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African Banker du 26-02-2020

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Date de parution 26 février 2020
Langue Français
Poids de l'ouvrage 92 Mo

1st Quarter 2020 Issue 51 An IC Publication
RESPONSIBLE
FINANCE
IN AFRICA
LOOKING BEYOND
THE BOTTOM LINE
Tidjane Thiam
Fall of a global icon
The Eco
Confusion and
consternation
Investment
Centum’s Midas touch
Country Focus:
Nigeria, Kenya,
South Africa
ADESOLA ADEDUNTAN
CEO OF FIRSTBANK
On financial inclusion and
how to do well by doing good
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EVE IRVINE AND STUART NORVAL
A full review of the international news
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FOUNDER AND EDITOR-IN-CHIEF
Afif Ben Yedde r Cover Story
Directeur de la publica tion
benyedder@icpublications.com
GROUP PUBLISHER Responsible Finance in Africa
Omar Ben Yedde r
o.benyedder@icpublications.com
EDITOR
Anver Versi
Editorial 48 Zambia Forest breaks 6-year Lusaka
VP DEVELOPMENT
Saliba Manneh 5 The turning point Exchange drought
s.manneh@icpublications.com
49 Big success for Airtel Malawi
ADVERTISING News in Brief 49 Nigerian exchange sets up growth boardadvertising@icpublications.com
6 Banking sector news 51 Ghana pharma frms merge ADVERTISING SALES DIRECTORS
Medrine Chitty, Baytir Samba, Nick Rosefield f rom around the continent into single giant
DISTRIBUTION 51 Funding for tech start-ups up 74%distribution@icpublications.com
African Banker’s WorldPRODUCTION MANAGER
Sophie Dillon 16 Who’s going where in the In Conversation
PRINTERS African banking industry 52 Constantinos Kypreos: Senior Vice
Roularta Media Group
Meensesteenweg 300 President, Moody’s Investors Services
8800 Roeselare Cover Story: 54 Mahin Dissanayake: Senior Director,
SUBSCRIPTIONS Responsible Finance Fitch RatingsIC Publications
Webscribe 22 Overview: Looking beyond the bottom lineUnit 4, College Business Park
College Road North 24 In conversation: Adesola Adeduntan, InsuranceAston Clinton, HP22 5EZ UK
CEO, First Bank of Nigeria 56 Move to de-risk African projects takes of
Telephone +:4 4 (0) 1442 820580
28 Capitalism with a conscience
contact@webscribe.co.uk
30 What does fnancial inclusion really entail? Cryptocurrencieswww.africanbusinessmagazine.com/subscribe
60 Crypto in Africa: A coming money All pictures AFP unless indicated.
Registered with the British Library. Company Profle revolution?ISSN 1757-1413
©2019 IC Publications Ltd 32 Centum Investment
N° DE COMMISSION PARITAIRE Country Focus0120 T 90333
Dépôt légaMl ars 2020 World of Finance 64 Nigeria: Banks take on fntech
36 Tidjane Thiam: Fall of a legend for the youth market
66 Investors dump fxed-income
Currency securities for equities
42 Eco sets cat among the pigeons 68 The pros and cons of the CBN’s LDR
69 News in brief
Capital Markets 70 South Africa: Mea culpa, admits
46 Green bonds revolution Ramaphosa
for African exchanges 72 Kenya: Impact of repeal of
47 World frst for Seychelles exchange interest-rate capRebooting 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,
proft from and lead business.
cnn.com/business
TMCNN name, logo and all associated elements & © 20& © 20119 Cable Ne9 Cable Newws Netws Network. A Work. A WarnerMedia Companyy. All rights r. All rights resereservved.ed.ANVER VERSI, E DI TOR
The turning point
t is always a fascinating exercise to tharvye b een coming under increasing criwtia-s forced to fall on his sword and resign
and chart how sometimes vast chang ceissm f or not doing enough to reduce the ofrbo- m his lof y position as CEO of Credit
in the way we live and work occur. T sceen e gap between the small but fabuloSuuslyiss e. Imovement is always slow and hesitawneta lthy elite and the masses struggling t T oi am was the f rst African to breach
with more obstacles than assistance amlo ankge a d ecent living. the exclusive, secretive world of
Europethe path and the outcome is always in doubtT. ey have also come under the cosh faon hr igh f nance and to the amazement of
Change is slow and culture change, they tsahye,i r lending policies, accused of f nancmingan y, he strode it like a king. I recount
is the slowest of all. As societies, we are vprerojye cts that do not add value to the hthue s- ordid events that led to his downfall
reluctant to leave the tried and testemd a annd l abour employed but which destr (op.y 3 6).
venture into the unknown. the habitat and spew venomous gases into I also take a sideways look at the furore
But change happens, history is a chrontih-e atmosphere. that the announcement of a new common
cle of change. At various stages, the tiny, currency for the Francophone West African
almost imperceptible shif s in view and atCtoi-nsumer power Monetary Union, the eco, has unleashed
tude (most human change is about abandoYne -t we learn that the ordinary consum(per. 42), .
ing a set of views and attitudes and adoptciongll ectively, has enormous power to forcOe ur Nairobi-based consultant, Tom
new ones) gather momentum, build up tco mpanies to toe the sustainable line oColrl ins sits down with James Mworia, the
a crescendo and at some point, a corner ifasc e extinction. CEO of Centum Investments, to f nd out
turned. T ese issues formed the main agenda o wfh at makes the largest private investment
We are currently going through tdhisics ussions at this year’s World Econominicst itution in East Africa so successful (p.
transition – a profound and powerful traFnosr iu- m. We sent our publisher, Omar Ben32) .
tion in the way our economies and produ Yc e-dder to Davos to try and get a feel of thTe om Minney, our capital markets
extion are structured, that is shif ing the gpuol asle o n sustainability. His report (p. 2 p8er) t, also based in Nairobi, has more
upaway from simple prof t to a much bettm eark, es for very thoughtful reading. lif ing news, reporting on a slew of green Rebooting Business News
human-centred goal. It is part of our composite Cover Stobroyn ds that appear to be healthy not only for
Having experienced the terrifying d o en r- esponsible banking (p. 22). T e sectiont he environment but also the bottom line
structive power of climate change in a wion rc ldu des an interview with Dr Adesola A (pd . 4- 6).
How is the digital transformation of business disrupting every corner where our environment has been poisoned untan, the CEO of FirstBank of Nigeria,M ushtak Parker, our expert on Islamic
almost to death, hopefully most of us hAafvr ei ca’s oldest bank and one of its mfo nsatn ce, focuses on Africa’s f rst co-guar-of the global economy? CNN Business, for those who want to learn about,
come to our senses and realised that in osu c rc essful. antee platform, created by the likes of the
proft from and lead business. headlong rush for prof t at all cost, we haHvee s ays his bank has been way ahead o Aff DB, the Islamic Corporation for the
taken ourselves to the brink of annihilatihoe sn. ustainability drive; its very DNA h Inasu rance of Investment & Export Credit
T e penny of course has not droppebde en to integrate itself into the wef ( aICnIdE C) and other big players, which will
everywhere, or with everyone – and therwaer p of the society it serves. Proof of tprh o avtid e much-needed insurance support cnn.com/business
are of course very notable examples of t is ihit ss age – a venerable 125 years plus. T feo r the continent’s projects (p. 56).
total refusal to face the facts, but esqeu ca tliloyn en, ds with an interesting discussionW e take another look at
cryptocurrenthere are many who have already changabeodu t the pitfalls of f nancial inclusiocni.es and their suitability or otherwise for
and are increasingly changing their producO- n other matters, it was a black day fAfori ca (p. 60) and round up this issue with
tive methods to be sustainable in every a glso- bal f nance when one of its outstandciongun try reports on Nigeria, South Africa
pect of the word. Banks and f nance houssetsa rs, the French-Ivorian Tidjane T iaanmd K enya (pp. 64-74). n6 A FRICAN B ANK E R 1ST Q UART E R 2020
AFRICAN BANKER’S WORLD NEWS
Ecobank has launched African fntechs in furtheringEc obank frmly believes that Africa, providing solutions for
a pan-African banking digital banking across the digital banking is the future businesses globally. 
sandbox (a sandbox acts as continent. and the future is now. Hence Africa’s Talking from
a layer between banks and Tis follows the leading our commitment to leading Kenya provides a unifed
their innovation initiatives pan-African banking group’s Africa into the new age of API platform for sofware
and facilitates smooth appointment of a group seniorba nking.” developers in Africa through
collaboration between fntecfhn tech advisor in 2019.  Five African fntechs SMS, USSD, voice, payments
companies and incumbents). Te advisor, Djiba Diallo, have been pre-selected for and airtime application. 
Tis will allow partners said: “It will create a great the pilot launch. Senegalese Callme2Work from
and fntechs to access avenue for collaboration start-up InTouch provides Kenya is a one stop platform
the bank’s application between Ecobank and fntechsm, erchants and businesses connecting specialists across
programming interface giving fntechs the chance with unique solutions for a wide range of expertise to
(API) for the development of to further innovate while accepting diferent payment clients. 
innovative solutions for the 3d3 eveloping the capacity of thper oviders whilst distributing Finally, Rwanda’s Esicia is
African countries it operatesw ider fntech ecosystem on thaen e xtensive catalogue of a sofware development and
in.  continent.” digital services across multipslyes tem integration provider,
Te sandbox signals a Ade Ayeyemi, CEO, countries. digitising business processes
deepening of Ecobank’s noted that: “Te sandbox is Flutterwave from Nigeriaf or institutions across the
commitment to working withye t another indication that is a leader in payments in public and private sectors. 
ECOBANK LAUNCHES
PANAFRICAN BANKING SANDBOX AFRICAN B ANK E R 1ST Q UART E R 2020 7
GOLDMAN NEDBANK
SACHS FREEZES
ENTERS SA  NEW CRYPTO
CURRENCY
The New York based
investment bank and fnancial ACCOUNTS
services company Goldman
Sachs has received approval
from South African regulators NedBank, one of South
to operate a bank in the Africa’s largest banking
country. Te Wall Street frm institutions, has frozen
is seeking to tap into fast- the opening of new
growing economies on the cryptocurrency accounts.
continent.  Te bank said: “NedBank is
Te company has in the process of assessing its
also become a member of position in respect of virtual
the Johannesburg Stock currency dealers/traders.”
Exchange’s interest rate and Tere are few institutional SINGAPORE’S TOLARAM
currency derivatives market. crypto exchanges in South
It will ofer fxed- Africa as the banks remain EYES DIGITAL BANKING
income products, foreign nervous about regulators,
exchange and South African who continue to waver on the IN AFRICA government securities to technology. 
corporate and institutional According to Richard
investors. Tolaram Group, an Asian family-run company, has De Sousa, CEO of local
Goldman Sachs, which indicated plans to introduce digital banking to Nigeria, South African crypto
has been present in South Ghana, South Africa and Egypt – although the plans haveex change AltCoinTrader:
Africa for more than 20 not been fnalised.  “Should Nedbank close the
years, in December appointed Te group has gained a fortune worth over a billion accounts of crypto businesses,
Jonathan Penkin as head of dollars on the continent through its fast-moving consumiet wr ill further alienate many
the local business.  goods and real estate companies and is seeking to leveraget hat are sitting on the fence
Te frm already provides its strong presence in the region for its digital banking with cryptocurrencies... It
advisory, wealth- and asset- venture.  would also send a message to
management services to “We have access to thousands of distributors in these the crypto industry that banks
corporations, investment markets and that can also have a knock-on efect on our are threatened by disruptive
frms, government institutions business,” said Kunal Adnani, the head of the mergers andt echnology and will have to
and individuals. acquisition team.   defend their position.”
Te expansion comes “Te more credit we can give them, the more they can De Sousa says Nedbank
as brokerages including increase volumes.” has been very cautious when
Macquarie Group, Arqaam Te Lagos Business School shows that 36m Nigerian dealing with cryptocurrency
Capital, Deutsche Bank AG adults are living without bank accounts while in companies, and constantly
and Credit Suisse Group Ghana, fnancial access across regions and demographicevs aluating its risk appetite.
AG either scale back their is still low, particularly for women, and poor and rural NedBank also operates in
operations or close down citizens.  six other countries – Lesotho,
some businesses because of In Kunal’s words, what the company is “looking to do Malawi, Mozambique,
a moribund South African is take the same technology, the same systems, and the Namibia, Swaziland and
economy. same learning into African markets”, where they have Zimbabwe – as well as having
Still, the country has the gained much presence on other products. ofces in Angola and Kenya. 
biggest, most liquid and most Headquartered in Singapore, it was founded in the Just two months ago,
sophisticated capital markets 1940s as a textile company but entered Africa through reaFlir stRand Bank notifed major
on the continent, which is estate and consumer goods in the 1970s. South African cryptocurrency
home to six of the world’s Te group is the manufacturer of the Indomie and exchanges – Luno, ICE3X
fastest-growing economies. Minimie noodles in Nigeria. and VALR – that their bank
accounts will be closed.