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African Banker - 01-10-2019 - English


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Publié par
Date de parution 01 octobre 2019
Poids de l'ouvrage 89 Mo
4th Quarter 2019Issue 50 An IC Publication THE ENORMOUS POWER OF FINTECH
Intervîews: SA Reserve Bank’s Lesetja Kganyago; BRVM’s Edoh Kossî Amenounve; IMF’s Amîne Matî
Country Focus: South Arica – labours o Team Ramaphosa; Nigeria – kicking the cash habit; Egypt – leg up or insurance industry
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 benyedder@icpublications.com GROUP PUBLISHER Omar Ben Yedder o.benyedder@icpublications.com EDITOR Anver Versi VP DE VELOPMENTSaliba Manneh s.manneh@icpublications.com ADVER TISING advertising@icpublications.com ADVER TISING SALE S DIREC TORS Medrine Chitty, Baytir Samba, Nick Rosefield DIS TRIBUTION distribution@icpublications.com 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 contact@webscribe.co.uk www.africanbusinessmagazine.com/subscribe All pictures AFP unless indicated. Registered with the British Library. ISSN 1757-1413 ©2019 IC Publications Ltd N° DE COMMISSION PARITAIRE 0120 T 90333 Dépôt légal Octobre 2019
Cover Story The enormous power of intech
Edîtorîal Arica is in a happy investment place
News în Brîef Banking sector news rom around the continent
Afrîcan Banker’s World Who’s going where in the Arican banking industry
Cover Story: FîntechThe enormous power o fintech Is fintech in Kenya too successul?
Stock Market Naspers spin-of dominates European internet $2.5bn Helios Towers plans London IPO Casablanca bourse helps unding or $11bn tech city Farewell to Nicky Newton-King Hydropower in Mozambique Fawry shares in high demand in Egypt
In Depth: South Afrîca In conversation:Lesetja Kganyago, Governor, South Arican Reserve Bank Can Team Ramaphosa stabilise economy? Equity investment outlook remains robust
In Conversatîon Edoh Kossi Amenounve, MD, BRVM
Green Fînance Unseemly haggling over climate finance
Country Focus: Nîgerîa In conversation:Amine Mati, IMF Nigeria Senior Resident Representative Cash losing ground – but slowly Mixed reactions as Nigeria set to raise VAT
Poînt of Vîew Egyptian banks sustain profits as economy grows
Fînance New insurance law a major stimulus to Egypt’s industry
In Perspectîve Arica is reshaping its economic contours
Innovatîon An Arican gold-backed crypto coin
Rebooting Business News
How is the digital transformation of business disrupting every corner of the global economy? CNN Business, for those who want to learn about, proIt from and lead business.
proIt from and lead business.
Africa is in a happy investment place
f the deliberations at the United Na-tions General Assembly just concluded, anIything to go by, global uncertainty in as well as the vicious mud-slinging in the UK parliament over Brexit are both political and economic terms is set to not only continue but to become more entrenched. But it is an ill-wind that blows no one any good and Africa, it seems, could benet from the uncertainty bedevilling international investors. Whatever the state of the world, investors, oen sitting on hot money, need to invest and earn returns for their shareholders. Africa may benefit from public and private sector capital inows from investors hoping to counteract the eects of falling returns from low growth regions. “Africa may benet from public and private sector capital inows from investors hoping to oset the eects of diminishing yields from low growth regions,” argues Ronak Gopaldas, a director at Signal Risk, an exclusively African risk advisory rm and one of the most articulate analysts of the intersection of politics, economics and business in Africa today. e gures he provides in his report, Following the Money: Identifying the Evolving Nature of FDI Trends in Africa,published by the NTU-SBF Centre for African Studies, support his thesis. Globally, FDI declined from .tn in  to .tn in , sinking for the third consecutive year. FDI ows to developed economies reached their lowest point since , while FDI ows to developing countries remained stable, he writes. “However, with global companies
seeking to expand their presence in Africa, FDI ows to the region increased  year-on-year to bn, while FDI to Sub-Saharan Africa (SSA) climbed  year-on-year to bn.” This trend, he says, reverses two consecutive years of contraction in inward FDI ows to the continent and coincides with rising trade tensions in developed markets. “Even as trade relations around the world unravel – notably between the US and China, and between the UK and the rest of the Eurozone – Africa is set to move in the opposite direction following signing of the African Continental Free Trade Area (AfCFTA).” is generally good news for Africa is tempered by the warning: “Whether African countries can harness these favourable tailwinds is largely dependent on their willingness to reform and provide a stable policy platform for investors.” erein lies the rub. Clearly the spoils of greater inward investments will accrue to those countries, or even cities, that are the most agile, exible and able to rapidly adapt to whatever the circumstances demand. Perhaps of all the factors that are essential for creating a stimulating business environment that will translate investments into actual production and good jobs, nance is right there at the top. Finance is the lifeblood of all commercial – and even non-commercial – transactions and the ease, volume and pace of its circulation within a society is as vital a sign of health as the circulation of blood in a human body.
Changing the face of business Our Cover Story,e Enormous Power of Fintech(page ) takes a detailed look at precisely this element. We learn how technology has nally freed the circulation of money from its traditional bonds and is changing the economic face of much of Africa, even as we speak. But progress in nancial inclusion is not uniform across the continent. While some countries are bounding away towards the horizon, others have not yet even reached the starting point. Edoh Kossi Amenounve, managing director of t he West African Stock Exchange (BRVM) ma kes t he same point in his interview on page , while commentator Dhafer Saïdane (page ) says that while Egypt’s banking industry is robust, nancial inclusion is still very basic – leaving large segments of the population out of the expanding formal economy. We publish two Country Focus features in this issue – one on South Africa as ‘Team Ramaphosa’ struggles to keep the economy on an even keel (page ); and one on Nigeria where the country is slowly but surely leaving behind its ‘cash is king’ habit and gradually becoming accepting of digital banking (page ). Our ‘out of the box’ feature this time is an interesting examination of manoeuvring around green nance, or the commercial aspects of climate change (page ). Our capital markets summary (page ) neatly rounds up this issue with the encouraging news about how South Africa’s Naspers has stormed the European digital n market.
6 A F R I C A N 4 T H B A N K E R Q U A R T E R 2 0 1 9
Nîgerîan Inec Kuda as raîsed $1.6m în pre-seed undîng as a dîgîa-ony reaî bank. he sar-up, runnîng ou o Lagos and London, as receny been awarded îs bankîng îcence rom e Cenra Bank o Nîgerîa as we as aunced e bea versîon o îs onîne mobîe Inance paorm. “Kuda îs e Irs dîgîa-ony bank în Nîgerîa wî a sandaone îcence. We’re no a mobîe wae or sîmpy a mobîe app pîggybackîng on an exîsîng bank,” Kuda bank ounder Babs Ogundeyî (right) odTecCrunc.
“We ave buî our own u-sack bankîng sotware rom scrac. We can aso ake deposîs and connec dîrecy o [înerbank sysem] e Swîc.” No oer dîgîa bank as a mîcro-Inance îcence în Nîgerîa. Kuda ofers ceckîng accouns wî no mony-ees, a ree debî card and pans o ofer peer-o-peer paymens în e comîng mons. Ogundeyî prevîousy worked în a Inance advîsory roe or e Nîgerîan governmen and ounded Moorrader Nîgerîa, a car-
adverîsîng websîe. He co-ounded Kuda în 2018 wî ormer Sanbîc Bank sotware deveoper Musy Musapa. Kuda pans o use îs seed unds o go rom bea o îve aunc în Nîgerîa by our-quarer 2019. he sar-up wî aso buîd ou e ec o îs bankîng paorm, încudîng suppor or îs deveoper eam ocaed în Lagos and Cape Town, accordîng o Ogundeyî. Kuda aso înends o expand în e near uure. “ï’s Nîgerîa rîg now, bu e pan îs o buîd a pan-Arîcan dîgîa-ony bank,” e saîd.
Kenya’s Equity Bank has said it plans to acquire the second-largest lender in the Democratic Republic of Congo as part of the group’s strategy to expand across the region. he bank as agreed o acquîre a conroîng sake în e Banque Commercîa du Congo. hîs comes ater a srîng o îg-proIe akeovers încudîng Aas Mara’s operaîons în Rwanda, Zambîa, Mozambîque and Tanzanîa and DRC’s ProCredî Bank Congo în 2015. “he proposed ransacîon îs an opporunîy or Equîy Group Hodîngs o deîver e vîsîon o buîdîng sub-Saaran Arîca’s premîer Inancîa însîuîon roug deîverîng înnovaîve producs and servîces o cusomers, încudîng, în parîcuar, e efecîve use o ecnoogy,” e company saîd. Equîy Bank îs now Kenya’s bîgges ender by marke vaue and as operaîons în eîg counrîes.
Sou Arîca’s Sandard Bank, Arîca’s bîgges bank by asses, as boug a $4m sake în oca Inec Irm Nomanînî o ofer credî o mîîons o sma sop owners and oer înorma reaîers wo ave îmîed access o Inancîa servîces. Nomanînî connecs înorma raders wî dîsrîbuors vîa an e-wae,
A F R I C A N B A N K E R 4 T H Q U A R T E R 2 0 1 97
a servîce wîc î opes o ro ou across 14 Arîcan counrîes by eary 2021. Despîe massîve advances în Inec and bankîng servîces, nîne ou o 10 reaî ransacîons în Arîca are conduced wî cas or vîa înorma cannes, accordîng o a 2017 repor by Deoîe. Usîng Nomanînî ecnoogy, Sandard Bank wî coec and anayse daa on e reaîers. hîs wî aow e bank o pre-emp e raders’ re-sockîng needs and send em aers. Sandard Bank opes a îs îcences o end and ofer oer producs îke însurance, wî gîve î e edge over mobîe operaors a curreny domînae Inancîa servîces în markes îke Kenya. Sandard Bank wî aso ace compeîîon rom oca rîvas suc as FîrsRand, wîc as eamed up wî a Inec Irm o arge înorma busînesses. Arîca îs e word’s second-ases growîng bankîng marke, accordîng o a 2017 McKînsey repor. Sandard Bank and Nomanînî wî ro ou eîr servîce în Sou Arîca, Zambîa, Mozambîque, Maawî, Angoa, Zîmbabwe, Namîbîa, Gana, Nîgerîa, Kenya, Tanzanîa, eSwaînî and Lesoo.
FINES FOR TANZANIA BANKS Tanzanîa’s cenra bank as Ined Ive banks or breacîng anî-money aunderîng rues. hese are: ï&M Bank, Ined $284,782, Equîy Bank ($252,415.), UBL Bank ($141,439.), Habîb Arîcan Bank ($76,145.) and Arîcan Bankîng Corporaîon ($63,091). he Dîamond Trus Bank Tanzanîa and Naîona Bank o Commerce were aso Ined or oer breaces.