African Banker du 11-08-2022
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Date de parution 11 août 2022
Langue Français
Poids de l'ouvrage 77 Mo

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3 r d Q u a r t e r 2 0 2 25 8 I S S U E A N I C P U B L I C AT I O N
African Banker Award winnersSpecial Focus:Africa's digital revolution Focus on Uganda:Boom time for banksEssay:Abe’s ghost overlooks TICAD 8 In Conversation:BOI’s Olukayode Pitan • Barclays’ Amol Prabhu FirstBank's Adesola Kazeem Adeduntan
Ecobank is Africa’s Best Bank!
Ecobank is greatly honoured to have been recognised at the prestigious Euromoney Excellence Awards 2022 as: • Africa’s Best Bank • Africa’s Best Digital Bank • Africa’s Best Bank for SMEs, the second time this year following recognition at the African Banker Awards 2022
Thanks to our customers. We remain steadfast in our commitment to support SMEs, to accelerate digital financing, and in our eorts to finance economies and drive regional integration.
“Winning the ‘Best Bank’ is music to our ears in our quest to be the bank that Africa trusts.”
Ade Ayeyemi, CEO, Ecobank Group
United Kingdom IC Publications 7 Coldbath Square London EC1R 4LQ Tel: +44 20 7841 3210 Fax: +44 20 7713 7898 Email: icpubs@icpublications.com www.icpublications.com
FOUNDER Afif Ben Yedder
PUBLISHER AND EDITORINCHIEF Omar Ben Yedder o.benyedder@icpublications.com EDITOR Anver Versi a.versi@icpublications.com EDITORATLARGEHichem Ben Yaïche h.benyaiche@icpublications.com ASSOCIATE EDITORJon Haynes j.haynes@icpublications.com VP DEVELOPMENTSaliba Manneh s.manneh@icpublications.com PROJECTS DIRECTORZine Ben Yahmed z.benyahmed@icpublications.com ADVERTISINGadvertising@icpublications.com ADVERTISING SALES DIRECTORS Medrine Chitty, Baytir Samba, Nick Rosefield DISTRIBUTION distribution@icpublications.com PRODUCTION MANAGER Stuart West TUNISIA Slah Nouri s.nouri@icpublications.com Nejib Ben Yedder n.benyedder@icpublications.com Mohamed Ali Abouti m.aboudi@icpublications.com PRINTERS Roularta Media Group Meensesteenweg 300 8800 Roeselare SUBSCRIPTIONS IC Publications Webscribe Unit 4, College Business Park College Road North Aston Clinton, HP22 5EZ UK Telephone:+44 (0) 1442 820580 contact@webscribe.co.uk https://african.business/subscribe All pictures AFP unless indicated. Registered with the British Library. ISSN 17571413 ©2022 IC Publications Ltd
N° DE COMMISSION PARITAIRE 0120 T 90333 Dépôt légal: Août 2022
Cover StoryBanking in Nigeria 2022  Staying strong despite headwinds
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1618202224
Editorial The Chinese debt red herring
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 AfCFTA could spur new banking growth Banks remain solid in uncertain times Oil gains fail to stem loss of forex Fintechs – an increasingly visible presence Interview: Sadiq Abu, CEO, Absa Nigeria
Events 26 African Banker Awards 2022
In Conversation 34Olukayode Pitan,  CEO, Nigeria’s Bank of Industry
38404244
Special Focus: A Digital Africa View from the Top:Cornel Dixon Study shows size of digital gap for SMEs Is the digital tide turning for SMEs? Overcoming digitalising obstacles
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Will Angola’s first IPO open privatisation floodgates? Egypt first in Africa and ME to list football club Premier Foods could be South Africa’s next IPO Nine bourses sign up to linkage project Debt repayment wall looms Fintech funding at record levels
 In Conversation 50Adesola Adeduntan,CEO, Firstbank 54Amol Prabhu,CEO, Barclays  South Africa & Market Head for Africa
Essay 58ghost looks over TICAD 8 Abe’s
Trade and Investment 60 New boost for ArabAfrica trade
The Bigger Picture 62 Banks will make or break AfCFTA
 Focus on Uganda 64 Banks celebrate record profits 66Adam Mugume, Interview: Bank of Uganda 70 Stanbic Uganda targets unbanked
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The Last Word The dream and the reality
ANVER VERSI, EDITOR
The Chinese debt red herring
ne of the issues that seems to be concentrating minds across the continent is enqatuiaolOlnyalwdoerrbyt,incgantrneondloinnger be rel-that of sovereign debt. This, coupled w it h an escalating egated to the bottom drawer where all unpleasant matters are stored and hopefully forgotten about until some evil day when they have to be removed, looked at and dealt with. Debt, especially sovereign debt – i.e., debt owed by the nation to various lenders including global institutions, commercial banks and înance hous-es and other sovereign nations – has hung over the continent’s neck like a rotting carcass for most of its inde-pendent life. Africa, in common with anybody who has had to undergo the misery of carrying the burden of debt, has ex-perienced all the anguish of incessant demands, rising and multiplying inter-est rates and being lectured, threatened and abused by the creditors. Many countries înd themselves falling into the nightmare of the debt vicious cycle. They have to allocate a very sizeable chunk of their annual revenue to service their debt, which means they do not have enough to meet their budgetary expenses, which in turn means they have to turn to international lenders to borrow, which means their debt levels rise, leading to more revenue needed to service the debts… and so on until some countries înally throw up their hands in defeat and are eectively bankrupt and live on the charity of others. The only way out of this vicious cy-
cle, we are told, is for them to increase revenue streams by generating and selling more of their products abroad and raising more taxes domestically. The catch is that to be able to do either, you need greater capital goods – in the case of nations this often trans-lates into productive infrastructure such as railways, roads, ports, energy generation, better quality education and so on. But to install this vital in-frastructure, you need …you’ve guessed it – to borrow! Back to square one. Enter China. The Chinese propo-sition was simple: ‘We’ll build your infrastructure for you in return for your natural resources if you have any; and if you open your markets for our goods.’ Most of Africa, in fact most of the developing world to whom this propo-sition was made, said ‘yes please, when can you start?’ The Chinese response was usually ‘tomorrow’. True to their word, they rolled out trillions of dol-lars’ worth of infrastructure across the length and breadth of Africa, in Latin America, in the Middle East and across most of Asia. The net result was that scores of African and other developing world na-tions registered record growth levels. But for the canker of corruption which many cannot seem to shed and which wasted a lot of this progress, more de-veloping nation countries would have attained similar levels of prosperity to some of Asia’s Tiger economies. In the process, China’s own GDP rose astronomically to rival that of the US and the EU and its soft power inuence outstripped and challenged the West’s hegemony.
The Dragon’s mouth Alarm bells began ringing furiously and warnings that Africa and other developing nations were falling into the ‘Dragon’s mouth’ and would be swallowed whole by a rampant China, come to collect its debt, were issued almost on a daily basis. Today, as the world faces an un-settled period of rising living costs, biting shortages of essentials and a polarisation between the West against Russia and China, Africa is being asked to choose sides. The issue of debt can no longer be ignored. But is China really about to close the debt trap and ensnare Africa for the foreseeable future as we are being warned? Not so, says Debt Justice, for-merly the Jubilee Debt Campaign. Afri-can governments owe three times more debt to Western banks, asset managers and oil traders than they do to China, and are charged double the interest. China has been ‘mistakenly’ blamed by Western leaders for the failure to make progress on debt restructuring, it says. The organisation says that 12% of African governments’ external debt is owed to Chinese lenders compared with 35% owed to Western private lenders. Tim Jones, head of policy at Debt Justice, says: “Western leaders blame China for debt crises in Africa, but this is a distraction. The truth is their own banks, asset managers and oil traders are far more responsible, but the G7 are letting them o the hook.” He wants Western governments to compel private lenders to ease their stranglehold on African countries at this critical phase. We say Amen to that.n
63 R D B A N K E R 2 0 2 2Q U A R T E R A F R I C A N
AFRICAN BANKER’S WORLD NEWS
UNLEASH AFRICA’S CREATIVE POWER, SAYS TRADE REPORT
Afreximbank’sAfrica Trade Report 2022says that Africa must fully exploit its rich cultural heritage and artistic talent to unlock the vast po-tential inherent in the global creative and cultural indus-tries (CCI), which today is worth around $2.25trn (3% of global GDP). The report was launched by Professor Benedict Oramah, President of Afrex-imbank, along with H.E. Lai Mohammed, Nigeria’s Minister of Information, Culture and Tourism, at the 29th Afreximbank Annual Meeting in Cairo, Egypt. Professor Oramah said that Africa showed resil-ience during the pandemic, contracting by only 1.6% in its îrst recession in 25 years and rebounding strongly, with GDP expanding by about 6.9% in 2021. He attributed Africa’s
resilience to coordinated responses from govern-ments, development înance institutions, multilaterals, including the IMF through its Rapid Credit Facility and Afreximbank through its Pandemic Trade Impact Mit-igation Facility (PATIMFA). Professor Oramah said that Africa also needed to develop sectors which had not been fully exploited, such as the creative and cultural industries (CCIs), as those were among the fastest growing in the world. Dr Hippolyte Fofack, Afeximbank’s Chief Econo-mist, said that Africa’s creative industries could be a 21st-century goldmine that sustains economic growth and structural transforma-tion. Dr Fofack noted however that despite the increasing resilience of African econo-
mies, the region remained a peripheral contributor to global trade and growth, accounting for only 2.6% of global trade and less than 3% of the world’s GDP. In order to increase its share of global growth and trade and to foster its integration into the global economy, he said, Africa must use the AfCFTA, which has been touted as a game-changer, to accelerate the process of structural trans-formation and growth. “Leveraging Africa’s rich cultural heritage and the creative power of its youth can drive both cultural renaissance and economic transformations in the AfCFTA era, where intel-lectual property rights will be sacrosanct. The CCIs have the power to boost economic growth and deepen econom-ic integration by fuelling a cultural convergence,” he said. Dr Fofack added that CCIs were a growth indus-try in Africa, with Nolly-wood becoming the world’s second-largest îlm producer and exporter and the African gaming industry projected
to grow by 12% by 2025. It was for those reasons that the African Union declared 2021 the ‘Year of the Arts, Culture and Heritage: Levers for Building the Africa We Want’, he said. Globalisation, and new technologies which have accelerated cultural interac-tions among countries, are set to further catalyse the growth of African CCIs at a time when digitalisation and the creative power of African youth are enabling the world to rediscover Africa’s rich cultural heritage and beauty. Afreximbank, through its Creative African Nexus (CANEX), has emerged as a key player in the industry, reducing the capital gap faced by African creative or-ganisations and investing in young talent to harness their creative power. H.E. Lai Mohammed, Nigeria’s minister helping to co-launch the Afreximbank report, praised the Bank for its support of the CCIs across Africa.
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