Access to Finance News

African Trade Insurance to double portfolio to $7bln, by 2022


 | Source: Ecofin Agency

The African Trade Insurance (ATI) agency plans to raise its trade and investment portfolio from $3.5 million (expected at the end of 2018) to $7 billion by 2022. According to Reuters which reported the news June 12, quoting an agency manager, this increase will be driven by financial commitments from about twenty new members.

West Africa: COFINA records 16 billion CFA francs in subscriptions at the close of its first securitisation operation


 | Source: 35° Nord; All Africa

COFINA, Africa’s leading institution for mesofinance, has raised more than 16 billion CFA francs, an oversubscription of 60% reflecting strong investor interest.

Côte d’Ivoire: Coris Bank to grant SMEs $17.9M at 9% annual prime rate


 | Source: Ecofin Agency

The Ivorian subsidiary of Coris Bank International approved a new credit line worth CFA10 billion ($17.9 million) to local SMEs. The document was recently signed between the company and the ministry of trade, craft, and SMEs’ promotion.

Licence Granted for Zimbabwe Women Microfinance Bank


 | Source: AllAfrica

The Reserve Bank of Zimbabwe has authorized the operation of the Zimbabwe Women Microfinance Bank Limited under the Ministry of Women's Affairs, Gender and Community Development.


Nigeria's SMEs Set for Rapid Internet Adoption


Nigeria is buzzing with largest internet-using population in Africa based on stats by Nigerian Communications Commission (NCC). There are now more than 98.3 million internet users in Nigeria & these internet users not only like to surf the web but also getting inclined towards buying online.


Kenya: NSE Launches Mobile App for Real-Time Monitoring


 | Source: AllAfrica; DailyNation

Nairobi Securities Exchange (NSE) will Tuesday launch a mobile app, opening a window for investors to monitor the bourse real-time.


Kenya: Electronic Registry to Verify Loan Seekers' Assets


 | Source: The EastAfrican; All Africa

Kenya has created an electronic registry for movable collateral that will help lenders search for credit information on both loan seekers and proposed assets to act as security.

Digital finance, an opportunity to accelerate financial inclusion in Africa?


 | Source: FinancialAfrik

Technology finance accounts for more than 50% of the 270 mobile banking offerings sold worldwide, 134 million active accounts listed in 2017, of which more than 84 million are in Sub-Saharan Africa. Since 2010, the African continent has been experiencing an upheaval in its financial ecosystem. Both banks and FinTech and other mobile banking operators compete for technological know-how to gain share in the vast digital finance market on the continent.


Afreximbank Partners FCSSC, MIAI for $1 billion fund to Support Industrialization, Boost Africa-South Cooperation


 | Source: Financial Afrik

The African Export-Import Bank (Afreximbank), the Finance Center for South-South Cooperation (FCSSC) and the Made-in-Africa Initiative (MIAI) have announced a joint effort to mobilise $1 billion in equity fund to channel foreign direct investment from developing (South) economies towards Africa’s industrialization and integration into global value chains.

Nigeria: Union Bank introduces first bot software for banking services and operations


 | Source: Ecofin Agency

The NSE-listed Union Bank of Nigeria announced last May 22 it will deploy an innovative Robotic Process Automation (RPA) technology for banking operations.

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