Sunday, May 31We Break the News
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Carbon Express – Carbon launches its new Social Banking Service

Carbon Express – Carbon launches its new Social Banking Service

AFRICA, Banking
LAGOS, Nigeria, May 21, 2020/ -- Nigeria’s leading digital financial services company, Carbon in an effort to improve the experience of its customers, has launched Carbon Express - A keyboard extension that allows customers to access Carbon services from within whatever app they are using. Carbon Express enables users to initiate and complete transactions such as P2P transfers and bill payments from the keyboard without launching the Carbon App or leaving the current app that they are using. Instead, they will be able to access services from the touch of their keyboard enabling quicker Instagram or Whatsapp commerce. Carbon Express maintains the same PCI DSS compliant model of encryption, authentication, and security as Carbon’s other services, thereby guaranteeing the security of a...
Ecobank Group and Google collaborating to deliver digital solutions tailored for Ecobank’s Small and Medium-sized Enterprises (SMEs) customers

Ecobank Group and Google collaborating to deliver digital solutions tailored for Ecobank’s Small and Medium-sized Enterprises (SMEs) customers

AFRICA, Banking, Business, INTERNATIONAL, INTERNATIONAL NEWS, TECHNOLOGY
Ecobank Group, the pan-African Bank, in collaboration with Google is helping to equip African SMEs with the necessary digital skills to navigate the rapidly evolving business world. The aim is to assist African businesses remain relevant and fulfil their potential by embracing digital capabilities. Josephine Anan-Ankomah, Ecobank’s Group Executive for Commercial Banking said: “As a longstanding pioneer in providing cutting-edge digital solutions for African businesses we are delighted to collaborate with Google to offer timely and relevant solutions, including Google My Business and Google Ad products. These are specifically tailored to meet the needs of our SME customers.” “Our objective is to be the partner of choice for SMEs, by meaningfully supporting their success and grow...
Coronavirus – Kenya: World Bank Approves $1 Billion Financing for Kenya, to Address COVID-19 Financing Gap and Support Kenya’s Economy

Coronavirus – Kenya: World Bank Approves $1 Billion Financing for Kenya, to Address COVID-19 Financing Gap and Support Kenya’s Economy

AFRICA, Banking, CORONAVIRUS, Covid 19 Donations, EAST AFRICA, HEALTH, INTERNATIONAL, INTERNATIONAL NEWS, KENYA
The World Bank Board of Directors on 20th May 2020 approved a $1 billion budget support operation for Kenya, which helps close the fiscal financing gap, while supporting reforms that help advance the government’s inclusive growth agenda, including in affordable housing and support to farmers’ incomes. The Kenya Inclusive Growth and Fiscal Management Development Policy Financing (DPF), is the second of a two-operation programmatic series aimed at recreating fiscal buffers over the medium term and crowding in private investment. Preparation of this DPF preceded the COVID-19 pandemic, but its approval is timely, since it will help to fill the financing gap generated by the severe, ongoing shock to Kenya’s economy. The DPF thus complements the recently approved Kenya Covid-19 Emergency Res...
Coronavirus – Africa: World Bank Group – 100 countries get support in response to COVID-19 (Coronavirus)

Coronavirus – Africa: World Bank Group – 100 countries get support in response to COVID-19 (Coronavirus)

AFRICA, Banking, CORONAVIRUS, Covid 19 Donations
The World Bank Group today announced its emergency operations to fight COVID-19 (coronavirus) have reached 100 developing countries – home to 70% of the world’s population. Since March, the Bank Group has rapidly delivered record levels of support in order to help countries protect the poor and vulnerable, reinforce health systems, maintain the private sector, and bolster economic recovery. This assistance, the largest and fastest crisis response in the Bank Group’s history, marks a milestone in implementing the Bank Group’s pledge to make available $160 billion in grants and financial support over a 15-month period to help developing countries respond to the health, social and economic impacts of COVID-19 and the economic shutdown in advanced countries. “The pandemic and shutdown of a...
Zimbabwe: African Development Bank approves $13.7 million to strengthen health system, boost anti-COVID-19 efforts

Zimbabwe: African Development Bank approves $13.7 million to strengthen health system, boost anti-COVID-19 efforts

AFRICA, Banking, CORONAVIRUS, Covid 19 Donations, ZIMBABWE
The Board of Directors of the African Development Bank has approved a $13.7 million grant to finance the COVID-19 response in Zimbabwe. The funds will provide an immediate lifeline for targeted frontline responders and health personnel and boost the country’s Global Health Security Index in the wake of the novel coronavirus pandemic. Approval for the grant was made on May 13, after a request from the Zimbabwe Government. The funds, from the African Development Fund (ADF) 14 Transition Support Facility, will go to Zimbabwe’s COVID-19 Response Project (CRP), which aims to mitigate the impact of the COVID-19 pandemic on a country which is facing many economic and social challenges. The CRP will focus on 15 high-density urban suburbs in Harare the capital, satellite townships and target...
Standard Chartered donates USD11,8m for immediate COVID-19 relief efforts across Africa and the Middle East

Standard Chartered donates USD11,8m for immediate COVID-19 relief efforts across Africa and the Middle East

AFRICA, ASIA, Banking
DUBAI, United Arab Emirates, May 14, 2020/ -- Standard Chartered today announced donations totalling USD11,8 million to the Red Cross, UNICEF and local non-governmental organisations (NGOs) and Government Partners providing emergency relief in countries across Africa and the Middle East impacted by COVID-19.The donations will contribute to programmes providing urgent medical support and the protection and education of vulnerable children, as well as other efforts to ensure the health, safety and protection of communities across Africa and the Middle East.To ensure donations are allocated on the ground where they can provide rapid and targeted impact, Standard Chartered has: Pledged USD3,55 million of funding to the Red Cross* for urgent medical support in nine markets** across Africa....
Coronavirus – Africa: Norwegian Government proposes increased support for World Bank’s International Development Association, International Monetary Fund’s (IMF) Catastrophe Containment and Relief Trust and lending schemes for low-income countries

Coronavirus – Africa: Norwegian Government proposes increased support for World Bank’s International Development Association, International Monetary Fund’s (IMF) Catastrophe Containment and Relief Trust and lending schemes for low-income countries

AFRICA, Banking, CORONAVIRUS, Covid 19 Donations, EUROPE, HEALTH, INTERNATIONAL, INTERNATIONAL NEWS, Norway
In order to strengthen international cooperation to mitigate the impacts of the coronavirus crisis, the Government is proposing a contribution to the IMF’s Catastrophe and Containment Relief Trust and contributions to the IMF and World Bank lending schemes for low-income countries. The Government is proposing an increase in Norway’s core contribution to the International Development Association (IDA), the part of the World Bank that provides assistance to the world’s 76 poorest countries. Over half of these countries are in Africa. This will be additional to Norway’s contribution to the 19th IDA replenishment for the period 2020-22, which amounts to NOK 976 million in 2020.  ‘The World Bank and IDA responded quickly to the COVID-19 outbreak by freeing up substantial resources. ...
Equity Bank Uganda Limited family contributes 2 Brand New Double Cabin Pickups and PPE totaling UGX 0.5 Billion towards COVID-19 relief efforts.

Equity Bank Uganda Limited family contributes 2 Brand New Double Cabin Pickups and PPE totaling UGX 0.5 Billion towards COVID-19 relief efforts.

AFRICA, Banking, CORONAVIRUS, Covid 19 Donations, INTERNATIONAL NEWS, UGANDA, UNITED NATIONS, united states of america, World Health Organization
Contribution includes two vehicles from Equity Bank Uganda Ltd and 100M worth of PPE from Equity Bank Uganda staff Equity Bank Uganda’s Board Chairman Mr. APollo Makubuya and his team handover a dummy Cheque to Uganda's Prime Minister Tr.Hon. Dr Ruhakana Rugunda .Photo by Ronald Kabuubi/KMA Updates. Kampala, May 12, 2020: Equity Bank Uganda Limited has contributed 2 brand new Toyota double cabin pickups valued at UGX 400 Million and Personal Protective Equipment (PPE) worth UGX 100 Million to the COVID -19 National Response Task Force. “This contribution comprises 1 brand new Toyota double cabin pickup from the Bank, a similar one from the family of Dr. James Mwangi, the Group Managing Director and CEO of Equity Group Holdings and PPE worth UGX 100 Million donated by the staff of...
On UN Global Compact Forum, panelists urge robust multi-stakeholder response to the coronavirus pandemic

On UN Global Compact Forum, panelists urge robust multi-stakeholder response to the coronavirus pandemic

Banking, CORONAVIRUS, UNITED NATIONS
The African Development Bank is ready to be a partner in coordinated international responses to the COVID-19 pandemic, and can offer expertise on the ground in Africa, an emerging and critical battleground in defeating the worldwide crisis. This was the top line message Acting Senior Vice President Bajabulile Swazi Tshabalala delivered during a United Nations Global Compact virtual panel titled Global Cooperation for Crisis Response to discuss strategies and recommendations for mounting a global response. In her opening statement, the acting SVP drove home the imperative for close cooperation at every level. “No country is exempt or immune from the health and economic consequences which are unraveling. COVID-19 affects us all whether we are in a developed or developing countries,” she ...
On UN Global Compact Forum, panelists urge robust multi-stakeholder response to the coronavirus pandemic

On UN Global Compact Forum, panelists urge robust multi-stakeholder response to the coronavirus pandemic

AFRICA, Banking
The African Development Bank is ready to be a partner in coordinated international responses to the COVID-19 pandemic, and can offer expertise on the ground in Africa, an emerging and critical battleground in defeating the worldwide crisis. This was the top line message Acting Senior Vice President Bajabulile Swazi Tshabalala delivered during a United Nations Global Compact virtual panel titled Global Cooperation for Crisis Response to discuss strategies and recommendations for mounting a global response. In her opening statement, the acting SVP drove home the imperative for close cooperation at every level. “No country is exempt or immune from the health and economic consequences which are unraveling. COVID-19 affects us all whether we are in a developed or developing countries,” she...
African Development Bank approves €40 million in grants for bridge linking Cameroon and Chad

African Development Bank approves €40 million in grants for bridge linking Cameroon and Chad

AFRICA, Banking, cameroon, CHAD
The Board of Directors of the African Development Bank Group has approved grants worth €40.94 million for the construction of a bridge to connect Cameroon and Chad across the Logone river. The grants, comprising a €20.785 million tranche for Cameroon and €19.215 million for Chad, were approved on 30 April 2020. The facility is from the Investment Facility for Africa under a framework agreement between the Bank Group and the European Commission. The funds will co-finance the costs of construction of the bridge between Yagoua in Cameroon and Bongor in Chad, access roads and feasibility studies, management said in a report to the Board. The bridge, once completed,  is expected to bolster bilateral and sub-regional integration and cross-border trade, safeguard life and property ...
Joint Medical Store from Uganda secures  US$2.2m loan from Standard Chartered’s US$1 billion financing programme to help tackle Covid-19

Joint Medical Store from Uganda secures US$2.2m loan from Standard Chartered’s US$1 billion financing programme to help tackle Covid-19

AFRICA, Banking, CORONAVIRUS, Covid 19 Donations, EAST AFRICA, HEALTH, INTERNATIONAL, UGANDA
06 May, 2020 – Kampala, Uganda – Standard Chartered announced today that Joint Medical Store, the Ugandan not-for-profit organisation, has become the first client to make a drawdown under the Bank’s US$1 billion financing commitment to help companies tackling Covid-19. JMS’ drawdown for US$2.2m on a loan facility will help them provide healthcare facilities and supply masks, sanitisers and medicines in Uganda. The private NGO, which was established in 1979, is also licensed by the National Drug Authority to engage in the import, export and wholesale of medicines and related health supplies.  Standard Chartered launched the programme on March 30 to provide financing on a not-for-profit basis to companies making products and services that help the front line fight t...
African leaders laud African Development Bank President for visionary leadership amid COVID crisis

African leaders laud African Development Bank President for visionary leadership amid COVID crisis

AFRICA, Banking
South Africa’s President and African Union chairperson Cyril Ramaphosa and the Nobel peace laureate and former Liberian President Ellen Johnson Sirleaf have commended Akinwumi Adesina, President of the African Development Bank, for his visionary leadership and bold initiatives to accelerate Africa’s development and to support the continent through the COVID-19 crisis. South Africa’s President and African Union chairperson Cyril Ramaphosa President Ramaphosa expressed appreciation for the Bank’s commitment of $26 million for the African Centers for Disease Control and Prevention, its support in the procurement of critical medical supplies in Africa, and the financial instruments the Bank has provided to assist member countries through the pandemic. The African Development Bank (Af...
Republic of Ireland becomes African Development Bank Group 81st shareholder

Republic of Ireland becomes African Development Bank Group 81st shareholder

AFRICA, Banking, Business, EUROPE, INTERNATIONAL, Ireland
The Republic of Ireland has become the African Development Bank Group’s 81st shareholder, following a declaration issued by the institution’s President, Akinwumi Adesina, on 24 April 2020. Ireland’s application to join the African Development Bank Group was approved during the Annual meetings of the Board of Governors of the Bank Group held in Malabo, Equatorial Guinea, in June 2019. In February 2020, the nation deposited the Instrument of Ratification of the Agreement Establishing the African Development Fund with the Secretary-General of the Bank Group during a delegation visit to the Bank’s headquarters, moving one step closer to concluding the membership process.  “Ireland’s joining the African Development Bank is a mark of great confidence in the Bank. I am delight...
African Development Bank approves $40 million package for Angola’s Banco Millennium Atlântico to support small and medium-sized enterprises (SMEs)

African Development Bank approves $40 million package for Angola’s Banco Millennium Atlântico to support small and medium-sized enterprises (SMEs)

AFRICA, Banking
The package consists of a $32 million line of credit from the African Development Bank and an additional $8 million in parallel financing from the Africa Growing Together Fund (AGTF) The Board of Directors of the African Development Bank on 15 April approved a $40 million financial package to support Angola’s Banco Millennium Atlântico (BMA) to bolster local production and job creation through its portfolio of small and medium-sized enterprises. The package consists of a $32 million line of credit from the African Development Bank and an additional $8 million in parallel financing from the Africa Growing Together Fund (AGTF), a co-financing fund sponsored by the People’s Bank of China and administered by the African Development Bank. The facility will provide the long-term fi...
Standard Chartered announces operating profit before tax rises 30% to UGX 152 billion and income by 15% in 2019

Standard Chartered announces operating profit before tax rises 30% to UGX 152 billion and income by 15% in 2019

AFRICA, Banking, Business, EAST AFRICA, UGANDA
Kampala - 29 April 2020: Standard Chartered Bank has announced it delivered strong performance for the year ended 31 December 2019 with operating profit before tax (OPBT) rising 30 per cent to Ugx 152 billion and operating income increasing 15 per cent to Ugx 461 billion. Performance highlights include: •           Total income recorded a growth of 15% •           Net profit after tax recorded a growth of 29.8% •           Total Assets recorded a growth of 8% •           Our customer deposits increased by 11% Mr Albert Saltson, Standard Chartered Bank Chief Executi...
Coronavirus: Ecobank Group contributes about US$ 3million across its Africa  footprint to support the fight against COVID-19

Coronavirus: Ecobank Group contributes about US$ 3million across its Africa footprint to support the fight against COVID-19

AFRICA, Banking, CORONAVIRUS, Covid 19 Donations, HEALTH, INTERNATIONAL NEWS
Lome, Togo April 20th, 2020- Ecobank Group, the Pan African Bank,has contributed about US$3million to the fight against COVID-19 across its footprint in Africa. In line with its commitment tothe continent, various contributions were made to support the efforts of governments, the World Health Organization as well as the private sector in alleviating the effect of the pandemic on the most vulnerable on the continent. The bank noted that with their knowledge of Africa, and to compliment various government efforts, it provided support in form of cash, healthcare equipment and supplies, strong and sustained awareness campaigns while also using their digital platform to provide cash to some vulnerable members of the societies, amongst others. Ecobank Uganda donated Shs 80 Million (about ...
Yemen’s Fastest Growing Bank Selects Temenos to Accelerate Adoption of Digital Banking Services and Promote Social and Economic Progress

Yemen’s Fastest Growing Bank Selects Temenos to Accelerate Adoption of Digital Banking Services and Promote Social and Economic Progress

ASIA, Banking, Business, ECONOMY, INTERNATIONAL, INTERNATIONAL NEWS
Temenos (SIX: TEMN), the banking software company, today announced that Yemen-based, Al Kuraimi Islamic Bank (KIB), has selected Temenos Infinity and Temenos Transact to replace its legacy IT systems and deploy a single, cloud-native, cloud-agnostic digital banking platform to underpin its banking operations. KIB is one of the Yemen’s top 5 banks, with 1.2 million customers and it aims to reach 5 million customers by 2023. KIB was established in 2010, aiming to make financial services easily accessible across Yemen, support socioeconomic development and raise the national standard of living. KIB plays a fundamental role in supporting the livelihoods of local businesses and individuals by providing access to vital financial products and services. Temenos agile and scalable technolog...
Coronavirus – Africa: World Bank Group and IMF mobilize partners in the fight against COVID-19 in Africa

Coronavirus – Africa: World Bank Group and IMF mobilize partners in the fight against COVID-19 in Africa

AFRICA, AMERICA, Banking, CORONAVIRUS, Covid 19 Donations, HEALTH, INTERNATIONAL, INTERNATIONAL NEWS, WORLD
Official creditors have mobilized up to $57 billion for Africa in 2020 alone including upwards of $18 billion from the IMF and the World Bank each The World Bank Group and International Monetary Fund today convened African leaders, bilateral partners, and multilateral institutions to spur faster action on COVID-19 response in African countries. H.E. Cyril Ramaphosa of South Africa, United Nations Secretary General Antonio Guterres, Director General of the WHO Dr. Tedros Adhanom Ghebreyesus, Africa Union Commission Chairperson Moussa Faki Mahamat, and officials of individual countries outlined their policy plans for effective use of resources, multilateral organizations including the United Nations pledged their continued support, and bilateral partners reemphasized their commitment to ...
Coronavirus – Malawi: World Bank Approves $37 Million Support for COVID-19 Response in Malawi

Coronavirus – Malawi: World Bank Approves $37 Million Support for COVID-19 Response in Malawi

AFRICA, Banking, CORONAVIRUS, Covid 19 Donations, HEALTH, INTERNATIONAL NEWS, MALAWI
Yesterday, The World Bank approved $7 million in immediate funding to support Malawi’s response to the global COVID-19 (coronavirus) pandemic under a new Malawi COVID-19 Emergency Response and Health Systems Preparedness project. In addition to the new operation, $30 million has been made available from the Disaster Risk Management Development Policy Financing with a Catastrophe Deferred Drawdown Option (Cat-DDO) to strengthen the country’s response to the pandemic. The Malawi COVID-19 Emergency Response and Health Systems Preparedness project will provide funding towards detection, surveillance, response and system strengthening activities prioritized in the Malawi COVID-19 Preparedness and Response Plan. That plan is also being financed by several Development Partners. The Disaster ...