trending Market Intelligence /marketintelligence/en/news-insights/trending/2mYnoaOoYpTY8qkHm99taw2 content esgSubNav
In This List

SSA news through Dec. 19


Banking Essentials Newsletter: 17th April Edition


Banking Essentials Newsletter: 7th February Edition


Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations

SSA news through Dec. 19

* British telecommunications company Vodafone Group PLC is looking to turn its M-Pesa African mobile payments service into a financial platform it hopes will be the continent's largest unbanked bank, CEO Nick Read told the Financial Times.


* A Kenyan judge ordered National Bank of Kenya Ltd. to pay its former director for institutional banking, Emma Mwongeli Mwema, 7.1 million shillings in exit dues after ruling that the lender violated labor laws when it terminated Mwema, Business Daily Africa wrote.

* Denmark's Investment Fund for Developing Countries acquired 1,750 class B shares, worth about $20 million, in Eastern and Southern African Trade and Development Bank, making it the Burundi-based lender's largest institutional investor, Business Daily Africa wrote.

* U.S. investment company Amassment Corp.'s Canadian unit has pulled back its offer to acquire defunct Kenyan lender Imperial Bank Ltd.'s 49 billion shillings worth of assets following the expiration of a Dec. 13 deadline, The Star reported, citing Amassment CEO Randy Sidhu.

* Nairobi Securities Exchange PLC expects net profit attributable to shareholders for full year 2019 to fall on a yearly basis by more than 25% after its performance for the period suffered due to a challenging economic environment and lower capital inflows from global frontier market investors.

* Kenya-based CIC Insurance Group Ltd. also expects net profit for the financial year ending Dec. 31 to be more than 25% lower compared to a year earlier, citing a high level of claims, The Kenyan Wall Street reported.


* Fitch Ratings affirmed Nigeria's long- and short-term foreign- and local-currency issuer default ratings at B+/B and revised the outlook on the long-term ratings to negative from stable.

* Meanwhile, Fitch revised the outlook on Cabo Verde's long-term foreign-currency issuer default rating to positive from stable on easing government debt and improved growth potential, among other things.

* Nigeria's Securities and Exchange Commission plans to allow trading activities such as short selling, hedging and arbitrage in a bid to help local capital markets attract inflows and boost liquidity, Bloomberg News reported, citing Mary Uduk, the regulator's acting director-general.

* Nigerian central bank Governor Godwin Emefiele said the regulator has licensed 15 mobile money operators and released guidelines for the provision of mobile money services in the country, The Punch wrote.

* Nigeria-based Universal Insurance PLC's shareholders approved a proposal to increase the company's capital to comply with the National Insurance Commission's recapitalization requirements, The Punch reported.

* Nigeria's National Insurance Commission granted approval-in-principle for Consolidated Hallmark Insurance PLC to operate a new micro life assurance unit, Micro Insurance Ltd., The Punch reported.

* FBNBank Ghana Ltd. named Semiu Lamidi and Mohammed Ozamah CFO and chief risk officer, respectively, Joy Online wrote.

* The Ghana Stock Exchange named Ekow Afedzie as its new managing director, effective Jan. 1, 2020, Joy Online reported. Afedzie has been acting managing director of the bourse since August.

* Olusegun Omosehin will retire as managing director and CEO of Nigerian insurer Mutual Benefits Assurance PLC, effective Dec. 23. Femi Asenuga will succeed Omosehin, subject to regulatory approvals.

* Nigeria-based Royal Exchange PLC named Olawale Omotunde Banmore and John Chukwudi Iwuajoku group managing director and group executive director in charge of operations, respectively, effective Dec. 4.

* Ghana-based Nsoatreman Rural Bank has exceeded the Bank of Ghana's 1 million cedi minimum capital requirement for rural community banks, Ghana News Agency wrote, citing the lender's chairman, Kofi Agyemang.


* National Bank of Malawi said it plans to acquire stakes in several business entities within the Southern African Development Community and that it is currently acquiring a controlling stake in a financial firm outside Malawi, Nyasa Times wrote.

* South African financial services firm Ecsponent Ltd. said George Manyere will take over as acting CEO as part a wider restructuring of its board, which will see CEO Terence Gregory leave the company, effective Dec. 31.

* A South African court ruled against several credit providers, including Bayport Financial Services Pty. Ltd. and Finbond Group Ltd., on a case related to their overcharging on legal fees and interest in breach of the National Credit Act, Moneyweb wrote.

* South African insurer Liberty Holdings Ltd.'s disposal of its 100% stake in Stanlib Ghana Ltd. to Standard Bank Group Ltd. unit Stanbic Africa Holdings Ltd. was formally completed Dec. 13 after all conditions precedent to the sale were met.

* Fitch Ratings said the recapitalization process of Banco de Poupança e Crédito SA may cost the Angolan state up to $2 billion, Jornal de Negócios reported.

* Angola's central bank made a compulsory purchase of $89 million from four commercial banks that exceeded a new lower limit on their foreign currency position, Jornal de Angola reported.

* Zimbabwe-based bank FBC Holdings Ltd.'s board of directors declared a second interim dividend of 2.98 cents per share for its ordinary shares in issue Dec. 12.

* NMBZ Holdings Ltd. Group CEO Benefit Peter Washaya said the Zimbabwean bank's board decided not to declare an interim dividend for the nine months ended Sept. 30 to fund the lender's growth initiatives.

* Zimbabwe-based GetBucks Microfinance Bank Ltd. also decided against paying a dividend for the first quarter ended Sept. 30 to fund its growth.

Mariana Aldano and Helen Popper contributed to this report.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.