BUSINESS

NJ Ayuk, founder of one of Africa’s most successful law chambers, supports the Senegalese leader's call on the G20 to help African countries balance their obligations to international creditors with their obligations to their own citizens in the face of the COVID-19 pandemic. He explains why debt relief is crucial to Africa's recovery from the economic fallout of the global health crisis

  As Africa starts its recovery efforts against the immense challenges caused by the Covid-19 pandemic, Pedro Guerreiro, Managing Director for Central Africa at SAP – the global leader in enterprise software,  takes a closer look at the continued economic success story of the East African region and argues why it is an example for how the rest of the …

The Economic Community of West African States has postponed the planned launch of its single currency, the Eco. The body agreed to maintain a gradual approach for the launching of the currency. ECOWAS explained that a new date for the launch would be announced later. This was contained in a communiqué issued at the end of the 57th Summit of …

“Covid-19 also opens up new opportunities and a greater sense of urgency to build Africa’s manufacturing capacity, industrial development, and critically-needed industrial value-chains that must be supported by enabling infrastructure and policies"

The leading pan-African banking group Ecobank has won the Award for Innovation in Financial Services at the 2020 edition of the prestigious African Banker magazine Awards. The Awards, which reward banking excellence in Africa, were announced at a virtual ceremony held on 26 August. The African Banker’s judging process sought to recognise the African banks that have demonstrated original and …

President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has been reelected to a second 5-year term by the Board of Governors of the international financial institution. The election took place at the bank’s annual general meeting held via video conferencing on Thursday. Adesina was the first AfDB president to be re-elected with 100% votes of both African and …

Ecobank Group, the pan-African banking giant, on Thursday announced the winners of its Ecobank Fintech Challenge 2020 after an exciting virtual event streamed live from Accra, Ghana. Nokwary Technologies, edged out the rest of the finalists to emerge winner of the competition. The first and second runner up spots were taken by Ukheshe Payment and Solutions Growth Factor Technologies respectively. …

The Jack Ma Foundation’s search for Africa’s Business Heroes continues, with the top 20 finalists revealed on 19 August – representing over 50% female candidates, 11 key sectors and 14 countries: the twenty finalists have impressed the judges with their vision and entrepreneurial prowess, and are ready to progress to the semi-finale stage of the competition, for a chance to …

President Nana Akufo-Addo on Monday, 17th August 2020 commissioned and handed over the African Continental Free Trade Area (AfCFTA) Secretariat building to the African Union Commission (AUC) in Accra. This move is a fulfilment of Ghana’s obligation to provide an office as the Headquarters for the AfCFTA Secretariat and an official residence for the Secretary-General. Delivering a speech at the …

As the Nigerian banking industry witnesses increased regulatory scrutiny due to the impact of COVID-19, bank customers have not been spared from the whims of fraudsters. Access Bank Plc has once again implored customers to be vigilant over rising cases of fraud, urging customers to remain vigilant and beware of the common tricks used by fraudsters to rob them of …

Standard Chartered and Airtel Africa will work together to co-create new, innovative products aimed at enhancing the accessibility of financial services DUBAI, United Arab Emirates, August 13, 2020/ — Standard Chartered Bank and Airtel Africa have today announced a strategic collaboration to drive financial inclusion across key markets in Africa by providing customers with increased access to mobile financial services. …

In a move that promises to make sending and receiving cash easier, Ecobank has introduced cardless Automated Teller Machines (ATMs). The bank’s Xpress Cash enables users to withdraw cash from ATMs using only a mobile phone. “The solution is seamless, secure and is driven by the use of a code (e-token) by an account holder via the bank’s USSD code …

Ghana’s President Nana Akufo-Addo on Monday unveiled the first vehicles assembled in Volkswagen’s new plant in Accra. “It is a good day for Mother Ghana. The Volkswagen assembly plant will create a lot of highly skilled jobs, reduce the high amounts of foreign exchange used in the importation of second-hand vehicles, and, thereby, help strengthen the Ghanaian currency, whilst, at …

The South African-based supermarket chain Shoprite has announced its plan to exit Nigeria while reporting its business report on Monday (3 August) in Johannesburg.  Shoprite said the decision was made after “approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria.” The company, Africa’s largest supermarket chain, said its business in Nigeria …

A much awaited report by an Independent Review Panel has completely exonerated the President of the African Development Bank (AfDB), Akinwumi Adesina of any ethical wrongdoings. The Independent Review Panel was set up by the Bureau of Governors of the Bank, following a complaint by the United States to review the process by which its two organs – the Ethics …

With this global health crisis comes an economic disruption of unprecedented proportion, Professor Banji Oyelaran-Oyeyinka* looks at the possible long-term impact of the pandemic on African countries and suggests what they must do to turn the crisis to opportunity ABIDJAN, Ivory Coast, July 27, 2020/ — At one time or another, nations and individuals confront crisis points – moments of …

Jack Ma Foundation’s Africa Netpreneur Prize Initiative (ANPI) selects Top 50 Finalists of 2020 “Africa’s Business Heroes” Competition.  LONDON, United Kingdom, July 27, 2020/ — Top 50 finalists were selected from over 22,000 applications across all 54 African nations; The finalists represent 21 African countries, half are female, and work in 18 sectors like agriculture, AI, e-commerce, fashion, healthcare, renewable …

Africa has complex and unique business opportunities. Harvard Business School professors are launching a new online course to teach entrepreneurs how to build scalable businesses designed to solve core problems in Africa. Unlike other business courses, this one focuses on identifying points of opportunity for smart entrepreneurial efforts through live online lectures, peer-to-peer learning, and real-life lessons incorporated into participants’ …

The Mastercard Foundation on Thursday (23 July) announced its Young Africa Works strategy in Uganda, which has set a goal to enable more than 3 million young people in the country to access dignified and fulfilling work opportunities by 2030. Under Young Africa Works, the Foundation has committed $200 million to ensure young women, men and refugees in Uganda have …

A six-year project to develop industrial skills among Ghana’s workforce has improved the engineering and manufacturing skills of young people, promoted economic competitiveness and contributed to an improvement in the quality of life of beneficiaries and a reduction in poverty, according to an African Development Bank (AfDB) report issued on 15 July 2020. The Development of Skills for Industry Project …