African Banker du 30-01-2023

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• Publié par: African Banker - le magazine de la banque et de la finance
• Date de parution: 30 janvier 2023
• Langue: Français
• Poids de l'ouvrage: 77 Mo

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1st Quarter 2023 ISSUE 60 AN IC PUBLICATION
In Conversation:
Prof. Mthuli Ncube –
Zim Minister of Finance
Oussama Kaissi –
Islamic Corporation for the
Insurance of Investment and
Export Credit (ICIEC)
Regional Focus:
West Africa –
Banks at critical nexus
East Africa –
Financial integration inches forward
South Africa –
Rays of sunshine amid gloom
Technology:
African start-ups – another record year
Exclusive interview
with Afreximbank’s
Prof. Benedict Oramah
‘Control your capital
to control your destiny’
M 01706 - 60 - F: 8,00 E - RD
EUROZONE €8.00, UK £6.00, USA $9.95, CFA Zone CFA5.000, Egypt E£80, Ethiopia R200, Gambia Da300, Ghana GH¢40.00,
Kenya KShs800, Liberia $8, Mauritius MR300, Morocco Dh60, Sierra Leone LE 70000, South Africa R50.00 (inc tax), Tunisia DT7, 3’:HIKLRA=[U]UUY:?a@k@g@a@k";Uganda USh30,000, Zambia ZMW 100, Other Southern African countries R49.00 (excl tax), Tanzania TShs20,000. 01
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DISTRIBUTION
[e-mail] West Africa: Banks at critical nexus
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TUNISIA
Editorial Capital MarketsNejib Ben Yedder
[e-mail] 5 Af rica beats the odds, again 40 Af rican bourses linkage project takes of
Mohamed Ali Abouti
40 ‘Fantastic year’ for Nigerian exchange [e-mail]
News in Brief 42 Economic crunch gives wings
PRINTERS
6 Banking sector news from to Egyptian exchangeRoularta Media Group
Meensesteenweg 300 around the continent 44 Orange IPO is Côte d’Ivoire’s biggest listing
8800 Roeselare
45 Plenty of buzz around Vodacom Group
SUBSCRIPTIONS African Banker’s World 46 Healthy listing for Moroccan clinic operatorIC Publications
Webscribe 14 Who’s going where in 47 BRVM launches new trading boards
Unit 4, College Business Park
the African banking industryCollege Road North
Aston Clinton, HP22 5EZ UK The Bigger Picture
Telephone: [phone]
[e-mail] Cover Story: 48 Deep reach of agency banking
https://african.business/subscribe FOCUS ON WEST AFRICA
All pictures AFP unless indicated. 16 Nigeria: Banks turn a proft TrendsRegistered with the British Library.
ISSN 1757-1413 but fntechs are catching up 54 Af rican start-ups raise record funding
©2023 IC Publications Ltd
20 CBN’s Emefele leads trend away from oil
Dépôt légal: Février 2023 dependency In Conversation
23 Ghana: Tough times for 56 Oussama Kaissi, CEO, ICIEC
banks as economy falters
26 Senegal: On course for world-beating Topic
growth this year 64 Investing Africa’s $95bn remittances
In Conversation Country Focus
30 Prof. Benedict Oramah, 68 East Africa: EAC moves
President, Afreximbank towards fnancial integration
71 South Africa: Rays of sunshine
In Conversation
36 Professor Mthuli Ncube, The Last Word
Minister of Finance, Zimbabwe 74 Football and developmentANVER VERSI, EDITOR
Africa beats the
odds, again
anuary is the traditional time pay, further eroding productivity, add- 3.5% in 2023 and 3.9% in 2024. Excluding
of the year when the previous ing to costs and feeding the ever-hungry South Africa and Angola, the Eastern and
year’s pluses and minuses are inf ation monster. Southern African sub-region is expected
reconciled and a balance sheet When times are tough, self-preserva- to grow 4.5% next year and 5.0% in 2024. Jis generated. tion takes precedence. Western countries Kenya, for instance, is set to grow 5.0%
What does Africa’s early balance sheet have been slashing back aid and grants, in 2023 (down from 5.5%) and back up to
look like? But before arriving at hard ver- causing a great deal of hardship in some 5.3% in 2024.”
dicts, let us keep in mind the d if culties of the most vulnerable countries, includ- Excluding Nigeria, it says, the Western
of a continent composed of vastly di fer- ing in Africa. The economic squeeze is and Central Africa sub-region is projected
ing nation-states. leading to riots and coups – as we see in to grow at 5.0% in 2023 (up from 4.2%),
In its 2023 projection, the World Bank the Sahel and elsewhere. and growth will be f rm in 2024 (5.6%).
accurately describes Africa’s unique Growth in WAEMU countries is
exmake-up in this manner: “The region is A story of resilience pected to rise to 6.4% in 2023 from 4.9%,
composed of low, lower-middle, upper- But, just as the actual attrition from Co- and 7% in 2024. The real stars in this
remiddle, and high-income countries, 22 vid was far less severe in Africa than had gion are Côte d’Ivoire, projected to rise to
of which are fragile or conf ict-a fected. been expected, so the economic fallout 6.8% and Senegal, with a world-beating
Africa also has 13 small states, charac- from the current global crisis is much 8% in 2023 and a “f rm 10.5% in 2024”.
terised by a small population, limited milder in Africa than predicted. Even Angola, which has had a dismal
human capital, and a conf ned land area.” Of course one must make allowances growth prof le recently, will leverage on
Let us also keep in mind that these for countries mired in conf ict or dev- favourable terms of trade to hit 3.1% in
are not ‘normal’ times, however one de- astated by natural calamities but, to the 2022 from 0.8% in 2021 and South Africa,
f nes normality in a generally chaotic surprise of many an expert, Africa is ac- languishing at around 0.2%, is expected
and unpredictable world. A bullet f red in tually riding out the storm and not doing to grow at 1.9% in 2023.
Ukraine – to borrow from the environ- too badly at all. These are very encouraging statistics,
mental imagery of cause and e fect – can In fact, the African Development Bank especially given that growth in SSA
de(and does) lead to starvation in Somalia informs us that the region is set to “out- celerated from 4.1% in 2021 to 3.3% in
and shivering families huddled together perform the rest of the world in economic 2022 and food price inf ation continues to
for warmth in England. growth over the next two years, with real harry the bulk of Africans, who on
averDuring the relatively ‘normal times’ gross domestic product (GDP) averag- age spend 40% of their income on food.
in the past, the advanced nations with ing around 4% in 2023 and 2024. This Nevertheless, Africa on the whole has
their powerful and hugely diversif ed is higher than projected global averages done well and should take a brief
moeconomies have been able to ride out of 2.7% and 3.2%.” (See Briefs, page 6.) ment to pat itself on the back. This
persuch storms and have enough in hand What is more, the analysis in formance is not the result of any single
to help out the more vulnerable parts of its Africa’s Macroeconomic Performance and policy magic bullet but the slow
accuthe world. Outlook report conf dentially states that mulation of thousands of improvements
This time around, even the mighty all the continent’s f ve regions (with the in the management of the continent’s
are shaken. Rapidly rising food and fuel usual caveats for individual countries that economies. This issue of ABK itself is
reprices are pushing inf ation into double fall below the line) “remain resilient with plete with stories of victories over hurdles
digits, slashing the value of salaries to a steady outlook for the medium-term” in the continent’s f nancial landscape.
such an extent that in the UK, fami- – which is development bank speak for At this rate, the dream of realising the
lies are engaged in what has come to be “doing quite well, thank you”. African Union’s Agenda 2063, when the
known as the ‘heat or eat’ dilemma. This The World Bank has more positive in- continent will be on par with the
stronin turn is spurring trade unions to go on formation to share. It says that growth gest regions of the world, may come true
extended strikes demanding increased in SSA is “projected to bounce back to even sooner. n6 A FRICAN B ANK E R 1ST Q UART E R 202 3
AFRICAN BANKER’S WORLD NEWS
AFRICA WILL
OUTPERFORM REST OF
THE WORLD - AFDB
Africa is set to outperform countries posted positive in 2022 – and the outlook Sachs, who is also the UN
the rest of the world in eco- growth. However, the report for 2023–24 is projected to be Secretary-General Antonio
nomic growth over the next sends a cautionary note on stable.” Guterres’ Advocate for
Sustwo years, with real gross the outlook following current Nialé Kaba, Minister of tainable Development Goals,
GDP averaging around 4% global and regional risks. Planning and Development said: “Africa can and will
in 2023 and 2024, according These risks include soar- of Côte d’Ivoire, said: “The rise to growth of 7% or more
to the African Development ing food and energy prices, release of this report by our per year consistently in the
B