IFC announced today a new investment in Rawbank, a leading bank in the DRC, to improve access to finance for the country’s micro, small, and medium-sized enterprises (MSMEs), supporting growth and job creation in the country. Under the partnership, signed on Monday in Kinshasa, IFC will provide a loan of up to $35 million to […]
Tag: Banking and Insurance
Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction resumed business Tuesday, allotting a total US$10,8 million amid expectations that foreign currency demand in the parallel market will ease off. A trading update released at the close of business shows that a total US$10,8 million was allotted on both the Main and SME Auction platforms. Priority […]
The bank said necessary steps have been taken to address and resolve the identified gaps The Financial Conduct Authority (FCA), regulator of the financial services industry in the United Kingdom, imposed monetary penalties totalling £7.7 million on the UK unit of Guaranty Trust Bank (GTB) “for serious weaknesses in its anti-money laundering (AML) systems and […]
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Tanzania: Optimism As Tutuba Takes Reins
BANKERS and economists have hailed appointment of Mr Emmanuel Tutuba as the new Governor of Bank of Tanzania (BoT), describing him as an experienced economist, who will steer Tanzania’s monetary policy towards the right direction. President Samia Suluhu Hassan appointed Mr Tutuba, who was hitherto Permanent Secretary in the Ministry of Finance and planning, as […]
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Malawi Government, IMF Talks Resume
Government says its team is shortly meeting the IMF for a second meeting to push for debt restructuring and resumption of an extended credit facility. Minister Finance Sosten Gwengwe has confirmed of the meeting. This comes at a time the Reserve Bank of Malawi says the central bank has a 1.5 month import cover, less […]
BANK of Tanzania (BoT) has said the growth of money supply and private sector credit continued to be satisfactory, thanks to the monetary policy implementation that is geared towards balancing between taming inflationary pressures and supporting economic activities. According to the BoT’s monthly economic review for December the policy drive was implemented by lessening monetary […]
The Central Bank of Seychelles (CBS) will maintain its monetary policy rate relaxed at 2 percent during the first quarter of 2023 while keeping a close eye on international developments for quick response if needed. On December 29, CBS’ board decided to maintain an accommodative stance in its monetary policy rates having taken into account […]
Tunis/Tunisia — The Board of Directors of the African Development Bank (AfDB) Group approved a $27 million (about TND 85.3 million) and €10 million (nearly TND 33.5 million) loan package to co-finance the construction of a 100-megawatt Solar power plant in Kairouan, Tunisia, the AfDB said on Thursday. The Board approval covers $10 million and […]
The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has given assurance that the recent policy of the bank, including the cash withdrawal limit and the redesigning of naira notes, were not done for political reasons. Emefiele also disclosed that the apex bank had ordered 500 million pieces of currency for the printing of the […]
Following the ruckus generated by the new cash policy of the Central Bank of Nigeria (CBN), the apex bank has revised upward weekly cash withdrawals for individuals and corporate bodies to N500,000 and N5 million respectively. This is as the CBN governor, Godwin Emefiele, has said that a deputy governor in the central bank will […]
The upward review comes after the National Assembly asked the bank to considerably adjust the withdrawal limits in response to public outcry on the policy. The Central Bank of Nigeria has reviewed upward the limit on cash withdrawals made by individuals and organisations. Ahead of the distribution of the redesigned naira notes, the bank had […]
Addis Abeba — Commercial Bank of Ethiopia (CBE) said it has reopened branches and resumed banking services in Shire, Alamata and Korem, allowing people to deposit money and receive funds sent to them including from abroad. The bank announced on its facebook on Tuesday that it was forced to discontinue providing banking services for the […]
Ethiopia’s largest bank has reopened branches in some towns in Tigray, allowing residents to access funds they have been blocked from using for over a year due to the conflict between the federal government and Tigrayan rebels. The Commercial Bank of Ethiopia said Monday that it has resumed financial services in Shire, Alamata and Korem, […]
Tunis/Tunisia — A new US$ 5.5 million package of technical assistance to improve food security in Tunisia, Egypt, Jordan, Lebanon, Morocco and the West Bank and Gaza was launched on Monday by the European Bank for Reconstruction and Development (EBRD) and the Food and Agriculture Organisation of the United Nations (FAO) marking 25 years of […]
Addis Abeba — A full list of rating actions is at the end of this rating action commentary. FitchRatings has downgraded Ethiopia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC-‘ from ‘CCC’. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC’ or below. Fitch has removed the Long-Term IDRs from Under […]
Undoubtedly, financial technology (fintech) is driving greater financial inclusion. Innovations are giving people more access to financial services through mobile and computing services, the internet, and payment cards. One of these services is microcredit: small loans for individuals and informal businesses. But a closer look at the microcredit channel of inclusion shows an emerging form […]
The judge criticised the SSS for attempting to use the court as a cover for an irregular move to arrest the CBN governor Emefiele The Federal High Court in Abuja has thrown out a request by the State Security Services (SSS) to order the arrest of the Governor of the Central Bank of Nigeria (CBN), […]
The World Bank has committed to resume budgetary support by disbursing $50 million (over K51 billion) and $100 million (over K102 billion) towards the cholera fight and some recurrent expenditures in the health sector. State-financed broadcaster Malawi Broadcasting Corporation (MBC) quoted World Bank Regional Vice President for Eastern and Southern Africa, Victoria Kwakwa, on Monday […]