, which has been grounded by a state of emergency imposed as a result of the COVID-19 pandemic. The country first approved 5 MM NAD (335,786 USD) grant to bail out the country's arts sector.
- South Sudan President, Mr. Salva Kiir Mayardit, met the former President of the Federal Democratic Republic of Ethiopia, Mulatu Teshome Wirtu, today in the capital, Juba. The two leaders discussed how the two countries would develop infrastructural projects, roads and electricity to improve the economy of the two countries.
- Salem Al Suwaidi, Director General of Ajman Chamber of Commerce and Industry (ACCI), received Duncan Mollema, Consul General of the Republic of Zambia at the Chamber’s premises to discuss the cooperation and to explore the most important investment opportunities available to both parties. The meeting also aimed to increase the volume of intra-trade and partnership between businessmen and investors of Ajman and Zambia.
- The All Share Index of the Nigerian Stock Exchange (NGSE) dropped slightly by 09% to close at 25,582.23 points as against a 0.37% uptick movement recorded on Friday. Its Year-to-Date (YTD) returns currently stands at -4.69%. The NGSE market capitalization now stands at 13.34 TR NGN (34.47 BN USD), as investors lost about 12.22 BN NGN (32.56 BN USD) on Monday.
- Music streaming service Mdundo, which focusses on sub-Saharan Africa and operates in a dozen or so countries, including Kenya, Tanzania, Nigeria and Ghana, is to list shares on the Nasdaq First North Growth Market Denmark, reports Disrupt Africa. The intention is to raise money to grow market share across Africa, where the use of streaming platforms is starting to gain critical momentum and Mdundo feels well-placed to strengthen its platform in other markets, like Zimbabwe, Mozambique, and Angola.
Note: Weekly values are calculated on Friday of each week.
- One of the 3 major shareholders of UAC Nigeria Plc (UACN), Blakeney LLP, has substantially reduced its stakes in the conglomerate with the sale of 80 million additional shares. This came a few days after UAC Nigeria Plc announced a deal to divest 51% of its shares in UACN Petroleum Development Company (UPDC) to Custodian Investment Plc.
- Radisson Hotel Group has added six hotels to its African portfolio following its expansion strategy on the continent despite the Covid-19 pandemic. The addition of the new properties in Mali, Nigeria, Ghana, Ethiopia and two in South Africa means Radisson manages nearly 100 hotels in 32 African markets.
- Telecoms giant Airtel Africa Plc and Telkom Kenya Ltd have decided to discontinue the completion of their merger plans due to the lengthy process of the transaction which has been on since February 2019. The two telecom firms resolved not to complete the business combination despite their respective efforts to reach a successful closure and having it drag on for a while.
- Kenya top seven banks listed on the Nairobi Securities Exchange (NSE) have set aside 7 BN KES (292.9 MM USD) in H1-2020 and expected to further increase due to the rise in bad loans in order to combat Covid-19. The provisions, which increased by 22.8 BN KES (210.68 MM USD) in H1-2020 compared to 9 BN KES (83.16 MM USD) in H1-2019, represent the amounts of banks that expect to lose from lending to households and corporates.
- South African mobile operator Vodacom Group Ltd reported a 6% increase reaching 1.14 BN USD group in Q1-2020 service revenue, maintained by strong demand for voice, data and financial services in its domestic market during the coronavirus lockdown.
- Stanbic Bank Zimbabwe jumped from 624 MM USD loss posted in H1-2019 to 2 MM USD adjusted profit after tax for H1-2020. A subsidiary of Standard Bank Group of South Africa, the bank attributed the impressive performance to an improvement in its non-funded income that includes trading revenue, fee and commission income and fair value adjustments on investment properties.
- The Development Bank of Rwanda (BRD), the World Bank, and the Swedish International Development Agency (SIDA) have announced a strategic fund-raising and collaboration to raise capital for Ignite Power. Ignite Power is a Rwandan renewable energy firm with investment in solar energy. The firm also has presence in other African countries.