African Banker du 01-08-2019


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3rd Quarter 2019Issue 49 An IC Publîcatîon
Intervîews: BANGE’s Manuel Osa Nsue Nsua; CB o Seychelles’ Carolîne Abel; AFC’s Samaîla Zubaîru; FBNQuest’s Fîona Ahîmîe; Absa’s George Asante
Country Focus: Nîgerîa – CBN’s double-edged dîrectîve; South Arîca – Hobson’s choîce
Analysîs: End o easy publîc money
EUROZONE €8.00, UK £6.00, USA $9.95, CFA Zone CFA5.000, Egypt E£80, Ethiopia R200, Gambia Da400, Ghana GH¢40.00, Kenya KShs800, Liberia $8, Mauritius MR300, Morocco Dh60, Sierra Leone LE 70000, South Africa R50.00 (inc tax), Tunisia DT7, Uganda USh30,000, Zambia ZMW 100Other Southern African countries R43.90 (excl tax), Tanzania TShs20,000,
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FOUNDER AND EDITORINCHIEF Afif Ben Yedder Directeur de la publication GROUP PUBLISHER Omar Ben Yedder EDITOR Anver Versi
VP DE VELOPMENTSaliba Manneh ADVER TISING ADVER TISING SALE S DIREC TORS Medrine Chitty, Baytir Samba, Nick Rosefield DIS TRIBUTION PRODUC TION M ANAGER Sophie Dillon PRINTERS Roularta Media Group Meensesteenweg 300 8800 Roeselare SUB SCRIP TIONS IC Publications Webscribe Unit 4, College Business Park College Road North Aston Clinton, HP22 5EZ UK Telephone: +44 (0) 1442 820580 All pictures AFP unless indicated. Registered with the British Library. ISSN 1757-1413 ©2019 IC Publications Ltd N° DE COMMISSION PARITAIRE 0115 T 90333 Dépôt légal Août 2019
Cover Story Ecobank - the application of science to banking
Editorial To borrow or not to borrow, that îs the questîon
News in Brief Bankîng sector news rom around the contînent
African Banker’s World Who’s goîng where în the Arîcan bankîng îndustry
Cover Story:Ecobank Ade Ayeyemî, Group CEO, Ecobank: The applîcatîon o scîence to bankîng
Islamic Finance A Dangote sukuk în the oing?
Analysis Publîc finance în Arîca: End o easy money
In Conversation Samaila Zubairu, Presîdent and CEO, AFC Fiona Ahimie, MD, FBNQuest Securîtîes
Events Arexîmbank – Arîca’s brîdge to Russîa
Thought Leader Why Russîa matters în Arîca’s new vîsîon
In Conversation Caroline Abel, Governor, CB Seychelles Manuel Osa Nsue Nsua, General Dîrector, Banco Nacîonal De Guînea Ecuatorîal
Payment Solutions UnîonPay’s bîg push în Arîca
In Conversation George Asante, MD Markets, Absa Corporate and Investment Bank
Stock Market Naîrobî bourse opens derîvatîves market Aîrtel Arîca’s $750m IPO Arîcan îssuers raîsed $341m în 6 months
Finance Crowdundîng emergîng în Arîca
Country Focus Nigeria:CBN dîrectîve on loans – a double-edged sword Nigeria:Securîtîes cap – dîferent perspectîves West Africa:Eco by 2020 not easîble South Africa:Hobson’s choîce or Ramaphosa
DEREK THOMSON A show produced with photos, videos and personal accounts from our Observers around the world
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To borrow or not to borrow, that is the question
epending on your point of view, Africa is being sucked into a massiDve loans African countries have taken deadly ‘debt trap’ by an unscru-pulous China or, despite the from China to fund infrastructure projects, the Asian giant is still their most reliable and reasonable development partner. Aer all is said and done, Africa has few choices when it comes to trying to secure massive loans – such as those needed to build new railway systems or ports. For decades, Western support was stingy and came with a ra of conditionalities – many of which actually led to damaging outcomes for African countries. Private nance is expensive; sovereign bonds are complicated, relatively expensive and require iron-clad commitments. For countries that rely on the vagaries of commodity demand and supply, they can hit public nances where it hurts most. Chinese nance, on the other hand, was easy to obtain and cheap and not surprisingly, found many takers. But with China slowing down its economy, it has started to become choosy and sniy. e worry is that collateral such as ports, once seen as no more than pro forma guarantees to pay back, may now turn real. Will China grab and run African ports or other major utilities if its loans are not repaid in full? Will it in eect, actually colonise Africa’s economy, as the US and the rest of the world keep warning? e jury is out. We look at both sides of the equation in our analysis on why the days of easy public money are coming to an end (page ).
Sustainable borrowing and lending is very much the theme of this issue. Our Cover Story (page ) is an interview with Ade Ayeyemi, Group CEO, Ecobank, e multinational bank has completed a remarkable turnaround aer running into very rough waters some four years ago. Ayeyemi tell us how he applied forensic methodology to locate and isolate the problem and then nd the solution. Today, he infers, the bank is stronger than ever and poised to break new ground, especially with the roll-out of digital products. Ayeyemi’s is just one of several top-drawer interviews studding this issue. Samaila Zubairu has just completed one year as Chief Executive and President of the AFC (page ). He sees his life’s mission as clearing the nancial hurdles that come in the way of the enormous infrastructure needs of the continent. Infrastructure underpins the economic development of any country – get that right, and all else will be added, including the long-sought better standards of living for the people. We are also very pleased to be able to publish interviews with two outstanding women in the banking world. Fiona Ahimie, who heads FBNQuest Securities in Lagos, provides a fascinating glimpse of the country’s securities market, what makes it tick and what ails it on page .
Tropical paradise On the other side of the continent and going even further into the Indian Ocean to the tropical paradise archipelago, we meet Caroline Abel, Governor of the Central Bank of Seychelles (page ). She comes from
a creative and academic background and is the rst woman from the islands to hold a position of such economic consequence. From her interview, it becomes rapidly clear why she was considered by far and away the best person to take charge of the nation’s monetary policy. Our final two interviews are with Manuel Osa Nsue Nsua, General Director of the Banco Nacional de Guinea Ecuatorial (BANGE), on page , and George Asante, MD, Markets (excl. South Africa) at Absa Corporate and Investment Bank, on page . BANGE is Equatorial Guinea’s national bank and the largest in that small but oil-rich West African country. Its mandate is to go beyond basic banking and support the country’s development objectives, especially as, following the oil shocks of a few years ago, Equatorial Guinea is now determined to nd ways and means to diversify its economic base. George Asante explains how Absa’s Afrîca Fînancîal Markets Indexis a a key new investing tool for the region as it covers  African economies. By highlighting the attractiveness of the various destinations, the index will add depth to the continent’s capital markets – an essential source of funding in today’s leaner times. Ta lk ing of capita l markets, Tom Minney’s column in this issue starts with the news that Nairobi has opened a derivatives market and covers the more grim news around the Abraaj group, on page . In addition, we have some excellent guest contributions and country-specic stories to n tide you over until the next quarter.
Happy bankîng!
6B A N K E R  A F R I C A N 3 R D Q U A R T E R 2 0 1 9
AFRICAN BANKER AWARDS WINNERS he wînners o e 2019 edîîon o e Arîcan Banker Awards were announced a a presîgîous Gala Dînner în Malabo, Equaorîal Guînea. Arexîmbank won Bank o e Year and e Trade and Developmen Bank’s Presîden, Eîopîan Admassu Tadesse, won Arîcan Banker o e Year. hîs year’s lîeîme acîevemen accolade wen o ormer Fîrs Rand Group CEO, Sou Arîcan Sîzwe Nxasana. Under îs leadersîp, e bank grew a a compound annual grow rae o 20%. Egypîan Cenral Bank Governor, Tarek Amer won Cenral Bank Governor o e Year, or îs work în resorîng aî în Egyp’s markes. Romuald Wadagnî rom Benîn won Fînance Mînîser o e Year. He as consîderably împroved e counry’s macro-economîc îndîcaors. Sou Arîca domînaed e învesmen bankîng and deals o e year caegorîes. Absa won ïnvesmen Bank o e Year wîle Sandard Bank and RMB won e Equîy Deal o e Year wî e VïVO Energy ïPO. Deal o e Year în e deb caegory wen o Roscîld & Co or e Senegal €2.2bn-equîvalen Eurobond; wîle Credî Agrîcole and TDB’s Inancîng o e Floaîng LNG plaorm în Mozambîque won e înrasrucure caegory. Ecobank won Reaîl Bank o e Year; Kenya’s KCB won e prîze or ïnnovaîon and Equîy Bank was rewarded or îs CSR acîvîîes. Nîgerîa’s Bank o ïndusry won e prîze or Fînancîal ïnclusîon.
he WorLd Bank’sGLobaL KnowLedge Parnersîp on Mîgraîon and DeveLopmenrepor reLeased în AprîL 2019, îndîcaes a Nîgerîa, Gana, Kenya, SenegaL, Zîmbabwe and DRC receîved more money from abroad an any oer counrîes în Afrîca Las year. Nîgerîa receîved $24.3bn,
Gana $3.8bn, Kenya $2.7bn, SenegaL $2.2bn, Zîmbabwe $1.9bn and DRC $1.4bn Remîances o sub-Saaran Afrîca were esîmaed a $46bn în 2018, up from $42bn în 2017. Projecîons îndîcae a remîances îno sub-Saaran Afrîca wîLL keep încreasîng bu a a Lower rae, rîsîng o $48bn by 2019 and $51bn by 2020. he sLow pace îs arîbued o a sLowdown în e grow of advanced economîes due o
weak expors. he repor aLso îndîcaes a e cos of sendîng money, especîaLLy o sub-Saaran Afrîca conînues o be an împedîmen o remîance înlows. For însance, sendîng money from Tanzanîa o Uganda îs aLLîed among e îges cos corrîdors, arîbued o îg ransfer fees a 16% and 1% în forex excange margîns. Banks rank as e mos expensîve means of sendîng
remîances a an average cos of 10% în e Irs quarer of 2019, wereas pos oices and money ransfer operaors carged an average of 5.5% and 6.2%, respecîveLy. “Openîng up naîonaL pos oices, naîonaL banks and eLecommunîcaîon companîes o parnersîps wî oer money ransfer operaors couLd remove enry barrîers and încrease compeîîon în remîance markes,” e repor reads.
Above: Award winners Manuel Osa Nsue Nsua, General Director, BANGE (left); Olukayode Pitan, MD, Bank of Industry, Nigeria (second left); Amr Kamel, Vice-President, Business Development and Corporate Banking, Afreximbank (centre); representatives of Ecobank (third right) and Interswitch (second right); and Admassu Tadesse, CEO, TDB (right)
Trade and DeveLopmen Bank (TDB), e Leadîng rade and deveLopmen Inance însîuîon, as become e Irs Afrîcan îssuer of Eurobonds o Lîs noes on e Sock Marke of Maurîîus (SEM), wî e secondary Lîsîng of îs bencmark 2024 US$-denomînaed Eurobond în earLy JuLy. he secondary noes were îssued under TDB’s $2bn Euro Medîum Term Noe Programme. hîs foLLowed on from e Launc of TDB’s senîor 5-year US$500m Eurobond. Oversubscrîbed 3.3 îmes, î was Lîsed on e Maîn Securîîes Marke of e ïrîs Sock Excange (ïSE) în DubLîn on 23 May. Admassu Tadesse, TDB’s Presîden and CEO, saîd: “TDB îs deLîged wî îs secondary Lîsîng on SEM, wî wîc î wîLL be abLe o conînue raîsîng e proILe of Afrîcan capîaL markes.” Sînce 2009, înernaîonaL îssuers ave Leveraged on SEM’s unîque muLî-currency pLaform (US$, Euro, GBP, ZAR and aLso MUR) o raîse $5bn+ o fund eîr expansîon. TDB, wose mandae încLudes Inancîng and foserîng rade, regîonaL înegraîon and susaînabLe deveLopmen, underook earLîer îssuances în e Eurobond marke în 2010, 2013 and 2017.
A F R I C A N B A N K E R 3 R D Q U A R T E R 2 0 1 97
Sandard Carered bank conînues îs roll-ou o dîgîal banks across Boswana, Zambîa and Zîmbabwe as par o îs dîgîal ransormaîon sraegy în Arîca. he nex wave o dîgîal-only banks ollows launces în Uganda, Tanzanîa, Gana and Kenya în e Irs quarer o 2019 and las year în Côe d’ïvoîre. Sunîl Kausal, regîonal CEO, Arîca and e Mîddle Eas, saîd: “We ave an excîîng pîpelîne o produc launces on îs plaorm wîc wîll posîîon us as e premîer dîgîal bank în our markes o coîce,” e added. he dîgîal bank as exceeded înîîal expecaîons în Côe d’ïvoîre wî 18,000 new accoun openîngs, wîle e bank as seen an eîg-old încrease în Uganda. Sînce îs launc în Marc îs year, e bank as sîgned up more new cusomers în Tanzanîa an în e wole o 2018. he bank îs expeced o conînue îs dîgîal expansîon în Arîcan markes wî anoer launc planned or Nîgerîa în Sepember.