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SSA news through May 10


Banking Essentials Newsletter: 7th February Edition


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SSA news through May 10


* South Sudanese President Salva Kiir named Dier Ngor and Albino Othow governor and first deputy governor, respectively, of the country's central bank, Reuters reported. Ngor replaces Othom Rago Ajak, the Sudan Tribune wrote.

* Nelson Gaichuhie, chief administrative secretary at Kenya's Treasury department, said the proposed amendments to the law capping commercial banks' interest rates include a new loan pricing model involving the introduction of a flat rate and a risk-based component, Business Daily Africa reported.

* CIC Insurance Group Ltd. has 715 million Kenyan shillings in deposits stuck in collapsed lenders Imperial Bank Ltd. and Chase Bank (Kenya) Ltd., according to Business Daily Africa.

* Co-operative Bank of Kenya Ltd. CEO Gideon Muriuki became the top individual investor in CIC Group after acquiring a further 8.6 million shares in the company, raising his stake in the insurance group to 5.04% in December 2017 from 4.7% in 2016, Business Daily Africa wrote.

* Sanlam Ltd. unit Sanlam Kenya Plc made an additional investment of 121.7 million shillings in Sanlam General Insurance Ltd., raising its total investment to 1 billion shillings, Business Daily Africa wrote.

* Kenya-based Centum Investment Co. Ltd. said in a profit warning that it expects net earnings for the year ended March 31 to be at least 25% lower than the 8.3 billion shillings reported last year, Business Daily Africa wrote.

* Company for Habitat and Housing in Africa, or Shelter Afrique, secured approval from holders of some bonds due in September to reschedule repayments as part of plans to restructure a 13 billion Kenyan shilling debt owed to 10 development finance institutions, Business Daily Africa reported.

* Tanzania's government plans to merge Twiga Bancorp Ltd., which has been under central bank supervision since 2016, with Tanzania Postal Bank, The Citizen reported.


* The president of the African Institute of Islamic Finance, Mamadou Lamine Mbacké, said a new Islamic bank will be launched imminently in the West African Economic and Monetary Union, Agence de Presse Sénégalaise reported.

* The Nigerian government intends to issue identity cards with unique numbers to 70 million citizens by 2019-end that will be used to facilitate payments and tax administration, among others, Bloomberg News wrote. Interswitch Ltd and United Bank for Africa PLC are among financial firms working on linking their payments systems with the country's national identity database.

* Zenith Bank Plc Deputy CFO Mukhtar Adam was appointed as the Nigerian lender's CFO.

* The Bank of Ghana confirmed that it appointed an adviser to Sovereign Bank Ltd. in April, noting that it did not previously publish the notice of the appointment as it was done as part of its normal supervisory routine.

* Cape Verde's government is negotiating a financial assistance program with the International Monetary Fund to keep the country's external debt at a sustainable level, Macauhub wrote.


* The South African stock exchange, JSE Ltd., is working on stricter disclosure regulations for unlisted firms with listed debt instruments, Reuters reported.

* Nedbank Group Ltd. said it produced a "strong performance" for the first quarter, underpinned by the return to profitability of Ecobank Transnational Inc., in which Nedbank has a 21.2% stake, in the fourth quarter of 2017.

* South African investment company RECM and Calibre Ltd. intends to acquire all of Mauritius-based Astoria Investments Ltd.'s remaining issued ordinary shares that it does not already own, through wholly owned subsidiary Livingstone Investments Pty. Ltd. RECM and Calibre currently owns 28.72% of Astoria.

* African Development Bank President Akinwumi Adesina said the lender is spearheading discussions with Zimbabwe and its creditors to reach a mutual agreement and timeline to clear the country's arrears, according to Bloomberg.

* Zimbabwe-based Brainworks Capital Management (Pvt.) Ltd. will sell its 100% equity investment in GetSure Life Assurance (Pvt.) Ltd. to Nhaka Life Assurance Co. (Pvt.) Ltd. for about $6.9 million.

* Francis Selemani Mtwale stood down after nine years as director general of BGFIBank RDC SA, the subsidiary of BGFI Holding Corp. SA in the Democratic Republic of the Congo, after being appointed as director of development at the holding company in Gabon, Jeune Afrique reported.

Sophie Davies and Mariana Aldano contributed to this report.