African Banker du 07-11-2018

African Banker du 07-11-2018

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4th Quarter 2018Issue 46 An IC Publication SUDANBANKING EMERGESFROM THESHADOWS
E xc l u s î v e î n t e r v î e w s : E q u î t y ’s M w a n g î ; GT B ’s A g b a j e ; S o u t h b r î d g e’s K a b e r u k a S o u t h A  r î c a n b a n k s d e  y a î l î n g e c o n o m y , N î g e r î a ’ s C B N c r a c k s t h e w h î p + W î l l E t h î o p î a o p e n t h e d o o r s t o  o r e î g n b a n k s ?
EUROZONE €8.00, UK £5.50, USA $9.95, CFA Zone CFA5.000, Egypt E£40, Ethiopia R100, Gambia Da100, Ghana GH¢12.00, Japan ¥1400, Kenya KShs580, Kuwait KD2.500, Mauritius MR300, Morocco Dh60, Sierra Leone LE 20000 Singapore S$14, South Africa R50.00 (inc tax), Other Southern African countries R43.90 (excl tax), Switzerland SFr15.00, Tanzania TShs10,000, Tunisia TD5.000, UAE Dh30, Uganda USh15,000, Zambia ZMK 30
U N D E R T H E H I G H PAT R O N AG E O F H.E. Abdel Fattah Al Sisi, President of the Arab Republic of Egypt
89TH DECEMBER 2018, SHARM EL SHEIKH, EGYPT Bold Leadership and Collective Commitment: Advancing Intra-African Investments
2000 P a r t i c i p a n t s
Organisers
5 H e a d s o f s t a t e
120 S p e a k e r s
LEADERS FORUM+WOMEN EMPOWERING AFRICA+ YOUNG ENTREPRENEURS DAY+CEO ROUNDTABLE+DEAL ROOM
The Africa Forum has become the biggest meeting of business and government leaders in Africa. With a line of renowned global speakers, a programme designed to drive deals and the continent’s largest Investment Promotion Agencies exhibition, it is a must attend for anyone serious about doing business in Africa. Next year, President Al Sisi will be taking over the chairmanship of the African Union and the Africa 2018 Forum provides a unique platform to help shape Africa’s agenda in 2019. The Forum will precede the Intra African Trade Fair that will take place in Cairo immediately after the meetings.
For more information, please visitwww.businessforafricaforum.org or contact events@icpublications.com
Organisers
Unîed Kîngdom ïC Pubîcaîons  Codba Square London ECR LQ Te: +    Fax: +    E-maî: îcpubs@îcpubîcaîons.com www.îcpubîcaîons.com France ïC Pubîcaîons  Ba A,  Rue Bayen  Parîs e: +      emaî: îno@îcpubîcaîons.com www.îcpubîcaîons.com
FOUNDER AND EDITORINCHIEF Aî Ben Yedder Dîreceur de a pubîcaîon benyedder@îcpubîcaîons.com
GROUP PUBLISHER Omar Ben Yedder o.benyedder@îcpubîcaîons.com
EDITOR Anver Versî
SENIOR PROJEC T S M ANAGER Leîa Ben Hassen .benassen@îcpubîcaîons.com VP DE VELOPMENTSaîba Manne s.manne@îcpubîcaîons.com ADVER TISING adverîsîng@îcpubîcaîons.com SPECIAL PROJEC T M ANAGERDarren Moore ADVER TISING SALE S DIREC TORS Medrîne Cîy, Bayîr Samba, Nîck Roseîed DIS TRIBUTION dîsrîbuîon@îcpubîcaîons.com PRODUC TION M ANAGER Rîcard Brîggs PRINTERS Rouara Medîa Group Meenseseenweg   Roeseare SUB SCRIP TIONS ïC Pubîcaîons Webscrîbe Unî , Coege Busîness Park Coege Road Nor Ason Cînon, HP EZ UK Teepone: + ()   conac@webscrîbe.co.uk www.arîcanbusînessmagazîne.com/subscrîbe A pîcures AFP uness îndîcaed. Regîsered wî e Brîîs Lîbrary. ïSSN - © ïC Pubîcaîons Ld N° DE COMMïSSïON PARïTAïRE  T  Dépô égaOcobre-Novembre-Decembre 
Cover Story Sudan: Lifeline for the Banking Sector
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Editorial Making good in tough times
News in brief Banking sector news from around the continent
African Banker’s World Who’s going where in the African banking industry
Cover Story:Sudan: Lifeline for the banking sector
Sudan’s liquidity crisis
In Conversation Audu Ogbeh, Nigeria’s Minister for Agriculture and Rural Development
Segun Agbaje, CEO, GTB
James Mwangi, Group MD and CEO, Equity Bank
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In Perspective New AfDB strategy will ease pressure on MDBs
In Conversation Donald Kaberuka, CoChairman, Southbridge
In Perspective What is behind Africa’s cryptophobia?
Region Focus West Africa:The big squeeze
Country Focus South Africa:Banks in rude health despite ailing economy
Nigeria:CBN’s Emefiele cracks the whip
Ghana:Scramble to beat looming deadline
Ethiopia:Can Ahmed push through banking reform?
A N V E R V E R S I ,ED ITO R
Making good in tough times
 îs srange a Sudan, one o e arg-es counrîes în Arîca, wî remen-Ie îsorîc secessîon o Sou Sudan în dous economîc poenîa, seems o ave compeey dropped ou o sîg ater 2011. A one îme, despîe beîng one o e proagonîss în e word’s onges war, î carrîed îs weîg în înernaîona ora and conrîbued some soîd îdeas and argumens o e genera Arîcan dîscussîon abe. hen î seemed o compeey dîsappear rom vîew and ony emerged în Aprî wen Omar a-Basîr sacked îs Fînance Mînîser, ïbraîm Gandour or sayîng a Sudanese dîpomas abroad ad no been paîd or mons. Worse was o oow wen e sacked îs enîre cabîne as mon în wa îs seen as a srange souîon o ackîng e counry’s deep economîc crîsîs. ïronîcay, î was Gandour wo ad worked îreessy o persuade Wasîngon o ît e sancîons a severey crîpped e economy and ed o a cas crîsîs. A-Basîr appoîned Abdaa Hamdok, wo served or a ong îme as an exceen Depuy Execuîve Secreary o e UNECA, o e Inance pos bu Hamdok as poîey decîned e ofer. Sudan îs undergoîng a severe economîc crîsîs bu î îs oo bîg and oo înegra a par o e conînena supersrucure o be îgnored. Wî e weîg o e sancîons now îted rom îs souders, e counry wî recover în îme and once agaîn become a vauabe member o e communîy o Arîcan saes.
he one agency a îs essenîa o make îs appen îs e Inancîa îndusry. Bu wa îs îs curren sae? Joan Burger, wo îs e Dîrecor o e NTU-SBF Cenre or Arîcan Sudîes a Sîngapore’s Nanyang Tecnoogîca Unîversîy, as made a remarkaby compreensîve sudy o e counry’s Inancîa îndusry. Hîs repor îs our Cover Sory îs mon (page 20). ï provîdes învauabe înormaîon or any învesor, încudîng banks, a mîg wan o expand îno Sudan wen, so o say, e ground îs erîe în erms o opporunîy. hîs mon we ave major înervîews w î   ree ba nkers a nd a Mînîser o Agrîcuure. Te bankers are a  eavyweîgs în eîr respecîve secors and some o my persona avourîes, bo as men o busîness as we as uman beîngs. ï îrs înervîewed Kenya’s Equîy Bank CEO James Mwangî a ew years ago, wen ï me îm în London res rom îs rîump as EY Word Enrepreneur o e Year (2012). Sînce en e as won a sea o awards încudîng e Arîcan Banker o e Year Award no ess an ree îmes. Despîe enormous success, e remaîns very down o ear. Hîs înervîew îs on page 38. Nîgerîan Segun Agbaje, CEO o e penomenay successu GTB, es us wa îs company’s drîvîng sraegy or e nex pase wî be on page 34, wîe Donad Kaberuka îs jus as acîve în îs new venures as e was runnîng and reormîng e Arîcan Deveopmen Bank; page 46.
We round up our înervîews wî Nîgerîa’s Mînîser o Agrîcuure, Audu Ogbe, wo ouînes ow e governmen îs makîng î easîer or armers o access e muc soug-ater bu no oten ound access o credî. Page 32.
Easing the burden he A DB’s Oîvîer Eweck îs our gues coumnîs în îs îssue and e expaîns ow e Bank as come up wî a Inancîng srucure a akes some o e burden of e conînen’s muîaera deveopmen banks (page 44). On page 50, our coumnîs, Aen Coruma argues a Arîcan cenra banks need o ge over eîr ear o crypocurrency as î îs ere o say and îs provîng very useu în îs dîgîa age. Our Counry Focus secîon begîns wî a roundup o bankîng acîvîîes în Wes Arîca (page 52). We go on o ake a ong ook a e Sou Arîcan bankîng envîronmen and dîscover a despîe e economy împîng aong, e îndusry îs în rude ea (page 54). ïn Nîgerîa, e Cenra Bank as been crackîng down eavîy on wa î cas îega orex ransacîons (page 60), wîe în Gana, e deadîne or a îger capîa adequacy raîo îs oomîng ever coser (page 62). We cose îs îssue wî a dîscussîon on weer e cange o eadersîp în Eîopîa and a more îbera regîme wî aow oreîgn banks n a u run în e îndusry (page 64).
62 0 1 8Q U A R T E R 4 T H B A N K E R  A F R I C A N
A F R I C A N B A N K ER ’ S W O R LD N EW S
EQUITY BANK’S DRC SUBSIDIARY MOST PROFITABLE
Kenya-based Equîy Bank’s ree-year-od subsîdîary în e Democraîc Repubîc o Congo (DRC) as become îs mos proIabe subsîdîary, accordîng o e bank. he bank enered DRC în 2015 ater acquîrîng a 79% sake în SME-ocused ProCredî Bank. 90% o e popuaîon îs unbanked în e vas resource-rîc naîon, underînîng e enormous poenîa or reaî bankîng. To dae, e bank as ad grea
NIGERIAN BANKSSETTLE DEBT AS FX LIQUIDITY RISES
Improved dollar lîquîdîty has allowed many banks în Nîgerîa to pay of debt beore maturîty. The împrovement seen în oreîgn reserves at $47bn and over $51bn rom the Investors’ & Exporters’ Forex Wîndow, and rîsîng crude oîl prîces, are raîsîng hope or the economy. Fîrst Bank Nîgerîa redeemed a $300m Eurobond beore maturîty and paîd all bondholders. The seven-year bond was îssued în 2013 at 8.25% and had been due to be repaîd în 2020. The bank announced îts întentîon last month to repay the debt beore maturîty and wîll seek no urther Eurobonds în the short-term due to ample oreîgn exchange and local currency lîquîdîty. Nîgerîan banks cut lendîng last year due to weak economîc growth and oreîgn currency rîsk. However, several o them are eyeîng loan growth thîs year, cîtîng economîc împrovements and especîally as the Central Bank o Nîgerîa întroduces lîquîdîty to the bankîng sector, targetîng credît to manuacturers.
success processîng governmen paymens. he subsîdîary as 41 oues and Execuîve Dîrecor or Subsîdîarîes, Mary Wamae, saîd e bank was deepenîng agency and mobîe bankîng modes o arac more busîness. “ï îs a very cas economy. We are dîgîîsîng a process roug mobîe and agency bankîng, and mos o e governmen’s paymens are aready passîng roug e bank and we are aso payîng cîvî servans,” se saîd. “We are earnîng a ew rîcks rom e DRC because ey ave been abe o do very we în e pas wî eîr SME mode and a wî conînue.” (See ‘In Conversation wit James Mwangi, Equity CEO’, p. .)