African Financial Sector News
According to the Bank of Tanzania (BoT) monthly economic review, credit to the private sector grew at an annual growth rate of 21.4 per cent to the end of June 2014, higher than 17.1 per cent recorded in the year ending June 2013.
Rating agency Moody’s has downgraded the rating of four key South African banks: Absa, FirstRand Bank Ltd (First National Bank) and Nedbank. It has gone from “A3” to “Baa1”.
Rapid Communications, a remittance to mobile phone service, is now available in Uganda, Tanzania and Senegal.
Last week, the over-the-counter (OTC) trading platform for securities of unlisted companies in Nigeria NASD Plc licensed six more financial institutions that will facilitate trading in the market.
Access Bank Ghana has announced the launch of a campaign to encourage Ghanaians to embrace the culture of saving.