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Financial News

African IPOs lag behind global pace this year

By: Tasneem Bulbulia 18th June 2021 There were no cross-border initial public offerings (IPOs) on African exchanges in the first half of this year, multinational law firm Baker McKenzie’s ‘H1 IPO Snapshot: Unfolding Trends for 2021’ report shows. However, the continued global demand for special purpose acquisition company (SPAC)... →

Partnership eyed for vaccine rollout acceleration in Africa

By: Donna Slater 15th June 2021 World Bank president David Malpass and his senior management team, comprising Dr Axel van Trotsenburg and Dr Makhtar Diop, have met with the African Union’s Covid-19 Vaccine Acquisition Task Team (Avatt) to discuss modalities for a partnership that will accelerate vaccine deployment to Africa.... →

Transformational investing a challenge for developing nations – investment panel

By: Donna Slater 14th June 2021 Africa presents a unique case for the type of transformational investing that is required for sustainability, to meet the United Nations’ Sustainable Development Goals (SDGs) and to achieve net-zero carbon emissions by 2050, according to panellists participating in a Sanlam Investments Forum on... →

Finch increases its stake in FundingHub

By: Schalk Burger 10th June 2021 Financial technology (fintech) company Finch Technologies has made a further significant investment to become the majority shareholder in South African business finance marketplace FundingHub. This follows a previous investment in 2019 to boost small and medium-sized enterprises (SMEs) funding... →

EOH disposes of Sybrin

By: Donna Slater 9th June 2021 Technology services company EOH has entered into a share purchase agreement for the sale of Sybrin to a consortium group comprising One Thousand & One Voices (1K1V) Management and Crossfin Technology (CFTH) and their black economic empowerment partners led by Isaac Mophatlane. The sale is for a... →

CDC provides Absa with $50m microfinance risk sharing facility for MSMEs in Africa

By: Schalk Burger 8th June 2021 UK development finance institution CDC Group on June 8 announced a $50-million risk-sharing facility with Absa Bank, which increases Absa's capacity to offer financing solutions to micro-, small- and medium-sized enterprises (MSMEs) and households across sub-Saharan Africa through microfinance... →

Sub-Saharan Africa rebound significantly lower than globally

By: Halima Frost 4th June 2021 A smaller contraction in 2020 and a sharper growth rebound in 2021 have led to predictions of a global rebound of about 5.6%; however, sub-Saharan Africa will lag behind, with the slowest recovery rate of about 3%, said data research and analytics company Fitch Solutions Country Risk & Industry... →

PLUGGED IN The sub-Saharan Africa recovery is on on trend with the rest of the world

Business appetite for alternative energy solutions increasing

By: Tasneem Bulbulia 2nd June 2021 Companies in South Africa should consider investing in alternative energy solutions to minimise business interruptions while managing the cost of electricity, especially given the country’s challenges with load-shedding, which negatively impacts on businesses, FNB Business Alternative Energy... →

Growth in cashless payments reshaping payments infrastructure - PwC

By: Schalk Burger 1st June 2021 Payments are increasingly becoming cashless and, as digital money draws stronger interest, the financial services industry must recognise the entire infrastructure of payments is being reshaped, with new business models emerging, advisory multinational PwC says. Given the key role digitisation... →

Scopa to institute inquiry at DBSA

By: Tasneem Bulbulia 1st June 2021 The Standing Committee on Public Accounts (Scopa) on June 1 received a briefing from development finance institution the Development Bank of Southern Africa (DBSA) about the allegations of corruption, fraud and maladministration that were brought to Scopa by political party United Democratic... →

Institutions partner to expand diagnostic capacity in Africa

By: Tasneem Bulbulia 31st May 2021 To strengthen diagnostic capacity and the health response to Covid-19 in Africa, global development institution IFC, private sector financer Proparco and pathology services company Cerba Lancet Africa have announced a partnership to increase patient access to a range of laboratory tests. The... →

Tribunal approves merger involving OMAI, ACTOM Investment Holdings

By: Tasneem Bulbulia 28th May 2021 The Competition Tribunal has unconditionally approved a merger involving Old Mutual Alternative Investments (OMAI) and ACTOM Investment Holdings. OMAI will, through its subsidiary OMPE V GP, acquire shares in ACTOM Investment Holdings, following the tribunal’s unconditional approval of the... →

AfDB provides $140m loan for Tanzania hydropower project

By: Tasneem Bulbulia 27th May 2021 Finance institution the African Development Bank Group and the government of Tanzania have signed loan agreements totalling $140-million to finance the construction of the 50 MW Malagarasi hydropower plant in Western Tanzania. The agreements cover a $120-million sovereign loan from the bank and... →

Sub-Saharan African entrepreneurs to benefit from €100m partnership

By: Simone Liedtke 27th May 2021 Sub-Saharan African entrepreneurs and businesses most impacted by the economic, health and social challenges triggered by Covid-19 will be able to benefit from a new €100-million private sector financing initiative backed by the Development Bank of Austria (OeEB) and the European Investment Bank... →

South Africa’s manufacturing sector gets FDI boost, TIPS Tracker finds

By: Tasneem Bulbulia 26th May 2021 Local and foreign direct investment picked up during the second half of 2020, pointing to early signs of rising positive sentiments towards the South African economy, and especially in relation to its manufacturing sector, which saw a significant focus for new investments. This emerged as a... →

Standard Bank to publish climate strategy in 2022

By: Marleny Arnoldi 21st May 2021 Financial services provider Standard Bank Group has committed to publishing a climate strategy, as well as short-, medium- and long-term targets to reduce its exposure to fossil fuel assets on a timeline aligned with the Paris Agreement. The company will publish these pieces of policy in the... →

IDC highlights role in Redstone CSP project

By: Tasneem Bulbulia 21st May 2021 The 100 MW Redstone concentrated solar power (CSP) project demonstrates that South Africa is using modern technologies, including renewables, as it transitions to adopting clean sources of energy, says Industrial Development Corporation (IDC) CEO TP Nchocho. After having recently reached... →

Energy efficiency financing must be scaled up to unlock opportunities

By: Tasneem Bulbulia 20th May 2021 There is considerable opportunity and potential to be unlocked in energy efficiency projects in South Africa, but more needs to be done with regard to financial solutions to catalyse a take up of opportunities, speakers said during a webinar hosted by industry organisation the South African... →

Fossil fuel giants and banks under fire for rise in single-use plastics

By: Reuters 18th May 2021 Production of single-use plastics is set to grow 30% in the next five years, fuelling their contribution to global warming and ocean pollution, researchers said on Tuesday as they published a list of companies that manufacture and fund throwaway plastic. The first "Plastic Waste Makers Index",... →

Exxaro partners with Saica Enterprise Development for finance programme

By: Tasneem Bulbulia 13th May 2021 Diversified miner Exxaro Resources is collaborating with the South African Institute of Chartered Accountants’ (Saica’) Enterprise Development (ED) unit to implement a financial excellence programme for the miner’s suppliers. The programme is aimed at enhancing the financial management systems... →

Online retail booms, set to stabilise at higher level

By: Schalk Burger 12th May 2021 Online retail revenue in South Africa grew by about 66% to R30.2-billion in 2020, accounting for about 2.8% of total retail revenue. Last year’s growth in online retail revenue was significantly higher than the 25% growth from R11.3-billion in 2017 to R14.1-billion in 2018. →

Post-pandemic recovery must be sustainable, inclusive

By: Tasneem Bulbulia 6th May 2021 Efforts to accelerate the post-Covid-19 recovery in South Africa must be done sustainability and in an inclusive manner, speakers said during the Financial Services Working Group of the South African chapter of the Brazil, Russia, India, China and South Africa (Brics) Business Council’s webinar... →

Insurance programme for Madagascar farmers to help build resilience, productivity

By: Schalk Burger 5th May 2021 Madagascar’s farmers stand to build stronger climate resilience, increase productivity and more easily access financial services owing to an agricultural insurance programme announced on May 5 by international financial institution the International Finance Corporation (IFC) and the government of... →

New insurance against cybercrime, data breaches will cover costs and damages

By: Schalk Burger 4th May 2021 Insurance technology start-up Surestart has developed an insurance offering for digital businesses and their customers that will cover the costs and damages caused by privacy breaches or network security breaches. Such items were previously uninsurable, says Surestart executive director Travys... →

Sefa continues to provide assistance to small businesses

By: Schalk Burger 26th April 2021 The Small Enterprise Finance Agency (Sefa) says it is again providing financial assistance to small businesses to help them overcome the impact of the Covid-19 pandemic on their operations during the current financial year. "Small businesses that are still reeling from the financial blow they... →

EIB steps up funding in Africa

By: Tasneem Bulbulia 23rd April 2021 Finance institution the European Investment Bank (EIB) says it provided €5-billion for new private and public investment across Africa during 2020. This represented the largest yearly EIB engagement in 55 years of operations on the continent and the largest support for climate action and... →

Savca, MiDA launch gender initiative to unlock investment

By: Tasneem Bulbulia 21st April 2021 To increase the number of investable women fund managers in Southern Africa, global transaction and financial advisory firm MiDA Advisors and industry body the Southern African Venture Capital and Private Equity Association (Savca) are launching the Women Empowerment Mentoring and Incubation Fund... →

Social bond issuance to reach R4bn in South Africa within year – RMB

By: Donna Slater 21st April 2021 The market for bonds issued to meet environmental and social outcomes is expected to grow exponentially in South Africa within the next year, with social bonds expected to feature prominently as the country looks to “build back better” post-Covid-19, states Rand Merchant Bank (RMB). RMB... →

Boost Africa receives €60m to support higher-risk investment

By: Donna Slater 20th April 2021 The European Union (EU), through the European Commission, and the Organisation of African, Caribbean and Pacific States (OACPS), has agreed to provide €60-million to the European Investment Bank (EIB) and the African Development Bank’s (AfDB’s) joint Boost Africa initiative, enabling it to... →

AP Ventures adds Pavilion Capital as a partner

By: Donna Slater 19th April 2021 Singapore-based investment company Pavilion Capital has become a limited partner in venture capital manager AP Ventures’ Fund II. In welcoming Pavilion Capital as its eighth limited partner, AP Ventures and its portfolio companies “look forward to benefitting” from working with a Singapore-based... →

$100bn bled from emerging markets during onset of Covid-19 in 2020 – Afreximbank

By: Donna Slater 16th April 2021 A survey and subsequent report ‘Survey of Impact of Covid-19 on African Trade Finance’ by the Africa Export-Import bank (Afreximbank), shows that outflows from emerging market economies in the first quarter of 2020 accounted for more than $100-billion. The report was a joint production between... →

Harith launches $200m capital raise

By: Donna Slater 13th April 2021 African infrastructure investor Harith General Partners has launched a $200-million capital raise in a follow-up fund to its Pan African Infrastructure Development Fund (PAIDF) 2, that is open to existing and new investors. The PAIDF 2 Infrastructure Top Up Fund is a shorter-term vehicle of... →

Loan Guarantee Scheme to be extended to July 11

By: Donna Slater 12th April 2021 The Loan Guarantee Scheme (LGS), first announced by President Cyril Ramaphosa on April 21, 2020, and which was scheduled to expire on April 11, will remain in operation for a further three months, enabling those who have qualified for a loan to continue to access their funds and for applications... →

Moshesh achieves first close on renewable energy, clean infrastructure fund

By: Schalk Burger 9th April 2021 Asset management company Moshesh Partners has reached a first close for its first renewable energy and clean infrastructure fund, and is targeting R2-billion in assets under management in the next 18 months, said Moshesh Partners co-founding member and CEO Sifiso Shongwe on April 9. This goal was... →

Bank of America triples environmental funding goal to $1tr by 2030

By: Schalk Burger 9th April 2021 Financial institution Bank of America on April 8 announced its goal of deploying and mobilising $1-trillion by 2030 in its Environmental Business Initiative to accelerate the transition to a low-carbon, sustainable economy. This commitment will anchor a broader $1.5-trillion sustainable finance... →

Absa to train staff on cloud skills

By: Schalk Burger 8th April 2021 Financial services group Absa has launched a cloud incubator initiative in collaboration with cloud services multinational Amazon Web Services (AWS) to enhance the cloud computing skills across its operations in Africa. The cloud incubator initiative will equip more than 1 500 staff across Absa’s... →

Absa group chief technology officer Andrew Baker

Industry leaders committed to transformation, barometer shows

By: Tasneem Bulbulia 8th April 2021 The first African Financial Industry Barometer, developed by Deloitte in partnership with the Africa CEO Forum, reveals how, in the exceptional context of the Covid-19 pandemic, financial institutions operating in Africa are undertaking a transformation of their business model, governance and... →

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