The Central Bank of Kenya (CBK) announced the acquisition of 90 percent of the shareholding of Jamii Bora Bank (JBB) by Co-operative Bank of Kenya (Co-op Bank) effective August 21, 2020.

This follows CBK’s approval on August 3, 2020 under Section 13 (4) of the Banking Act, and approval by the Cabinet Secretary for the National Treasury and Planning on August 4, 2020 pursuant to Section 9 of the Banking Act.

Co-op"...

The African Export-Import Bank (Afreximbank), Africa’s foremost multilateral trade finance institution, is supporting the advancement of Mozambique’s energy industry and economy by committing up to $400 million in guarantees and direct lending to the Area 1 LNG Project.

The total Project is estimated to cost about US$24 billion and is set to be the largest"...

Sterling Bank Plc has released its results for the half-year ended June 30, 2020, which showed that it realised profit after tax (PAT) of N5.4 billion, compared with the N5.7 billion during the comparable period in 2019.

The bank’s gross earnings also stood at N70.2 billion in the period under review, as against the N72.3 billion it made during the corresponding period of 2019.

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The World Bank approved a $45 million International Development Association (IDA) grant for South Sudan to continue to improve access to basic infrastructure and strengthen community institutions.

The South Sudan Enhancing Community Resilience and Local Governance Project (ECRP) will benefit as many as 630,000 citizens who live in 21 of the country’s 79 counties by providing investments for community infrastructure and services prioritized"...

First Bank of Nigeria Limited has announced that the 2020 edition of its annual FinTech Summit is scheduled to hold this Thursday. The event will be virtually held via Zoom Meetings. The 2020 edition of the summit, which is the fourth in its series has the theme: “How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria,” and will be discussed by experts, key and leading players, policy influencers and regulatory officials in the Nigerian financial, banking and technological climate.

Chinedu"...

QNB Financial Services (QNBFS) has announced that it maintains its market perform rating on Industries Qatar (IQ) with price target of QR10 as the company’s balance sheet continues to remain solid with QR11.3bn in cash, bank balances and zero debt.
The company generated operating cash flow of QR1.7 billion and the free cash flow of QR1.5 billion in the first half of 2020 that highlights its operational efficiency and ability to generate significant positive cash flows despite challenging conditions, QNBFS said"...

The World Bank approved a $40 million grant from the International Development Association (IDA) to support investment and growth of Small and Medium Enterprises (SMEs) in non-mining productive sectors.

The Sierra Leone Economic Diversification Project will help strengthen the business enabling environment by promoting reforms to facilitate business entry and operation, facilitate strategic public investments to improve competitiveness and private"...

An independent panel of experts led by former Irish president Mary Robinson has cleared the beleaguered leader of the African Development Bank (AfDB) of corruption, a report shows.

The panel backed the findings of the bank's ethics committee, which cleared Akinwumi Adesina, 60, of all charges that came from complaints by whistle-blowers.

Mr Adesina, a charismatic speaker"...

Standard Chartered Bank Nigeria has launched new deposit product, through its Business Banking business, that gives small and medium scale businesses the advantage of saving cost and earning interest. Products offer Zero local transfer, Zero SMS, Zero Account Maintenance fee and Interest earnings on Business Accounts.

Speaking on the products, Head of Business Banking, Benjamin Dike said, It is with much excitement that we launch our new deposit"...

Justice Rilwan Aikawa of the Federal High Court in Lagos, has adjourned till August 12 for report of settlement in a $14million debt lawsuit between Sahara Group Limited and Ecobank Nigeria Limited.

Justice Aikawa adjourned the case at the instance of counsel for Sahara Group Limited and Ecobank Nigeria Limited, Messrs Bode Olanipekun and Mr. Kunle Ogunba, respectively.

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