Banking

July 15, 2020

1

FAO signs new partnership with Rabobank on sustainable agriculture

Rabobank has signed a new partnership agreement with The Food and Agriculture Organization of the United Nations (FAO), with the intention of helping targeted rural communities benefit from more inclusive, sustainable food systems.

It also envisages jointly exploring the use of innovative financial instruments to bridge financing gaps in emerging markets and to promote sustainability in food systems investments.

FAO"...

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July 15, 2020

2

EBRD approves Algeria to its membership

The shareholders of the European Bank for Reconstruction and Development (EBRD) have approved an application by Algeria to become a member of the multilateral financial institution.

The Algerian authorities made a request for membership in March with a view to becoming a recipient of EBRD finance and advisory services. The Bank’s Board of Governors has now agreed to the first stage in this process. Algeria will have to meet some pre-membership"...

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July 15, 2020

3

Mastercard partners with FASTA to launch South Africa’s first virtual credit card

The FASTACard gives South Africans access to instant credit loaded onto a secure digital card that can be used online and in-store. This virtual card will help to meet the demand of today’s cash-strapped consumers who are increasingly seeking ‘no contact’ digital payment solutions in the wake of the pandemic.

An authorised and registered credit provider, FASTA offers South Africans a low-cost financing facility, using an advanced"...

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July 14, 2020

4

Ecobank Group appoints Alain Nkontchou as Chairman

Pan-African banking group Ecobank has appointed Mr Alain Nkontchou, a Cameroonian and Independent Non-Executive Director since 2015, as Board Chairman of its holding company, Ecobank Transnational Incorporated (ETI).

In accordance with ETI’s Articles of Association, Mr Emmanuel Ikazoboh, a Nigerian, ended his six-year tenure as Chairman on 30 June 2020 having reached the retirement age of 70.

Alain Nkontchou said: “I am"...

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July 8, 2020

5

World Bank approves$425 million for infrastructure financing in Eastern and Southern Africa

The World Bank Board of Directors has approved $425 million in International Development Association (IDA) financing to support the provision of infrastructure finance in Eastern and Southern Africa.

The Regional Infrastructure Financing Facility project (RIFF) aims to expand long-term finance to private firms in selected infrastructure in the power sector, as well as in the transport, logistics and social sectors. This is the first regional facility"...

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July 8, 2020

6

UBA appoints new Directors for Nigeria and Africa

Pan-African financial services group United Bank for Africa (UBA) has appointed Ayoku Liadi and Oliver Alawuba as Deputy Managing Directors in charge of UBA’s Nigeria and Africa businesses, respectively, subject to the approval of the Central Bank of Nigeria (CBN).

The creation of the new positions, reporting to Group CEO, Kennedy Uzoka, represents further strategic recognition of the growth of UBA’s pan-African business, now representing"...

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July 8, 2020

7

Nedbank launches tap on phone functionality to enable contactless payments

Nedbank has unveiled its new tap-on-phone functionality that allows all merchants and business owners to convert their mobile phones into payment acceptance devices.

Tap on phone makes it easier for small- and medium-sized businesses to use their compatible smartphones to accept quick, easy, and secure, payments from their customers for goods or services. The tap-on-phone functionality enables contactless payment acceptance and there’s no"...

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July 8, 2020

8

American Express, Discover, Mastercard and Visa to Power Global Expansion of Simple, Consistent Digital Checkout Experience

E-commerce has reached new heights around the world, as more consumers are going online to make secure, touch-free purchases across various merchants and platforms. Now, it’s more important than ever that the online checkout experience is seamless and consistent across all types of digital channels and cards. Today, American Express, Discover, Mastercard and Visa announced they are each beginning technical preparations for global expansion of the Click to Pay online checkout – based on the EMV® Secure Remote"...

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July 7, 2020

9

World Bank Downgrades Algeria to Lower-Middle-Income Country

Rabat – The World Bank’s lastest update on country classifications by income level downgraded Algeria from an upper-middle-income country to a lower-middle-income country, one of only three countries to move to a lower income category in 2020.

Algeria’s GNI per capita — the dollar value of a country’s total income divided by the population — fell from $4,060 in 2019 to $3,970 in 2020.

Other"...

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July 5, 2020

10

Access Bank Gives Waiver to Three Months Accrued Stamp Duty for Customers

In line with its promise to deliver more value to its customers, Nigerian financial powerhouse, Access Bank, has issued a statement stating that it will be rescinding its position on the deduction of three months accrued stamp duty from its customers.

The Bank first made this known through a press a statement first issued on its social media platforms recently.

Expressing"...

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