News Guide Africa

Category: Technology

  • Centralized Forex trading platform launched to tame market collusion .

    Bank of Ghana

     

    Adnan Adams Mohammed

     

    In effort to control foreign exchange market collusion among players influencing the untamed Cedi depreciation, the Bank of Ghana (BoG) has launched a centralised foreign exchange trading platform.

     

    This is to ensure that any activity of  buying and selling of foreign currencie by all licensed Foreign Currency Exchange Bureaus will be done on the platform to improve regulatory compliance and supervision.

     

    The operation of the platform took effect on August 1, 2024, as contained in a statement signed by the Secretary (BoG). The statement indicated that, the initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business.

     

    “The platform is expected to improve oversight for Directors and Management of bureaux and enhance the Bank’s monitoring and supervision of their operations in compliance with the Foreign Exchange Act, 2006 (Act 723) and the Anti-Money Laundering Act, (Act 1044), as amended, and other relevant notices and enactments”, the statement said.

     

    The Central Bank has also mandated the use of the Ghana Card for all foreign currency transactions.

     

    The government recently lamented about how deliberate speculation about the forex exchange rate were influencing the depreciation of the local currency against the US dollar.

     

    To ensure full utilisation and realisation of the system’s objectives, the following must be adhered to:

     

    i. Trading of Foreign Currencies with Licensed Dealers Only: The buying and selling of foreign currencies shall only be conducted at Bank of Ghana licensed foreign currencies dealers, which include licensed Foreign Exchange Bureaux.

     

    ii.Usage of the Platform: All Foreign Exchange Bureaux transactions shall be conducted on the new trading platform.

     

    iii.Issuance of Electronic Receipt: Foreign Exchange Bureaux are required to issue electronic receipt to customers for all purchases and sales of foreign currencies.

     

    iv.Verification of Customer Identity: In line with Bank of Ghana’s Notice No. BG/GOV/SEC/01 titled “Use of Ghana Card for All Financial Transactions”, all persons seeking to buy or sell foreign currencies must provide a Ghana Card or Passport (for Foreign Nationals) and undergo biometric verification.

     

    The platform according to the statement has been integrated with the National Identification System to ensure all purchases and sales of foreign currencies are performed by verified individuals.

     

    It will also be integrated with the national payment platform to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaux.

    The public has been reminded that the buying and selling of foreign currencies shall only be conducted with Bank of Ghana licensed foreign currencies dealers.

     

     

  • NEIP initiative transforming Ghana – Boakye-Danquah.

     

    NEIP

     

     

     

    The Government’s Spokesperson for Administration and Security, Dr. Palgrave Boakye-Danquah, has praised the National Entrepreneurship and Innovation Programme (NEIP) for having a revolutionary effect on Ghana’s entrepreneurial scene.

     

    NEIP, which was introduced in 2017, has been a major programme that promotes innovation and entrepreneurship in Ghana.

     

    The programme offers cash, mentoring, and training—all vital forms of help to newly established businesses. According to Dr. Palgrave Boakye-Danquah, NEIP has had a major impact on Ghana’s startup ecosystem, resulting in the birth of numerous creative enterprises in a variety of industries.

     

    “NEIP has helped 15,000 start-ups grow their operations by providing financial support and business development services,” Dr. Palgrave Boakye-Danquah said.

     

    He emphasised that by the end of 2024, the initiative has helped create 103,871 jobs, promoting economic diversity and empowering young people.

     

    He said significant achievements had been made within the first year of his administration, citing the free senior high school (SHS) implementation, planting for food and jobs and breathing new life into the health insurance scheme among others.

     

    He indicated that they inherited a troubled economy and that through ingenuity, creativity and boldness, it had now been restored to the right path.

     

    He said a solid economic foundation to propel sustainable growth had been laid and added that he was confident things would only get better for the people.

     

    He indicated that they inherited a troubled economy and that through ingenuity, creativity and boldness, it had now been restored to the right path.

     

    He said a solid economic foundation to propel sustainable growth had been laid and added that he was confident things would only get better for the people.

     

    Dr. Palgrave Boakye-Danquah highlighted the various forms of support provided by NEIP, including funding, training, and mentorship.

     

    The programme emphasis on equipping young entrepreneurs with the necessary skills and resources has been instrumental in reducing unemployment and fostering a culture of self-reliance and creativity.

     

     

    Dr. Palgrave Boakye-Danquah discussed the accomplishments of NEIP and its role in lowering young unemployment and promoting economic growth in an interview on Metro TV.

     

     

     

  • Parliament, CSOs alarmed as Ghana loses $1.4bn yearly from illicit financial flows.

    Adnan Adams Mohammed

    Ghana’s economy is currently among high rated countries in the African continent battling significant revenue losses through tax evasion, tax exemptions, and systemic tax inefficiencies.

    This, according to Tax Justice Network Africa, Ghana looses approximately US$1.4 billion annually due to illicit financial flows. This amount could do alot to improve the standard of living of the people.

    Also, according to a report by the United Nations Conference on Trade and Development (UNCTAD), the African continent looses nearly US$89 billion annually due to illicit financial flows. The report identifies Africa as a ‘net creditor to the world,’ indicating a substantial outflow of capital from the continent. The alarming situation has flamed passions and concerns of some politicians and civil society organizations to raise awareness while proffering solutions.

    “Our governments must also acknowledge that the problem is a major issue, and I think the biggest challenge in our generation now is the issue of illicit financial flow”, Francis Kairu, Strategic Programmes Director at TJNA, in an interview with journalists during the African Parliamentary Network on Illicit Financial Flows and Taxation Summit held in Ghana, emphasised the urgency of addressing these issues.

    “Ghana is one of the countries that loses the most because you have natural resources, you have a huge population that is being taxed.”

    Parliament of Ghana

    Ghana is one of the countries that grant tax exemptions and tax holidays every other day.”

    However, tax experts and some economists attribute almost half of the total financial loss to the situation of ‘under-declaration’ of export values for commodities such as gold, diamond, and platinum.

    Companies engaged in such practices are accused of evading taxes and royalties, exacerbating the continent’s financial drain.

    Also speaking at the event, Joseph Osei-Owusu, first Deputy Speaker of Parliament of Ghana, indicated that: “If we allow so much illicit outflow when our public needs, need to invest in public infrastructure, unfortunately, we will borrow and not provide services.”

    “Illicit financial flow is a global phenomenon, but a dire situation in the country not because of the staggering figures,” he said.

    APNIFFT is a flagship programme coordinated by Tax Justice Network Africa (TJNA) with an overall objective to provide an opportunity for its members, the African legislators, to strategise, learn from each other and build their capacities in tackling illicit financial flows (IFFs) and tax injustices in the continent.

    APNIFFT was first conceptualised in 2015 and eventually launched in 2017 by TJNA. Since its inception, APNIFFT’s operational strategy has focused on national-level legislative interventions to combat the continent’s IFF issues.

    This has been operationalised through country-based (National) parliamentary caucuses that now serve as a basic unit of engagement and mobilisation of Members of Parliament (MPs). These basic units then combine to form regional caucuses, based on membership of regional economic councils, to form the continental caucus.

    The network currently boasts a total of 702 members from 41 countries in Africa.

    It meets with MPs and members of Civil Society Organisations through capacity-building sessions and meetings to fast-track Africa’s conversation and action around illicit financial flows.

    Mr Osei-Owusu, also the New Patriotic Party (NPP) MP for Bekwai said laws were not the weakest thing but their implementation.

    He expressed concerns at the high level the continent was experiencing financial outflows which were perpetuating the kind of damage the slave trade had had done to Africa.

  • Over half a million businesses to be deleted from Company’s register by June ending.

     

     

     

     

    Adnan Adams Mohammed

     

    The Office of the Registrar of Companies (ORC) has warned to strikeout names of businesses and companies which have not yet filed their annual returns.

     

    Directors and proprietors of over 500,000 businesses and companies have up to June 30, 2024 to file their annual returns.

     

    The affected companies is made up of over 8,000 companies and over 500,000 business names. However, they have all been notified and reminded through various sensitisation programmes and multiple publications over the past two years, the ORC have said in a press statement.

     

    “A company struck off the register can only be restored by the Registrar of Companies after a court finds sufficient cause and issues an order to the Registrar of Companies directing the restoration of the name to the register as per Section 289 (7) of the Companies Act 992”, the statement issued last week has indicated.

     

    Initially, the Office of the Registrar of Companies gave the companies until the end of 2023 to comply but decided to extend the period to allow for intensive public education by the ORC and adequate preparation on the part of the defaulting businesses.

     

    The ORC noted that per Section 289 (5) of the Companies Act 2019 (Act 992), a company that has its name struck off from the register cannot and is not permitted to conduct business under that name for twelve years. It further noted that business names (sole proprietorships) lose the right to the name as it falls into the public domain after being removed from the register by reason of default, in accordance with Section 59(A) of the Registration of Business Names Act 1962 (Act 151).

    Office of registrar of company

     

    The release stated that filing annual returns is vital for maintaining compliance and transparency within the business community. It ensures that companies and businesses fulfil their statutory obligations and remain in good standing with the Office.

     

    Additionally, the release advised that failure to meet these obligations not only jeopardizes the entity’s legal standing but also undermines public trust and confidence. Therefore, it requests that these entities take immediate action to be in good standing to avoid paying penalties and suffering potential legal repercussions.

     

    The ORC encourages compliance from all stakeholders to uphold the integrity of the business environment and foster trust and confidence among investors, consumers, and the public. It has thus urged defaulting companies to visit the ORC’s website to check the names of affected companies in default.

     

  • World Bank Supports Ghana to Strengthen its Financial Sector.

     

     

     

    The World Bank today approved a $250 million International Development Association (IDA)* credit for a five-year Ghana Financial Stability Project. The project will support Ghana’s Financial Sector Strengthening Strategy (FSSS) by contributing to financial stability through the recapitalization of viable Banks and Specialized Deposit-taking Institutions (SDIs) impacted by Ghana’s Domestic Debt Exchange Program (DDEP).

     

    The financial system is critical to the functioning of the Ghanaian economy, providing critical services to households, firms, government, and supporting economic growth. To address the severe impact of the DDEP on financial institutions, the Government established the Ghana Financial Sector Stability Fund (GFSF) to provide solvency support to banks, pension funds, insurance companies fund managers and collective investment schemes.

     

    “This project will contribute to Ghana’s financial stability, by providing solvency support to banks and SDIs impacted by the DDEP through the GFSF.” said Robert R. Taliercio, World Bank Country Director for Ghana, Liberia, and Sierra Leone. “Through direct support to banks and SDIs, the project will benefit Ghana’s financial sector and the economy by supporting the access of depositors and other financial consumers to savings, payments, and other core financial services provided by adequately capitalized banks and SDIs.“

     

    The Ghana Financial Stability project is expected to immediately benefit eligible undercapitalized but viable banks and SDIs and become accessible to other banks and SDIs that may need support in the future due to potential new losses and providing a backstop against unexpected losses.

     

    The World bank

    The project promotes financial stability, a key requirement to protect people and preserve jobs,” said Carlos Leonardo Vicente, Senior Financial Specialist and Team Lead.

     

    The project complements the World Bank’s Development Program Financing series and the IMF-Extended Credit Facility, which support reforms to improve the macroeconomic environment and enable financial institutions to operate profitably and generate internal capital. It also complements other World Bank funded projects aimed at economic recovery and job creation in Ghana, such as the Ghana Development Financing Project which supported the establishment of the Development Bank of Ghana and provides long-term financing to small and medium enterprises and small corporates.

  • Ghana eagerly awaits $360m IMF money ..as Board is to consider second staff review in June.

     

     

    Adnan Adams Mohammed

    All things being equal, Ghana’s $3 billion extended credit facility programme second review by the International Monetary Fund Staff Level team is ready to be presented the Board for consideration before June ending, a senior official of IMF has said.

    The second staff review, if approved by the Board will pave way for the release of $360 million more as the third tranche of the $3 billion facility.

    International Monetary Fund

    The IMF staff team and Ghana’s team reached a staff-level agreement for the second review of the programme in April this year. Already, Ghana has received $1.2 billion in two separate $600 million tranches.

    “The aim is to bring the review to the IMF’s Executive Board before the end of June, and once approved by the Board, the review would give Ghana access to about $360 million,” Ms. Julie Kozack, Director of Communications of the International Monetary Fund (IMF), has said at a press conference in Washington, D.C. last week.

    She noted that Ghana’s exonomy has seen progress since the programme started.

    “The authorities’ strong policy and reform efforts under the programme are bearing fruit, and signs of economic stabilisation are emerging.”

    She added: “Growth, for example, in 2023, was higher than anticipated, and the growth projections are being revised upward.”

    Also, she noted: “Inflation has been declining rapidly, the fiscal and external positions have improved, and exchange rate volatility has declined quite significantly.”

    “The authorities are making good progress on their comprehensive debt restructuring.” “The domestic debt exchange was completed last year, and on January 12th, the government reached agreement in principle with its official bilateral creditors.”

    ‘Ghana is also engaging with external private creditors to seek their support”, Ms Kazack added.

  • Ghana awaits $200m from ECOWAS Bank.

     

     

    Adnan Adams Mohammed

    All things being equal, the Ghanaian economy is set receive a US$200 million boost from the ECOWAS Bank for Investment and Development (EBID) aimed at forstering a transformative partnership. The disbursement of such funds will be through a strategic alliances with the Ghana Export-Import Bank (GEXIM) and GCB Bank PLC. The USD 200 million injection is intended to stimulate the growth of Small and Medium Enterprises (SMEs) in critical sectors of the economy, foster job creation, innovation, and sustainable development. This injection will bring EBID’s total commitments in Ghana to USD 600 million. This was contained in a Memorandum of Understanding (MOU) signed

    ECOWAS

    and Dr. Mohammed Amin Adam, Minister for Finance of the Republic of Ghana, at a ceremony held at the EBID headquarters in Lome, Togo.

    The signing ceremony was attended by key stakeholders, including Mr. Lawrence Agyinsam, Chief Executive Officer of GEXIM, and Mr Samuel Aidoo, Executive Director, Wholesale, and Investment Banking at GCB Bank PLC, among others. The agreement epitomises EBID’s unwavering dedication to fostering economic growth and shoring up resilience across the ECOWAS Member States.

    Dr. Donkor, during his address commended Ghana for its steadfast support through the payment of its subscribed share of capital, and other commitments to the bank. He emphasised that the tripartite alliance between EBID, GEXIM, and GCB Bank PLC exemplifies EBID’s strategic thrust to bolster the recovery and transformation agenda of Member States by channeling vital resources into pivotal sectors of their economies.

    According to him, this collaborative involvement underscores EBID’s commitment to forging partnership synergies within the finance and investment domain, serving as a trailblazing model for future regional collaborations and investments.

    In his response, Dr. Amin Adam highlighted the importance of organisations like EBID in driving sustainable transformation, especially amidst prevailing global challenges. He lauded the profound impact of EBID under the leadership of Dr. Donkor and expressed unwavering optimism regarding the Bank’s continued role in shaping the region’s developmental agenda.

  • IMF approves SDRs for Hybrid Capital Instruments.

    International Monetary Fund

     

    Adnan Adams Mohammed

    International Monetary Fund’s Executive Board has approved a hybrid capital as an eligible instrument for channeling of Special Drawing Rights (SDRs).

    This has received commendation from the African Development Bank Group (AfDB) and the Inter-American Development Bank (IDB).

    The SDR-hybrid-capital based solution proposed by the African Development Bank and the Inter-American Development Bank meets the IMF’s statistical criteria for international reserve-asset status. As such, according to IMF rules, countries that lend their SDRs through this pioneering approach can continue to account for them as reserves.

    This innovative SDR-based hybrid capital channeling solution will help unlock new lending by Multilateral Development Banks to address rising global challenges, including climate and food security. The new instrument offers the opportunity to lend at least US$4 for every US$1 equivalent of SDRs, through the African Development Bank and, the Inter-American Development Bank, and other Multilateral Development Banks, to finance development projects.

    At a time of multiple crises and scarce resources for development, this is a unique value proposition for governments everywhere. The next step is to secure at least five investors to channel their SDRs through Multilateral Development Banks. The African Development Bank and Inter-American Development Bank will continue their dialogue with SDR holders to drive forward this innovative financial solution.

    “The International community now has at its disposal an innovative approach through which development financing can be mobilized with a multiplier effect and at no cost to taxpayers. These are the types of solutions we need to help us tackle Africa’s growing development challenges,” said African Development Bank President Dr Akinwumi Adesina.

    “We very much welcome the IMF Executive Board’s decision,” said InterAmerican Development Bank President Dr Ilan Goldfajn. “With the new SDR-based hybrid-capital instrument, we have a cost-efficient way to finance much-needed sustainable development projects to boost climate resilience, reduce poverty and inequality, and lay the foundation for more inclusive growth in many of our countries.”

    The G20 has recommended that Multilateral Development Banks optimize the use of their balance sheets through financial innovation to create additional lending capacity to help countries tackle urgent development challenges.

    In April, the leaders of 10 Multilateral Development Banks published aViewpoint Note(link is external)and announced joint steps to work more effectively as a system and increase the impact and scale of their work.

    The SDR(link is external)is an international reserve asset created by the IMF to supplement the official reserves of its member countries. Its value is based on a basket of world currencies (US dollar, Euro, Chinese Yuan, Japanese Yen and British Pound).

    The IMF’s most recent general allocation of SDRs to its members was in 2021, when the equivalent of $650 billion was issued to help countries respond to the COVID-19 pandemic.

    Source: afdb

  • Climate Roundtable Discuses Challenges Facing Africa Climate Action.

    Africa climate

     

    African Risk Capacity (ARC) welcomed leading partners in Africa’s climate and food security space to the Africa Climate Roundtable this week.

    Held in Johannesburg South Africa from 7th to 8th of May, the Roundtable addressed key challenges facing Africa’s climate action and food security landscape, seeking to drive collaboration, innovation and the coordination of efforts between countries as well as financial institutions.

    A global audience of attendees included policymakers, industry leaders and researchers exploring innovative technologies and strategies aimed at mitigating climate change impacts and promoting sustainability.

    Key takeaways from the Roundtable included:

    Accelerate Funding to Africa: Financial commitments made at climate conventions need to be honoured, and existing climate funds must be accessible and efficiently managed. The focus should be on adaptation measures, attracting private sector capital, and leveraging domestic resources. Issues include:
    Attracting more private sector capital to adaptation efforts by selling the opportunities, rather than positioning the issue as a social one.
    Developing risk-sharing models to attract private investment into climate change initiatives, particularly adaptation. The AGF guarantees for SME lending is one example. More need to be developed in collaboration with financial institutions and other stakeholders, or shared, where they exist.
    Mobilising Development Finance Institutions to leverage their balance sheets and risk profile to provide more affordable and accessible finance.
    Domestic resource mobilisation efforts must be leveraged to boost climate funding at source. Resources include the capital assets of the African banking network, capital markets, diaspora funds, African Private Equity funds and pension funds.
    Learn from previous setback in disbursements and access to funding. Ensure the Loss and Damage Fund is effective and accessible.
    Climate Resources & Capacity Building: Africa has an abundance of climate resources, but lacks the capacity to access and absorb funds to manage them. Building human capital, enhancing data collection and raising awareness at government-level are key areas that need to be urgently addressed. R&D must be linked to improving the models and efficiencies of current programmes. Organizations such as the African Capacity Building Foundation must be tapped.
    Local Context: Climate finance should be demand-driven and take into account local knowledge and concerns. Engaging with communities, tapping into African expertise, and maintaining this standpoint in engagements with international organisations are crucial to achieving this.

    Unity & Collaboration: A more regional approach to climate strategies and project preparation is needed, along with more and better collaboration among stakeholders. A more regional approach to Nationally Determined Contributions could be more effective in distributing resources, attracting investment and offsetting capacity issues.
    Leveraging Technology: This is essential for improving early warning efforts and effective disaster management, as well as helping governments make informed decisions and guide responses that mitigate social impacts.
    Common African Position: Ahead of the November 2024 COP29 in Baku Azerbaijan, key asks by Africa need to be agreed upon, such as better collaboration, stronger representation in decision-making structures, and reforms to the decision-making process.
    Africa Climate Roundtable’s convening partners included: Afreximbank; African Adaptation Initiative; African Capacity Building Foundation; African Risk Capacity; African Union Development Agency (AUDA-NEPAD); Arab Bank for Economic Development in Africa; Global Green Growth Institute; UN Habitat; and the United Nations World Food Programme.

  • Nominations announced for the African Banker Awards 2024

    African Banker Awards 2024

     

    The 2024 edition of the Awards spotlights infrastructure, sustainability, and gender equality. A total of 59 institutions and individuals have passed first round judging and are in the running for the Awards – the highlight of Africa’s banking calendar. 

     

    07 May 2024, London – African Banker magazine has announced today the shortlist of nominees for this year’s edition of its African Banker Awards. Since its inception in 2007, the African Banker Awards has recognised the exceptional individuals and organisations driving Africa’s rapidly transforming financial services sector.

     

    The Award winners will be announced during a spectacular gala dinner ceremony on the 28th May, in Nairobi, Kenya – a part of the official programme of The Annual Meetings of the African Development Bank Group.

     

    The African Banker Awards is organised by IC Events. It is held under the patronage of the African Development Bank. The Awards’ Platinum Sponsor is the African Guarantee Fund, with African Export-Import Bank and Vista Bank as the Gold Sponsors, and the Cocktail Reception being sponsored by African Trade & Investment Development Insurance.

     

    Nominees were selected from a record number of entries from across the entirety of the African continent. For the first time in the Award’s 18 year history, three nominees for the most prestigious ‘Banker of the Year’ are women, reflecting the growing number of female leaders in finance.

     

    Speaking about the Awards, Omar Ben Yedder, Chair of the Awards Committee, also noted the growing role of Development Finance Institutions. “Over the years, we have seen the evolving role of DFIs,” he said. “They are playing an important role in structuring transactions and in catalysing development, often filling the gaps in areas that are under-served or under-represented.

     

    “That said, the finance gap in infrastructure, trade and climate finance mean that the banking sector as a whole will need to be even better capitalised. But looking back at the 18 years of the Awards, it is night and day when you look at the size of our domestic banks and the transactions they are capable of structuring.”

     

    The nominees for the African Banker Awards 2024 are as follows:

    Bank of the Year

     

    African Export-Import Bank

    Ecobank

    KCB Group

    Rawbank

    Trade and Development Bank Group

    Uganda Development Bank

    United Bank for Africa

    Banker of the Year

     

    Admassu Tadesse – Trade and Development Bank Group

    Anel Bosman – Nedbank

    Karim Awad – EFG Holding

    Miriam Olusanya – Guaranty Trust Bank

    Patricia Ojangole – Uganda Development Bank

    Serge Ekue – Banque Ouest-Africaine de Développement

    Sidi Ould Tah – Arab Bank for Economic Development in Africa

    Trade Finance Award

     

    Access Bank Nigeria

    Attijariwafa Bank (AWB) Group

    Bank of Africa (BOA/BMCE) Group

    Diamond Trust Bank Kenya

    First Bank Nigeria (FBN)

    Deal of the Year – Debt

     

    Absa Bank Ltd – 2 tranches valued at TZS 212bn and USD 73mn respectively – Absa – NMB Bank

    African Development Bank – $117 million The Globeleq Menengai Geothermal Power Project in Kenya

    Africa Finance Corporation – $1.82bn Project KaMa

    African Frontier Capital – $500m Brighter Life Securitization

    Hogan Lovells – $16bn Ghana Debt Restructuring

    MUFG Bank – €774m Project Strada – UKEF backed loan to support FERA and the Republic of Senegal in its nation-wide road programme

    Standard Bank – $775m Foschini Group Syndicated Funding Package

     

    Deal of the Year – Equity

     

    Absa Bank – $500m Airtel Uganda IPO

    Banque Ouest Africaine de Développement – $100m BOAD Hybrid Bond

    Pangaea Securities – $145m Affirma Capital Limited’s acquisition of Copperbelt Energy Corporation

    Rothschild – $1.1bn investment into Mopani Copper Mines plc by International Resources Holding RSC

    Standard Bank – $200 million Meridiam’s acquisition of controlling stake in Kipeto

     

    Infrastructure Deal of the Year

     

    African Export-Import Bank – $203m Great Horn Investments Holding “GHIH”

    African Export-Import Bank/Standard Chartered – $1.762bn (of which $363m is the commercial tranche) Tanzania Railways, Government of Tanzania

    African Trade Insurance Agency – €350m Benin Project IROKO

    Banque Misr – $352.4m Fiber Misr for Telecommunications & Information Technology (Benya Technologies)

    Hogan Lovells – $15bn Simandou mining and infrastructure project

    InfraCredit – $38m InfraCredit’s Guarantee of Lagos Free Zone Issuance Fixed Rate Infrastructure Bonds

    Stanbic IBTC Capital Limited – $461m Sukuk Issuance for construction and rehabilitation of critical road infrastructure

     

    Agriculture Deal of the Year

     

    Absa Bank – Volcafe Limited $80m East Africa Borrowing Base Facility

     

    Co-operative Bank of Kenya – Co-op Bank & Kenya Coffee Direct Settlement System

     

    National Bank of Egypt – $400m Evergrow For Specialized Fertilizers

     

    Standard Chartered – $692m Ghana Cocoa Board Pre-export Receivables Backed Trade Finance Facility

     

    DFI of the Year

     

    African Export-Import Bank

    Banque Ouest Africaine de Développement

    East African Development Bank

    Kenya Development Corporation

    Trade and Development Bank Group

     

    Fintech of the Year

     

    EFG Hermes Holding Val

    Flutterwave

    Inclusivity Solutions

    JUMO

    ProfitShare Partners

    Yabx Technologies

    SME Bank of the Year

     

    Co-operative Bank of Kenya

    East African Development Bank

    Ecobank

    National Bank of Commerce

    Uganda Development Bank Limited

     

     

    Sustainable Bank of the Year

     

    Absa Bank

    East African Development Bank

    Ecobank

    Nedbank CIB

    Standard Bank Group

    Trade and Development Bank Group