Africa Finance Daily

Nigeria Naira Heads for Lowest This Year as Investors Sell Debt
BusinessWeek
By Chris Kay on June 06, 2012 Nigeria’s naira fell for a fourth day against the dollar on the interbank market, heading for the lowest close this year, as foreign investors were said to sell the country’s debt. The currency of Africa’s biggest oil …

UBA Begins Ghana’s Journey to Branchless Banking
Spyghana.com
United Bank for Africa (UBA) Ghana, a leading universal in Ghana says branchless banking which is new to Ghana holds the key to unlocking the banking the industry in the country. According to the Managing Director and Chief Executive Officer of UBA …

Does a Growing Africa Need a Foreign Investment Code?
Knowledge Wharton Today
Each deal — from China’s US$9 billion copper deal with the Congo to Walmart’s US$2.4 billion purchase of South African retailer Massmart — highlights the tenuous balance between domestic interests and foreign investment, and raises a set of key …

Ecobank named African bank of the year at Arusha fete
The Star
Panafrican financier Ecobank has been named African Bank of the Year in this year’s African Banker’s awards beating six other nominees for the top position. The group chief executive, Arnold Ekpe, was also honored with a lifetime achievement award at …

Africa: A Frontier for Private Equity, but a Pitfall as Well
Knowledge Wharton Today
“We had this idea to construct buildings out of shipping containers because it was cheaper,” said Zainulbhai, president and CEO of Crescat Excolatur, a private equity fund with investments in sub-Saharan Africa. “So we brought in the technology …

Kenya shilling firms vs dollar, shares edge down
Reuters
* Decision to hold rates props up shilling * Equity market participants in a holding pattern * Bond yields unchanged due to shift to repos (Rewrites throughout) By Duncan Miriri and Kevin Mwanza NAIROBI, June 6 (Reuters) – The Kenyan shilling firmed …

Kenya 182-day T-bills yield edges up at auction
Reuters Africa
NAIROBI, June 6 (Reuters) – The weighted average yield on Kenya’s 182-day Treasury bills rose at auction on Wednesday for the first time since January, to 10.750 percent from 10.327 percent last week, the central bank said. The yield on the 364-day …

South Africa Shares: Absa, Anglo, Billiton, Brait, Invicta Move
BusinessWeek
The following are among the most active equities in the market today. Stock symbols follow company names. Absa Group Ltd. (ASA) , the South African bank controlled by Barclays Plc, rose to a two-week high, jumping 1.4 percent to 152.96 rand.

Absa Bank Acquires Edcon’s Private-Label Cards
Wall Street Journal
By JESSICA HODGSON and MAX COLCHESTER LONDON—Absa Bank, the South African bank controlled by the UK’s Barclays PLC, said Wednesday it had agreed to acquire the accounts and receivables for the store credit cards of Edcon Proprietary Limited, …

Who’s Going to Pay for North Africa’s Green Power Revolution?
Forbes
I recently asked someone with a footprint in energy investment what it would take for them to consider getting involved in North Africa’s green power revolution. Twenty years of calm, they said. It couldn’t be that bad, could it?

The next generation of SWFs: Nigeria and Papua New Guinea
Financial News
Today, we begin with Nigeria and Papua New Guinea. President Goodluck Jonathan signed the Nigeria Sovereign Investment Authority Act into law in May 2011, creating a body charged with establishing three state savings and investment funds.

CBN drafts framework on agent banking
BusinessDay
The Central Bank of Nigeria (CBN) is currently developing a framework on agent banking and also adopting the tiered Know Your Customer (KYC) initiative to create easier access for rural dwellers and other financially excluded individuals to open bank …

South African payments firms merge
Finextra
The South African payments technology landscape sees a major consolidation with the merger of two niche specialists that perfectly complement each other. One is a leader in online payments systems consulting, implementation and on-going management, …

Standchart, Singapore Strengthen Partnership
AllAfrica.com
Standard Chartered Bank said it has concluded plans to host representatives from 15 Singapore companies in Nigeria this week, in line with the Singapore Business Federation’s (SBF) official tour to two West African economies – Nigeria and Benin.