WeeTracker

Access Bank UK Expands to Malta with New Branch and Banking License Access Bank UK, a subsidiary of Access Holdings Plc, the Nigerian multinational financial service group, has successfully opened a branch in Malta, marking a significant step in its European expansion. The European Central Bank(ECB) and the Malta Financial Services Authority (MFSA) granted the bank a banking license, allowing Access Bank Malta Limited to operate in the market. Malta’s strategic location between Europe and North Africa, along with its strong financial sector and favorable economic outlook, presents an ideal opportunity for Access Bank’s growth. The country’s GDP is projected to grow by 4.4% in 2024, supported by a rebound in tourism, ICT growth, and robust trade activity. Access Bank Malta Limited will initially focus on international trade finance and employ 30 people, with plans to expand further. The move is also in line with the bank’s strategic goal of becoming Africa’s gateway to the world. With this new addition, Access Bank's global footprint now extends to 17 countries, and the bank aims to increase its presence to 26 countries over the next five years. #AccessBank #MaltaExpansion #InternationalGrowth

Flutterwave Named in Fast Company’s Fourth Annual “Brands That Matter” List Flutterwave Africa’s leading payment technology company, has earned a spot on Fast Company's Brands That Matter list for 2024. Recognized in the Global Brands category, Flutterwave is lauded for its ability to create deep emotional connections with customers through innovative collaborations and engagement strategies. The list highlights 129 brands and 10 CMOs of the Year that inspire genuine engagement and loyalty from their consumers—and influence new adopters to buy in. The year’s list honours large international organizations, emerging companies, and nonprofits. Flutterwave's inclusion highlights its ongoing commitment to making an impact on both a global and local scale. Apart from this, other Flutterwave’s achievements include being named Most Innovative Company for EMEA by Fast Company and FinTech of the Year at the African Banker Awards. #Flutterwave #BrandsThatMatter #Innovation #TechLeadership #MarketingExcellence #FastCompany #AfricaTech #GlobalPaymentSolutions

Prosper Africa and Vantage Capital Invest USD 15.2 M into Morocco's Agricultural Expansion Prosper Africa, a U.S. government initiative for International Development has facilitated Vantage Capital's EUR 14 M (USD 15.2 M) investment in Société de Production Maraîchère Samir S.A. (SPMS), a leading Moroccan producer of red fruits and tomatoes. The investment by the Africa-focused fund manager is aimed at supporting agricultural growth and environmental sustainability in Morocco. SPMS, based in Agadir, currently manages 101 hectares and produces high-quality cherry tomatoes, raspberries, blueberries, and blackberries. The company has a partnership with a US-based leader in fresh berries, Driscoll’s, which supports the value chain from seed supply to harvest purchase. The financing will help SPMS expand its operations, creating hundreds of rural jobs, particularly for women and youth. Currently employing 2,000 staff with plans to triple its cultivated area to over 300 hectares over the next few years. The company’s growth is expected to boost Morocco’s broader agricultural exports and foreign currency income. SPMS also employs environmental sustainability practices, including dual-irrigation systems and the use of desalinated water. It is also involved in social responsibility initiatives including providing community support, such as rehabilitating schools and supplying drinking water. Overall, this strategic investment is set to foster economic growth and sustainable agricultural practices in broader Morocco. #ProsperAfrica #VantageCapital #Agriculture #Sustainability #EnvironmentalImpact

AfDB and TDB Group Sign USD 150 M Trade Finance Agreement The African Development Bank Group (AfDB) and the Eastern and Southern African Trade and Development Bank Group - TDB Group have entered into a USD 150 M Trade Finance Unfunded Risk Participation Agreement (RPA) facility. The deal, signed during the African Investment Forum in Rabat, Morocco, is set to catalyze intra-Africa trade and regional integration while addressing the trade finance gap on the continent. The facility will provide a guarantee cover of 50%, increasing to 75% for transactions in Low-Income Countries (LICs) and transition states. Over the next three years, the initiative is projected to support USD 1.8 B in trade. The RPA facility is expected to benefit African SMEs and regional Issuing Banks across TDB Group’s member states, facilitating their access to critical trade finance solutions. This partnership aligns with AfDB’s Ten-Year Strategy and High-5 priorities to "Feed Africa," "Industrialize Africa," and "Integrate Africa." #TradeFinance #AfDB #TDBGroup #AfricaIntegration #EconomicGrowth #IntraAfricaTrade

Yango Partners with COFINA and Yabx to Launch Driver Cash Advance Service Ride-hailing service, Yango Côte d’Ivoire, in collaboration with COFINA Côte d'Ivoire, a microfinance institution and Yabx, an AI-powered lending-as-a-service (LaaS) platform has introduced a new Driver Cash Advance service. This digital loan product provides Yango partner drivers with instant access to up to XOF 300,000 (USD 500) and flexible repayment options over two to eight weeks. The service leverages Yabx’s advanced AI-driven credit scoring to offer financial solutions tailored to drivers without prior access to formal credit. Meanwhile, COFINA provides the necessary financing for seamless loan disbursement directly through the Yango app. Currently exclusive to Yango drivers, the initiative plans to expand to riders, food delivery agents, and merchants in the future. This service aims to improve cash flow management and boost the financial stability of drivers supporting the gig economy across the country. The partnership aligns with a broader vision of promoting financial resilience and bridging the credit gap for SMEs and entrepreneurs in Côte d’Ivoire. #Yango #CôteDIvoire #FintechAfrica #GigEconomy #FinancialInclusion

CBN Hit Opay and Moniepoint with NGN 1 B Fine Due to Compliance Lapses The Central Bank of Nigeria (CBN) has imposed NGN 1 B (~USD 590 K) fines on Moniepoint Nigeria and OPay, two leading Nigerian fintech unicorns, following a Q2 2024 audit revealing compliance lapses. This move is part of the CBN’s efforts to ensure stricter adherence to regulatory standards as the fintech sector grows. Additional penalties were issued to at least four other fintech companies, though details remain undisclosed. Key concerns include licensing adequacy and compliance with Know Your Customer (KYC) standards, as fintechs scale rapidly under microfinance bank licenses. Earlier in 2024, the CBN suspended customer onboarding for several firms over similar issues, forcing them to revamp processes and strengthen compliance measures. The fines highlight the CBN's commitment to financial system stability and customer protection as fintechs drive innovation and inclusion. #CBN #Fintech #Regulation #Compliance #Nigeria #Innovation

ImpactHER's African Women Sustainability Conference 2024 to Empower Women Entrepreneurs On December 11-12, 2024, Abuja, Nigeria, will host the African Women Sustainability Conference 2024, a pioneering event aimed at accelerating Africa’s green economy. Organized by ImpactHER a non-profit organization, in partnership with the African Union and the U.S. Department of Commerce, the conference will unite leaders from over 20% of Africa’s countries. Under the theme “Igniting Africa’s Green Revolution: Empowering Women Entrepreneurs as Catalysts for Sustainable Growth and Unlocking Access to Eco-Financing”, the event seeks to bridge the eco-financing gap for women-led businesses—key drivers of Africa’s economies. Key highlights include: - Executive roundtables featuring ministers from countries like Chad, Liberia, Malawi, and Kenya. - Workshops on green business certification and eco-financing. - A pitch competition for innovative green enterprises. - Exhibitions showcasing sustainable business models. The initiative aspires to unlock millions in eco-financing by 2026, positioning women entrepreneurs at the heart of Africa's green future. Strategic Partners include TOOLUP Foundation and Aruwa Capital Management. #GreenEconomy #WomenEntrepreneurs #Sustainability #EcoFinancing #ImpactHER

Kenyan Banks to Lower Lending Rates Following CBK Directive Kenyan commercial banks have agreed to reduce lending rates starting December 2024, following a directive from the Central Bank of Kenya (CBK). This decision aligns with the CBK's recent 75 basis point cut to its benchmark rate, now at 11.75%—the lowest since the pandemic. The CBK highlighted concerns over the growing gap between its policy rate and commercial lending rates, which hit a 31-month high in October. Despite earlier rate cuts, lending rates rose to 17.15% in October, reflecting banks' slow response to monetary easing. Under pressure from CBK Governor Kamau Thugge, the Kenya Bankers Association (KBA) has now announced its 43 member banks would begin adjusting loan rates to improve credit affordability for individuals and businesses. Banks are notifying customers about incremental rate reductions, effective this month, in line with current economic conditions and credit risk considerations. The KBA has also called for further CBK rate cuts and is working with the government to address issues like risk-based pricing, delayed payments, and credit litigation backlogs. #Kenya #CBK #Banking #InterestRates #EconomicGrowth

Morocco Hits Record 15.9M Tourist Visitors in the First 11 Months of 2024 Morocco's tourism sector saw a record 15.9 million visitors during the first eleven months of 2024, a 20% increase over the same period in 2023, according to the country's tourism ministry. November alone saw 1.3 million arrivals, up 31% year-on-year, underscoring the nation's growing global appeal. Moroccans living abroad contributed significantly to this growth, with visits rising by 17%, adding 1.1 million travellers. Tourism, a vital sector for Morocco, represents 7% of GDP and is a key driver of jobs and foreign currency. This continued growth reflects the success of Morocco’s tourism strategy for 2023-2026, which aims to enhance the Kingdom’s position as a world-class tourist destination. This strategy includes diversifying the tourism offer across 12 regions and improving air transport infrastructure. With plans to attract 17.5 million visitors by 2026 and 26 million by 2030—when it co-hosts the FIFA World Cup—the country aims to cement its status as a top global destination. #Tourism #Morocco #EconomicGrowth #TravelIndustry

MTN Partners with China Telecom and Huawei to Drive Digital Infrastructure in South Africa MTN South Africa has signed an MoU with China Telecom Global and Huawei to develop advanced digital infrastructure for the South African market. This partnership will combine MTN’s local expertise, Huawei’s cutting-edge technology, and China Telecom’s global network solutions to drive innovation and connectivity. The collaboration will focus on key technologies, including 5G, cloud computing, AI, IoT, and enterprise solutions, unlocking new opportunities for industries such as smart mining and industrial applications. The enhanced network services aim to bridge the digital divide and support economic growth. Meanwhile, MTN and Huawei in another agreement are already working on 5G-advanced technology in Johannesburg, further solidifying their commitment to digital transformation. This MoU reinforces MTN’s strategy to expand ICT solutions, B2B offerings, and industry-specific innovations across South Africa. #MTN #Huawei #ChinaTelecom #DigitalTransformation #5G #ICT #Africa