Stanbic bank shuts two more branches in Zimbabwe

ZIMBABWE – Stanbic Bank Zimbabwe says it is closing branches in Hwange and Westgate, Harare, in line with its digitisation strategy. Early this year Stanbic discontinued operations at two branches in Zimbabwe. “In line with this digitisation journey, Stanbic Bank is set to discontinue its physical operations at Hwange and Westgate branches with effect from December 31, 2020,” the bank…

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IFC invests US$100m in Nigeria’s largest bank Zenith Bank

NIGERIA – IFC, a member of the World Bank Group, has announced an investment of up to US$100 million in Zenith Bank, Nigeria’s largest bank by total equity and second-largest by asset size.  The investment will help the Bank increase support to clients and companies whose cash flows have been disrupted by challenges caused by the COVID-19 pandemic.  Zenith has more…

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IFC partners with Tanmeyah to boost Egypt’s micro-finance sector

EGYPT – The International Finance Corporation (IFC) has signed an agreement with Tanmeyah, Egypt’s largest micro-finance organisation, to help boost its outreach to underserved groups across the country. The agreement paves the way for IFC’s advisory services team which to work with Tanmeyah through its 259 branches to identify areas of weakness. IFC notes that the agreement with Tanmeyah will…

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Egypt launches microfinance incentives to empower economically marginalized businesses

EGYPT -The Egyptian government has begun a microfinancing programme called “Nano Finance” to integrate the informal economy into the formal sector and empower economically marginalised people through financing mechanisms that improve their living conditions. Microfinancing seeks to provide capital needs for small farmers and the self-employed, home-based projects, day-to-day sellers and street vendors and to encourage young people to enter…

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Ecobank launches ‘Digi Banking Pack’ to increase convenience of banking for SMEs

  GHANA – Ecobank Ghana has launched a new banking solution for small businesses known as ‘The Ecobank Digi Banking Pack’ aimed at providing convenient banking services to SMEs by leveraging the bank’s digital offerings. The bank said that the move was informed by its quest to address some of the key challenges confronting Small and Medium Enterprises (SMEs) size…

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Nigeria’s major bank Access Bank acquires Diamond Bank

NIGERIA– Nigeria’s largest bank Access Bank Plc has announced that it has signed a Memorandum of Agreement (MoA) to merge its operations with mid-tier bank Diamond Bank Plc that will create Nigeria and Africa’s largest retail bank by customers.  The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination…

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Societe Generale to boost its business growth strategy in Africa

SENEGAL– French financial services leader Societe Generale group has confirmed the solid growth of its African operations, in line with its “Transform to Grow” strategic plan.  The Bank has also announced several initiatives in partnership with international, regional and local clients and institutions in order to meet sustainable development needs in Africa, as part of the launch of its “Grow…

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