CEO outlines Kenya banking challenges

CEO outlines Kenya banking challenges

CEO outlines Kenya banking challenges

Kenya’s banking industry is still paying the price resulting from the receivership of three banks in late 2015 and early 2016, as panic withdrawals and negative reputation resulted in lower liquidity in the industry, the chief executive of Kenya’s largest bank by customer base, Equity Bank’s James Mwangi, has said. Chase Bank, Dubai Bank and Imperial Bank were placed under…

Kenyans move most money digitally as early adopters of technology

Kenyans move most money digitally as early adopters of technology

Kenyans move most money digitally as early adopters of technology

The Kenyan diaspora is the biggest sender of digital remittances to mobile accounts, according to WorldRemit which released new data to mark the 10th anniversary of Mpesa. Transfers to mobile money accounts make up 93% of WorldRemit transactions to Kenya now – showing that Kenyans continue to be early adopters of innovative technology, even when abroad. Mobile money has played a…

Nigerian government settles Naicom, PenCom feud over annuities

Nigerian government settles Naicom, PenCom feud over annuities

Nigerian government settles Naicom, PenCom feud over annuities

The Nigerian government has settled the lingering feud between the National Insurance Commission (Naicom) and National Pension Commission (PenCom) on the administration of annuity assets in the country. Both agencies argue that life insurance firms and pension fund custodians have the legal mandate to warehouse and administer annuity assets in Nigeria respectively. To resolve the face-off, the Minister of Finance,…

Confidence boost for Nigeria from S&P

Confidence boost for Nigeria from S&P

Confidence boost for Nigeria from S&P

With oil prices improving, S&P Global Ratings has affirmed its B/B long- and short-term sovereign credit ratings on Nigeria, giving Africa’s largest economy a stable outlook. It has also affirmed its long- and short-term Nigeria national scale ratings at ngBBB/ngA-2 and maintained its transfer and convertibility assessment on Nigeria at B. S&P said: “The ratings on Nigeria are constrained by…

IMF could release pressure on west African states as oil price remains low

IMF could release pressure on west African states as oil price remains low

IMF could release pressure on west African states as oil price remains low

Potential International Monetary Fund (IMF) programmes for Gabon (B+/Negative), Cameroon (B/Stable) and the Republic of Congo (CCC) would ease some of the pressures created by lower oil prices, Fitch Ratings has said. The ratings agency added: “The extent of the benefits would depend on the authorities’ implementation capacity and on developments elsewhere in the Central African Economic and Monetary Community…

Risk management at heart of new weather risk-related deal

Risk management at heart of new weather risk-related deal

Risk management at heart of new weather risk-related deal

African Risk Capacity (ARC) has formally teamed up with the African Development Bank (AfDB) to strengthen mechanisms to manage weather-related risk on the continent. The organisations said: “This partnership will formalise a technical collaboration to enhance risk management infrastructure and policy across Africa; it will also support African countries in building resilience against climate shocks and in taking ownership of…

Cameroon and IMF move towards three-year economic programme

Cameroon and IMF move towards three-year economic programme

Cameroon and IMF move towards three-year economic programme

The International Monetary Fund (IMF) has started talks with Cameroon to develop a three-year economic and financial programme for the west African state. An IMF team, led by Corinne Deléchat, visited Yaoundé from 20 February–6 March, 2017 and as she finished the visit, Ms Deléchat said: “The IMF team and the Cameroonian authorities started discussing an economic programme through 2019…

Nigerian banks will suffer higher credit losses in 2017 due to economic and liquidity concerns, as dollar shortage continues

Nigerian banks will suffer higher credit losses in 2017 due to economic and liquidity concerns, as dollar shortage continues

Nigerian banks will suffer higher credit losses in 2017 due to economic and liquidity concerns, as dollar shortage continues

The Nigerian banking sector faces another difficult year in 2017, according to an S&P Global Ratings report, with 10 banks in focus. Nigeria Bank Outlook 2017: Economic And Currency Concerns Will Fuel Weaker Capital And Higher Credit Losses forecasts that the 10 banks it rates in Nigeria will suffer increased credit losses of 3.5%-4.0% in 2017 in aggregate, after an…

Zambia remains on negative outlook, says S&P

Zambia remains on negative outlook, says S&P

Zambia remains on negative outlook, says S&P

Following the trend of recent rating activity across Africa, S&P Global Ratings has affirmed its B/B long- and short-term foreign and local currency sovereign credit ratings on Zambia. The outlook remains negative, however it is not all bad news for investors as signs of improvement do exist, it said.This follows a similar decision by Fitch on Zambia. S&P said: “In…

Glimmer of hope as Central Bank of Nigeria eases forex pressure

Glimmer of hope as Central Bank of Nigeria eases forex pressure

Glimmer of hope as Central Bank of Nigeria eases forex pressure

Measures by the Central Bank of Nigeria (CBN) may ease some of the severe foreign currency liquidity pressure faced by the country’s banks, according to Fitch Ratings. It said: “The most important aspect of the CBN’s announcement is a plan to normalise the FX interbank market, in our view. The intention is to clear the backlog of overdue foreign currency…

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