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Opinion: Banks need to respond to business clients' changing banking needs

25th November 2021 In this opinion article, Nedbank Corporate and Investment Banking Transaction Services divisional executive Ian Carter and Nedbank Business Banking Integration executive head Poovendran Naidoo write that the expectations of business clients when it comes to banking have changed and that banks... →

ARC, Ethos Mid-Market Fund 1 to acquire fintech company in R1.5bn deal

By: Simone Liedtke 24th November 2021 African Rainbow Capital (ARC) subsidiary ARC Financial Services Holdings (FSH) is part of a consortium that has entered into agreements to acquire 100% of fintech company Crossfin Technology in a R1.5-billion transaction. ARC is part of a consortium led by the Ethos Mid-Market Fund I. Through the... →

EIB, BRD to provide funds to Rwandan businesses impacted by Covid-19

By: Tasneem Bulbulia 23rd November 2021 New investments by Rwandan companies will benefit from a business financing initiative backed by the Development Bank of Rwanda (BRD) and lending institution the European Investment Bank (EIB). Rwandan firms are expected to benefit from a €30-million new long-term facility funded by both the EIB... →

African finance resilient to Covid-19 challenge

By: Schalk Burger 19th November 2021 The European Investment Bank's (EIB's) 'Finance in Africa 2021' report has shown the resilience of Africa’s financial sector and enthusiastic engagement to embrace digitalisation. However, the report, which included input from 78 leading banks and financing institutions active across sub-Saharan... →

IFC, Absa partner to boost trade finance in sub-Saharan Africa

By: Creamer Media Reporter 17th November 2021 The International Finance Corporation (IFC) has welcomed South African financial services provider Absa Bank to its Global Trade Liquidity Program (GTLP) to boost access to trade finance in sub-Saharan Africa, especially in low-income and fragile countries. Through a combined investment of... →

UK Climate Investments, Norfund invest in South African JV to develop renewable assets

By: Tasneem Bulbulia 17th November 2021 Macquarie-managed UK Climate Investments (UKCI) and Norfund are financing a joint venture (JV) between H1 Holdings and Pele Green Energy to fund a 40% equity participation in a 700 MW portfolio of onshore wind farms. Both partners will invest alongside Enel Green Power in one of South Africa’s... →

Verdant closes private equity-related transactions in South Africa

By: Tasneem Bulbulia 15th November 2021 Specialist investment bank and investment manager Verdant Capital has closed private equity-related transactions in South Africa, with fund raisings for Bridge Taxi Finance and Retail Capital. Verdant has successfully raised R300-million in debt financing for Bridge Taxi Finance from a small... →

Climate Fund Managers close second blended finance initiative

By: Donna Slater 12th November 2021 Investment management company Climate Fund Managers (CFM) has closed its second blended finance global climate fund initiative – Climate Investor Two (CI2) – at $642-million for Africa, South and Southeast Asia, and Latin America. CI2 follows the establishment of its first initiative – Climate... →

AfDB launches climate change and green growth framework at COP26

By: Donna Slater 12th November 2021 The African Development Bank (AfDB) Group has launched its Climate Change and Green Growth Framework – the first of its kind by any multilateral development bank – at the COP26 climate conference in Glasgow, Scotland. Speaking at the Africa Day celebrations at the Africa Pavilion earlier this... →

MFS Africa raises $100m for Africa expansion

By: Schalk Burger 10th November 2021 Digital payment firm MSA Africa has raised $100-million through an equity and debt financing round, which marks another milestone in the company's expansion, following a series of acquisitions and investments in other African financial technology (fintech) companies, including the recently... →

Grindstone venture capital fund aims to assist South African tech startups

By: Schalk Burger 9th November 2021 Entrepreneur accelerator company Grindstone has launched a venture capital fund called Grindstone Ventures focused specifically on post-seed investments, where there is currently a gap in the South African funding landscape. The $6.5-million, or R100-million, fund is dedicated to seed funding... →

Mazars, Neu Capital Africa partner to form mid-market capital raising practice

By: Donna Slater 8th November 2021 Financial advisory firm Mazars’ corporate finance division and Neu Capital Africa – now rebranded as Cala Capital Africa – have consolidated their capital raising advisory capabilities to establish a mid-market capital raising practice. The firms state that, as Africa continues to attract foreign... →

Half of investors express intent to divest from companies not committed to improving ESG – PwC

By: Donna Slater 2nd November 2021 Forty-nine per cent of investors surveyed by PwC have said they would consider divesting from companies that are not taking sufficient action on environmental, social and governance (ESG) issues. The ‘2021 Global Investor ESG Survey’ captured the views of 325 investors from around the world,... →

AfDB approves $57.67m loan to support Eskom’s battery storage project

By: Tasneem Bulbulia 2nd November 2021 Development finance institution (DFI) the African Development Bank (AfDB) has approved a $57.67-million loan to State-owned Eskom to harness battery storage technology that will increase electricity generation from reliable and efficient renewable energy sources. The funding, a concessional loan,... →

Opportunities arise from noncore asset disposals

By: Darren Parker 29th October 2021 The strain caused by Covid-19 has encouraged larger companies to focus on balance sheet management and sell off noncore assets to ease their debt burdens, says private equity firm Agile Capital CEO Tshego Sefolo. He tells Engineering News that disposing of noncore assets has created several... →

A photo of Agile Capital CEO Tshego Sefolo

TSHEGO SEFOLO The African Continental Free Trade Agreement should bring opportunities for easier trade and better flow of goods across the continent

Banks have granted R246.7m in financial relief following July riots

By: Simone Liedtke 28th October 2021 Banks have granted financial relief worth R246.7-million on 15 009 credit agreements as of October 9, following the civil unrest in KwaZulu-Natal and parts of Gauteng in July. Seventy-one per cent of the relief provided was on secured credit agreements (asset-based finance and mortgages), 19% on... →

Africa must address six barriers to unlock greater climate funding

By: Tasneem Bulbulia 25th October 2021 Africa is not receiving sufficient climate funding from the available pool and there are six key enablers that must be focused on to unlock that funding, GFA Climate and Infrastructure MD Jonathan First said on October 25 during the Africa-Europe Dialogue on African Climate Finance Priorities for... →

Nedbank expands its Avo app to include end-to-end digital vehicle shopping

By: Irma Venter 22nd October 2021 Local fintech startup Payabill has developed a product where it takes the risk of settling the bills of international suppliers directly for qualifying small and medium-sized enterprises (SMEs), which apply for the finance solution “using a simple and quick digital process”. “Small businesses... →

Standard Bank hosting employee customer service solutions hackathon

By: Schalk Burger 20th October 2021 Financial services firm Standard Bank is, this week, hosting a virtual event in which its employees seek to find innovative solutions to consumer problems using technology, with strategies that build on Standard Bank’s digital strategies and value drivers. →

R1.5bn allocated to assist businesses affected by July civil unrest

By: Donna Slater 20th October 2021 Money pooled by the Department of Trade, Industry and Competition (DTIC), the Industrial Development Corporation (IDC), the National Empowerment Fund and the Solidarity Fund to address disruption and losses to businesses affected by the mid-July civil unrest has amounted to R1.5-billion. Trade,... →

FSD Africa backs fintech pioneer to build new platform increasing access to carbon markets

By: Tasneem Bulbulia 12th October 2021 FSD Africa, the UK government’s flagship financial sector programme in Africa, is making an initial investment of £650 000 in a digital solution connecting carbon credits from small-scale green projects across the global south with international buyers. The investment will deliver funding through... →

DTIC approves R50m grant funding for smart city in Limpopo

By: Tasneem Bulbulia 8th October 2021 The Department of Trade, Industry and Competition (DTIC) has approved R50-million in grant funding towards an estimated R1.5-billion smart city, which will integrate business, retail, commercial, industrial, hospitality and residential land uses that fulfil all requirements of a town in Nkunzama... →

US to donate further R134m in Covid-19 assistance to S Africa

By: Sane Dhlamini 8th October 2021 US Chargé d’Affaires Todd Haskell announced on Friday the donation of about R134-million (or $9-million) in urgent Covid-19 assistance from the US to South Africa to boost the country’s vaccination drive. This forms part of additional support from the American Rescue Plan Act and complements the... →

SCA's dismissal of Santam appeal gives certainty for outstanding insurance claims – ICA

By: Schalk Burger 7th October 2021 The dismissal by the Supreme Court of Appeal (SCA) of insurer Santam's appeal against the Western Cape High Court ruling in favour of hospitality businesses Ma-Afrika Hotels (MAH) and Stellenbosch Kitchen (SBK) to settle Covid-19 business interruption claims in the tourism and hospitality... →

City launches e-Joburg portal

By: Tasneem Bulbulia 6th October 2021 City of Johannesburg executive mayor Mpho Moerane on October 6 launched e-Joburg, a municipal bill presentation and payment portal. The e-Joburg platform is a self-service portal that enables ratepayers, homeowners, companies, property managing agents and tenants to view and download their... →

Sanlam, Absa merge investment management businesses

By: Marleny Arnoldi 5th October 2021 Insurance provider Sanlam and financial services provider Absa have decided to combine their investment management businesses, and form a new asset management company, with more than R1-trillion worth of assets under management, administration and advice. The deal involves Absa exchanging its... →

DPI raises $900m to invest in innovation-led companies in Africa

By: Tasneem Bulbulia 4th October 2021 Africa-focused premier investment firm Development Partners International (DPI) announces that the African Development Partners III Fund (ADP III) has exceeded its $800-million target and is set to hold a final close at $900-million, with an additional $250-million of dedicated co-investment... →

IFC, Sodigaz partner to boost access to cleaner energy solutions in Burkina Faso

By: Tasneem Bulbulia 1st October 2021 World Bank Group member the International Finance Corporation (IFC) and Burkina Faso energy company Sodigaz have entered into an agreement to boost access to cleaner energy solutions for thousands of households and businesses in Burkina Faso. Under the agreement, the IFC’s advisory services team... →

PIC records growth in assets under management

By: Tasneem Bulbulia 30th September 2021 State-owned asset manager the Public Investment Corporation’s (PIC’s) assets under management (AuM) for the financial year ended March 31 grew by almost R440-billion, from R1.9-trillion in the previous year to R2.34-trillion. The PIC tabled its integrated yearly report before Parliament on... →

Botswana, Namibia outline efforts towards green bonds, sustainable stock exchanges

By: Donna Slater 28th September 2021 After South Africa, Namibia, through its Namibian Stock Exchange, is the second African country to issue a green bond after signing up to the United Nations’ (UN’s) sustainable stock exchanges initiative, said Namibian Stock Exchange CEO Tiaan Bazuin. Speaking during the Southern Africa Green... →

Green bonds provide balance to traditional investment vehicles

By: Donna Slater 27th September 2021 Compared with traditional impact investment vehicles, which tend to be private equity, green bonds provide a “nice balance” in achieving a desired investment impact, environment, social and governance (ESG) advisory firm EBS Advisory CEO James Brice said during the Southern Africa Green Bonds... →

Payabill launches online international payment solution for SMEs

By: Irma Venter 27th September 2021 Local fintech startup Payabill has developed a product where it takes the risk of settling the bills of international suppliers directly for qualifying small and medium-sized enterprises (SMEs), which apply for the finance solution “using a simple and quick digital process”. “Small businesses... →

Eli Michal

Africa Investment Forum’s Market Days to be held from December 1 to 3

By: Donna Slater 17th September 2021 This year’s Africa Investment Forum’s Market Days – a multi-stakeholder, multi-disciplinary platform that advances private and public-private partnership projects to bankability stage, raises capital and accelerates deals to financial closure – will take place in Abidjan, Côte d’Ivoire, from... →

Major banks remain resilient, focus turns to new skills and new strategies

By: Schalk Burger 17th September 2021 The four largest banks in South Africa – Absa, FirstRand, Nedbank and Standard Bank – remain resilient, with healthy, stable and above regulatory minimum liquidity and coverage. Their results were also buoyed by underlying business momentum and risk profiles performing better than expected,... →

South African taxpayers note improvements in some Sars processes

By: Tasneem Bulbulia 17th September 2021 Over the past few years, South Africa’s tax landscape has undergone significant change, with a number of leadership, structural and policy changes; and moreover, the Covid-19 pandemic has impacted government coffers, disrupted businesses and placed tremendous financial strain on individuals. In... →

Core lending, interest income drive DBSA’s profit up by 182%

By: Donna Slater 17th September 2021 Development finance institution (DFI) the Development Bank of Southern Africa (DBSA) reports that its net profit for the financial year ended March 31 had increased by 182% to R1.4-billion, compared with the net profit of R504-million recorded for the 2020 financial year. CEO Patrick Dlamini... →

Sefa provides $1m to modernise Africa’s hydropower fleet

By: Tasneem Bulbulia 17th September 2021 African Development Bank (AfDB) managed fund, the Sustainable Energy Fund for Africa (Sefa), has approved a $1-million grant for the modernisation of Africa’s aging hydropower fleet. The grant will fund the mapping and evaluation of African hydropower facilities’ rehabilitation needs. →

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