Africa Finance Daily

African Development Bank teams up with Mobile Accord
Computerworld Kenya
By Olusegun Abolaji Ogundeji , Computerworld West Africa In an effort to better engage technology to support its initiatives around Africa, the African Development Bank AfDB has announced a strategic partnership with Mobile Accord for the processing of …

Growing investment, innovation drives Kenya’s tech status
Computerworld Kenya
By Rebecca Wanjiku, Computerworld Kenya Growing local and foreign investment in tech companies along with the rise of co-working spaces and the presence of global IT giants is allowing Kenya to compete with South Africa for pan-African business.

Nigeria trails Kenya, South Africa in payment penetration, says CBN
The Nation
By Akinola Ajibade 1 hour ago Nigeria is lagging behind in payment penetration compared with South Africa and Kenya, the Central Bank of Nigeria (CBN) has said. In a statement, CBN said Nigeria has 36 per cent payment penetration as against 59 and 52 …

Earn-A-Car Announces Completion of ZAR25 Million Capital Market Raise
MarketWatch (press release)
… (“Company”), announced today that it has completed, through its wholly owned South African subsidiary, a ZAR25 Million (approximately US$3million) 3 year reducing balance capital market raise in the South African bond market.

Basel III: Why SA wants changes
Moneyweb.co.za
PRETORIA – In a global context of soaring debt the liquidity requirements of Basel III are having an unintended consequence for economies like South Africa that are not issuing copious amounts of government backed debt like our Eurozone counterparts.

Ghana Eurobond Yields Rose to 3-Month High on Europe Crisis
Bloomberg
The yield on Ghana’s $750 million Eurobonds rose to the highest in more than three months, as uncertainty surrounding the future of euro zone reduced demand for assets seen by investors as risky. Interest on the 8.5 percent dollar bonds due 2017 rose …

South Africa: IFC Investment in Assupol Helps Expand Access to Insurance for …
AllAfrica.com
Johannesburg, South Africa, June 5, 2012 — IFC, a member of the World Bank Group, agreed today to make an equity investment of up to ZAR 170 million (approximately $20 million) in Assupol Holdings Limited, the holding company of Assupol Life Limited.

Kenyan Shilling Gains for Fourth Day as Central Bank Holds Rate
BusinessWeek
By Johnstone Ole Turana on June 05, 2012 Kenya’s shilling gained for the fourth day, the longest winning streak in four months, as the central bank retained its benchmark rate at a record high for the sixth month. The currency of East Africa’s biggest …

Kenya: Press Releases: UAP Raises KES4.7bn Private Equity Investment
Ratio Magazine
Nairobi, 5 June 2012 — Financial Services Group UAP Holdings Limited has raised KES4.7bn from three international private equity investors, Aureos Africa Fund LLC, AfricInvest Fund II LLC and AfricInvest Financial Sector Fund, as well as Swedfund …

Ecobank Attracts US$250M Equity Investment -Clinches “Bank of the Year” Award
Liberian Daily Observer
The Public Investment Corporation (PIC) of South Africa has signed a subscription agreement with Ecobank Transnational Incorporated (ETI) in which the Corporation is investing US$250 million in the common equity of ETI. The PIC is making the investment …

Bank of Kigali Named Best East African Bank 2012
AllAfrica.com
Bank of Kigali (BK) the largest bank in Rwanda by market share of total assets, loans, deposits and shareholders’ funds, has been recognized as the Best East African Bank 2012 at the 6th annual awards of the African Banker Magazine.

S.Africa set to issue new bonds this week – Treasury
Reuters Africa
By Xola Potelwa JOHANNESBURG, June 5 (Reuters) – South Africa may issue five new bonds as early as this week, helping to plug a 10-year benchmark gap and extend the government yield curve by a further seven years, a top Treasury official said on …

S.Africa’s banks adequately capitalised – c.bank
Reuters
| JOHANNESBURG, June 4 (Reuters) – South Africa’s banking sector remains adequately capitalised, with the Tier 1 ratio rising to 12.2 percent at the end of 2011 from 11.8 percent the previous year, a central bank report said on Monday.

GCB Performs Poorly As Profits Drop 65 Percent
AllAfrica.com
By Masahudu Ankiilu Kunateh, 4 June 2012 The Ghana Commercial Bank (GBC), Ghana’s banking industry leader, has recorded a significant drop in profits for 2011, as compared with 2010. The GCB’s profits after tax saw about 65 percent drop from GH¢50 …

BoG to issue a five year bond to raise 200 million cedis
GhanaWeb
The Bank of Ghana will on Thursday issue a five-year bond to raise 200 million Ghana cedis. Government is expected to use proceeds from the auction to pay off previous debts or maturing bonds. This will be the third bond issue for this year, …