African Banker du 10-08-2021
84 pages
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African Banker du 10-08-2021

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84 pages
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Date de parution 10 août 2021
Langue Français
Poids de l'ouvrage 82 Mo

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3rd Quarter 2021 ISSUE 55 AN IC PUBLICATION
Cover Story:
Fintech’s giant
strides in Africa
EXCLUSIVE INTERVIEWS:
Ecobank’s AISSATOU Op-Eds:
DJIBA DIALLO HIPPOLYTE FOFAK;
CORNEL DIXON
BOI’s OLUKAYODE PITAN
Essay: BGFI’s HENRI-CLAUDE OYIMA
AIGBOJE
Moza Banco’s AIG-IMOUKHUEDE
JOÃO FIGUEIREDO
Last Word:
Continental Re’s MUSHTAK PARKER
LAWRENCE MUTSUNGE NAZARE
Country Focus:
KIFC’s NICK BARIGYE
South Africa: Green shoots
TagPay’s YVES EONNET or tangled roots?
AGF’s JULES NGANKAM Nigeria: Devaluation
GTBank’s SEGUN AGBAJE bites business
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 100, Other Southern African countries R49.00 (excl tax), Tanzania TShs20,000. United Kingdom
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fax: +33 1 44 30 81 11 Cover Story
email: info@icpublications.com
www.icpublications.com Fintech’s giant strides in Africa
FOUNDER
Afif Ben Yedder
PUBLISHER AND EDITOR-IN-CHIEF
Omar Ben Yedder
o.benyedder@icpublications.com Editorial 54 Henri-Claude Oyima, BGFI
EDITOR 5 The extraordinary impact of fntech 58 Lawrence Mutsunge Nazare,
Anver Versi
Continental Reinsurance a.versi@icpublications.com
News in BriefEDITOR-AT-LARGE
Hichem Ben Yaïche 6 Banking sector news The Wider Pictureh.benyaiche@icpublications.com
from around the continent 60 Hippolyte Fofak, AfreximbankVP DEVELOPMENT
Saliba Manneh
s.manneh@icpublications.com
African Banker’s World Capital Markets
PROJECTS DIRECTOR
Zine Ben Yahmed 14 Who’s going where in the 62 Goodbye NSE, hello NGX
z.benyahmed@icpublications.com
African banking industry 62 Nairobi bourse restructures
ADVERTISING
advertising@icpublications.com 64 Egypt’s $2bn sukuk
ADVERTISING SALES DIRECTORS African Banker Awards 64 Green, social and sustainable bonds abound
Medrine Chitty, Baytir Samba, Nick Rosefield
18 Results of Africa’s top fnance world 65 MTN’s listing on Rwanda bourse
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Sophie Dillon Cover Story 65 Zambia ofers mobile trading app
TUNISIA 20 Unicorns build on fntech gains Slah Nouri
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Nejib Ben Yedder
28 Fintech start-ups to watch 66 Afreximbank’s Covid intervention ‘exceptional’n.benyedder@icpublications.com
Mohamed Ali Abouti 30 CR2 underpins Amole success in Ethiopia
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Tel: +216 98 351 844 32 Afreximbank’s love afair with In Conversation
App A1-6, Imm. Yasmine Tower, cutting-edge technology 68 Nick Barigye, Rwanda Finance LtdBoulevard de la Terre, Centre Urbain Nord,
Tunis 1082, Tunisia 34 Interview: Beatrice Pechtl, David Unsdorfer,
PRINTERS StoneX Country Focus
Roularta Media Group
Meensesteenweg 300 36 Kenya, Ghana lead fntech 72 Nigeria: Naira devaluation bites economy
8800 Roeselare charge across Africa 76 South Africa: Green shoots hide
SUBSCRIPTIONS 38 Interview: João Figueiredo, Moza Banco tangled rootsIC Publications
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All pictures AFP unless indicated.
Registered with the British Library.
ISSN 1757-1413 In Conversation The Last Word
©2021 IC Publications Ltd
46 Olukayode Pitan, Bank of Industry 82 Mushtak Parker:
N° DE COMMISSION PARITAIRE 50 Jules Ngankam, African Guarantee Fund Selling of the family junk0120 T 90333
Dépôt légal: Juillet 2021 52 Segun Agbaje, Group CEO, GTBank Logo AfDB
Anglais + français
Pour format A4
A big thank you
to our sponsors
Platinum Sponsor Gold SponsorHigh Patron
Associate Sponsor Technology Patner
Discover this year’s winners
www. africanbankeawards.com
Follow us on Twitter @BankerAwards
If you are interested in sponsoring the Awards or for more information contact awards@icpublications.comLogo AfDB
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ANVER VERSI, EDITOR
Pour format A4
The extraordinary
impact of fintech
his issue of African Banker fo- systems were a just a few decades ago in By cutting out the need to physically
cuses on the ever-evolving, ever- advanced economies and still very much exchange payment tokens (money or
expanding phenomenon called are in many emerging economies. These cheques), use solid buildings, human
f ntech. Fintech is rapidly be- were the f rst steps to delink cash from intermediaries and scores of other
tradicoming such an integral part in payments and banking from physical tional methods of making and receiving A big thank you T f nancial transactions that we structures and sta f. payments, the pace, scope and breadth
have decided to make this issue bigger than The impact was extraordinary. Al- of economic activity has accelerated
it normally is in order to examine how it though old habits die hard, the wider beyond imagination.
is playing out at our various banking and use of cards seemed to obliterate time The ability to use various f nancial
other f nancial organisations. and distance. You no longer had to make services without having a bank account to our sponsors But, despite its ubiquity in current sure you were there as the bank opened has brought millions who would
otherf nancial discussions, there is still some its doors at 9am, or had to queue up wise have been excluded, into the formal
confusion about exactly what f ntech to cash a cheque or make a payment. f nancial fold.
is or is not. Here are some def nitions Today, my children look with amaze- E-commerce, another o fspring of the Platinum Sponsor Gold SponsorHigh Patron by those who have studied the subject ment at me as I sometimes still enjoy internet and secure payment platforms,
deeply: writing o f a cheque to make a payment is now enabling millions to carry out
“Fintech is a new f nancial indus- – although getting cheque books from thriving businesses without the need to
try that applies technology to improve banks is becoming increasingly d if cult. have shops or other premises.
financial activities,” writes Patrick But my children simply cannot un- While f ntech’s arrival in Africa has
Schueffel in the Journal of Innova- derstand what they call “all this fa f ng been tardy and uneven, our Cover Story
tion Management; “Fintech is the new about to make a simple transaction. reveals that an increasing number of
orapplications, processes, products, or Who’s got the time, Dad?!” ganisations are changing and adapting
business models in the f nancial ser- Of course, they are right and in places and some are busy laying the
groundAssociate Sponsor Technology Patner vices industry, composed of one or more like the UK, cash has become the excep- work for tomorrow’s discoveries.
complementary f nancial services and tion, rather than the rule it was just a For example, we learn that
Afrexprovided as an end-to-end process via few years ago. In fact, people who buy imbank is working with a global
organithe Internet,” writes Lenny Sanicola; expensive items using cash are sus- sation called StoneX to make is possible
and “Fintech can be considered any in- pected of being crooks or smugglers! to transact cross-border trade without
novative ideas that improve f nancial having to convert payments into dollars
service processes by proposing tech- Beyond imagination or euros and routing them via the US or
nology solutions according to di fer- In Africa, Kenya is also rapidly becoming Europe. Think what a boon this will be Discover this year’s winners ent business situations, while the ideas a cashless society. You can buy virtually when the AfCFTA gets into full swing.
could also lead to new business models anything using the M-Pesa account on I still f nd it amazing that during my
or even new businesses,” writes Kelvin your mobile. Perhaps the peak for me lifetime, I have seen the fascinating www. africanbankeawards.com
Leong. was on my last visit to Mombasa, when evolution of transactions leap from the
While def nitions of f ntech may vary I went to purchase my roasted ‘muhogo’ centuries-old system of coin and paper Follow us on Twitter @BankerAwards
and often, like water, take up the shape (cassava) as I had done since my child- to invisible electronic pulses. One can
of the container they occupy, what is the hood, from a vendor sitting in front of only wonder what tomorrow will bring.
common thread in these def nitions is his brazier along Mama Ngina Drive (the But whatever it does, our banks and
that f ntech is relatively new and based old Lighthouse). As I fumbled to f nd the other financial institutions, which
largely on digital technology that is ap- cash in my pocket, the vendor asked me, have always been at the forefront of
plied to f nancial services. politely, to please pay using M-Pesa as embracing new technology, will be
It is as revolutionary, as well as evo- the currency notes he handled tended among the f rst to welcome and apply
lutionary, as the debit and credit card to get dirty. it. nIf you are interested in sponsoring the Awards or for more information contact awards@icpublications.com6 A FRICAN B ANK E R 3 RD Q UART E R 202 1
AFRICAN BANKER’S WORLD NEWS
AFDB CLEARS MILLENNIALS HAVE DITCHED
SUDAN’S DEBT TRADITIONAL BANKS - REPORT
The African Development objectives,” Hamdok said. More than half of
Bank Group (AfDB) has He also expressed millennials in the world
cleared some $413m in appreciation to the UK, have switched from
arrears on loans owed by Sweden and Ireland for traditional physical
Sudan, enabling the country their roles in facilitating the banking, preferring to
to access new f nancing. milestone achievement. own digital bank accounts
Sudan’s arrears clearance Dominic Raab, UK that can be accessed from
was supported by the UK Secretary of State for anywhere, any time, reveals
government through bridge Foreign, Commonwealth a new poll.
f nancing of $206m, and and Development A fairs, The results from the
Sweden, which provided said the transaction f nancial advisory f rm
grant f nancing of about unlocks important deVere Group, from a
$4.2m to meet the additional programming to global poll of more than
country’s burden-share help Sudan’s development 550 clients born between
for the operation. Ireland and is another step 1980 and 1996, show that
committed to providing towards Sudan’s economic 59% of those surveyed are
EUR150,000 towards future recovery and transition to exclusively using digital the baby boomers – the
debt servicing. democracy. banking services. wealthiest generation ever
Consequently, the AfDB Sweden’s Minister for The respondents, who – to their children and
sanctions on Sudan have International Development were engaged in the study other heirs (millennials)
been lifted and a policy- Cooperation, Per Olsson in May 2021, are clients over the next few decades.
based operation is being Fridh said the clearance of who currently reside in Millennials have
provided to the country arrears to the AfDB is an Africa, the United States, performed centre-stage
as part of the bank’s full important step for Sudan. the United Kingdom, Asia, in the Fourth Industrial
re-engagement with Sudan “Sweden is pleased to the Middle East, East Revolution, growing up
to complement its ongoing see the AfDB’s focus on Asia, Australia and Latin during the mushrooming
operations. gender and climate issues America. of the now global tech
Clearing of arrears with in the future cooperation Of the poll’s f ndings, giants Facebook, Twitter,
international f nancial with Sudan, both key to Nigel Green, deVere Group Wikipedia, LinkedIn,
institutions such as the its long-term stability and CEO and founder, says WhatsApp and YouTube
AfDB, the World Bank development,” he added. that it is more bad news between 2001 and 2010, and
and the IMF, is one of The AfDB’s current for traditional banks, becoming digital natives in
the preconditions for portfolio in Sudan which seem to have been the process.
Sudan under the Highly comprises 19 operations in a perpetual game of “They’ve been inf uenced
Indebted Poor Countries for a total commitment of ‘catch-up’ in recent years by the enormous surge
(HIPC) Initiative, which about $600m, spreading amid evolving customer in tech as they came into
is paramount for clearing across sectors like expectations, regulatory adulthood - which came
other debts owed to the agriculture, water and requirements and tech around the same time that
Paris and Non-Paris Club sanitation, energy, and the advances. the global f nancial crash
creditors. private sector. “The poll’s f ndings are hit in 2008. Against this
Abdallah Hamdok a big deal for old-school backdrop, they seemingly
(right), Prime Minister banks. Why? Two reasons: became comfortable
of Sudan, expressed f rst, millennials are the using f ntech [f nancial
appreciation to the AfDB fastest-growing cohort technology] to help them
for its support. “After a of clients; and second, access, manage and use
longg a and challenging but because they are becoming their money, rather than
fruitful journey, we look the benef ciaries of the using a traditional bank,”
forward to an even stronger greatest transfer of wealth notes the report.
relationship with the Bank, in history.” According to a
post arrears clearance, According to some Facebook white paper
that will enable us to estimates, $68trn in wealth entitled ‘Millennials +
aacchhiieevvee ou our dr deevveellooppmmeenntt is to be passed down from Money: The Unf ltered AFRICAN B ANK E R 3 RD Q UART E R 202 1 7
IRELAND’S LAYER PARTNERS MILLENNIALS HAVE DITCHED
UBA IN KENYA EXPANSIONTRADITIONAL BANKS - REPORT
Journey’, 92% of United Bank for Africa bank in rolling out a
millennials do not trust (UBA) has partnered with fast-paced, collaborative
traditional banks and many Irish digital banking platform that aims to
view them as an unreliable provider Layer to fuel its transform how data is
source of information. digital transformation, utilised across the banking
“Mobile-f rst aimed at providing greater sector.
millennials expect easy, access to a wider range of “This is an exciting and
immediate access and f nancial services for its ambitious partnership in
control of their f nances Kenyan customers. spirit and scale. We are
in the palm of their hand. Layer, a digital delighted to work with UBA
They demand to be able to transformation platform to accelerate the arrival of
transfer money and pay that enables large digital banking services
bills in one tap or swipe. f nancial institutions across the continent of
They want to be able to to rapidly revolutionise Africa and Europe. We are
review their spending their customer and helping position UBA as a
habits, be o fered guidance, back-o f ce digital digital-f rst leader across
and have real-time access.” experiences, is banking on Layer’s proprietary Africa while also helping
In most cases, ‘too the collaboration to add an platform enables banks reduce their annual spend
big to fail’ traditional additional 18m users from to o fer their customers by more than 40% for
banks are struggling to Kenya to its platform. a blend of traditional mobile applications alone,”
keep pace with the tech The f nancial and neobank capabilities said Roy Zakka (above left),
innovations that are now conglomerate will be through one single platform founder and chief executive
driving shifting customer able to provide seamless that sits on top of core of Layer.
expectations. Legacy banking services in banking systems and With the smartphone
technologies and clunky di ferent jurisdictions connects through open revolution gathering pace
business models are from one central platform source technology. in Sub-Saharan Africa, the
presenting considerable without altering core It is the only European digital banking sector on
transformation challenges. banking systems. f ntech f rm to work the continent is primed to
As well as the on-the-go UBA said it has ddiirreeccttly wly wiitth ah an An Affrriiccaann booboomm..
convenience, control and implemented all of the While only 4 in 10
f exibility that digital-only capabilities available people in Kenya have
banks o fer, clients seem to on the Layer platform, access to smartphones at
be attracted by their green to provide end-to-end present, according to Pew
credentials. digitalisation of their Research Centre, sales are
Individuals and banking services, delivered accelerating, with Africa
companies alike are tthhrrououggh a nh a neeww m moobbiillee eexxppeeccteted td to ao accccouounnt ft foor 7r 7%%
increasingly embracing and aapp app annd wd weebbssiite ate accrroossss of tof thhe te toottaal sl smmaarrttpphhoonnee
expecting green, paperless 18 markets in 4 di ferent marketplace by 2023.
banking. languages. This has led to a broader
“This is partly fuelled UBA Group Managing acceptance of digital
by the pressing need Director Kennedy Uzok payments in the country
for us all to drastically (right) said that the over the last f ve years,
reduce waste and better bank conducted “a very with Kenya’s National
protect the environment - tthhoorrououggh dh diiggiittaal bl baannkkiinngg TTrreeaassuurry ay annd Pd Pllaannnniinngg
something the pandemic platform evaluation Ministry f nalising a
and issues such as raging process across the global digital policy to ensure
wildf res have collectively market considering that f nancial services
focused minds on - but the advancement in are digitally connected,
also because a paperless technology, richness of according to the draft
system is, typically, a more features, ownership cp cost of the Kenya National
convenient and e f cient e fectiveness and smooth Payments System 2021-2025
one,” said Green. iimpmplleemmeennttaattiionon aapppprrooaacchh..”” rreeppoorrt.t.8 A FRICAN B ANK E R 3 RD Q UART E R 202 1
AFRICAN BANKER’S WORLD NEWS
OPEN BANKING COULD ECOBANK TRANSNATIONAL
UNLOCK AFRICA’S HIDDEN LISTS $350M SUSTAINABILITY
POTENTIAL, SAY EXPERTS BOND ON LSE
Financial experts in provide their application Ecobank Transnational oversubscribed orderbook,
Kenya are upbeat that programming interface Incorporated (‘ETI’), of over $1.3bn at its peak.
adoption of open banking (API) documentation which the Lomé based parent Ade Ayeyemi (below),
concepts could reshape the means f ntechs can build company of the Ecobank Group Chief Executive
competitive landscape and solutions that interact with Group, was hosted by the Offi cer of ETI, stated: “The
consumer experience of the a wide range of account London Stock Exchange strong global interest
banking industry in Africa. transaction information,” late in June for a market in our issuance refl ects
Open banking, the he explained. opening virtual ceremony investors’ conf dence in
system of allowing access Such platforms, said to celebrate the successful Ecobank’s strategy and our
and control of consumer Obegi, eliminate restrictions listing of the Tier 2 commitment to sustainable
banking and f nancial that limit access to Sustainability Notes on the f nancing. We thank the
accounts through third- customer f nancial data at London Stock Exchange LSE for hosting and look
party applications, the their bank. The account (LSE) main market. forward to value creation
experts say, could enable holder will have ownership This represented for all our stakeholders.”
f nanciers to acquire the of the data and be able to the f rst ever Tier 2 The Joint Lead
skills and tools required to share it with other third Sustainability Notes by Managers & Bookrunners
build their own ecosystems. parties at their discretion. a f nancial institution in in the transaction were
“Open banking in “Examples of new sub-Saharan Africa. Citi, Mashreq, Renaissance
Africa will play a pivotal business models can include This Tier 2 issuance Capital and Standard
role in o fering f nancial provision of end-to-end is the f rst to have a Basel Chartered Bank.
services to large sectors customer journeys, for III-compliant 10NC5
of the population who example when buying a structure outside of South
have never had access to car – or if o fering a loan, Africa in 144A/RegS
f nancial services before,” or selling insurance,” said format and is now listed Made for women-focused businesses
said Polys Hadjikyriacos, Hadjikyriacos. on the main market of the
chief business development Open banking principles London Stock Exchange.
o f cer of digital banking also provide an alternative The bond, which matures Designed to support you with:
platform, NETInfo. payment instrument to cash in June 2031, has a call
He added that it could and cards, and can facilitate option in June 2026 and Smarter cash management | Discounted fnancing | Value added services
drive transformation in instant settlement for a was issued with a coupon
digital f nancial services by purchase. of 8.75%, with interest
permitting consumers to Bank customers can, payable semi-annually in To fnd out more, pick up a form or visit ecobank.com/ellevate
own and share their data therefore, utilise account arrears.
and enabling banks and aggregation and handle An equivalent amount
f ntechs to utilise such data their total wealth from one of the net proceeds from
to o fer enhanced products app, irrespective of where the notes will be used
and services to the market. their accounts are held. by ETI to f nance or
CEO of Nairobi-based Africa, where large re-f nance, new or
Meta Capital, Sila Obegi, sections of the population existing eligible assets
said open banking has remain unbanked or as described in ETI’s
helped a great deal to build underbanked, the experts Sustainable Finance
a close working relationship said, can utilise open Framework.
between f ntech start-ups banking to facilitate Investor interest
and banks. f nancial inclusion for for this Sophomore
“There are so many millions of citizens. Eurobond issue was
things you can do through “It will further global, including the
open banking which were strengthen and broaden UK, the US, Europe, the
not possible f ve years ago. African f nancial markets,” Middle East, Asia and
Most banks nowadays freely concluded Hadjikyriacos. Africa, achieving a 3.6x

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