Africa advised to deepen domestic financial markets
Africa’s journey towards meeting the Sustainable Development Goals (SDGs) hinges on developing effective domestic financial markets that provide affordable finance.
IMF reduces cost of borrowing by 16 percent
The Executive Board of the International Monetary Fund (IMF) on Friday concluded the Review of Charges and the Surcharge Policy, which can lower IMF borrowing costs for members by 36 percent, or…
Strengthening capital markets in Guinea, Sierra Leone
The Economic Commission for Africa (ECA), in collaboration with the West African Monetary Institute (WAMI) and the central banks of Guinea and Sierra Leone, has successfully completed a series of awareness-raising and…
Ivorian fintech wins Ecobank’s $50,000 fintech challenge
Daba Finance, the Ivorian fintech wins Ecobank’s $50,000 fintech challenge 2024 after fierce competition.
Following forex liberalization Ethiopia set to access IMF’s $345 million
BY YANET FANTAYE WOGAYEHU – As part of the recent four-year US$ 3.4 billion Extended Credit Facility (ECF) arrangement reached between the International Monetary Fund (IMF) and the Government of Ethiopia, the…
Impact of Ethiopia’s IMF-backed forex floating on consumer
BY YANET FANTAYE WOGAYEHU – As Ethiopia grapples with rising inflation and internal conflicts, consumers are closely watching for signs of relief following the government’s July decision to introduce a floating foreign…
African MPs gather to discuss illicit financial flows in Harare
This week parliamentarians from the East and Southern African region are gathered in Harare, Zimbabwe for the regional African Parliamentary Network on Illicit Financial Flows and Taxation (APNIFFT) meeting 16 to 19…
Arise invests in South African fintech start-up Omnisient
Arise, a company that invests in African financial service providers and fintechs that advance financial inclusion, has invested $7.5 million in South African fintech start-up Omnisient.
ARC pays out over $170 million in claims
The African Risk Capacity Limited (ARC Ltd) commemorates its 10th anniversary and outlines a decade of impact, which saw it paying out over $170 million in claims and underwriting a record $25…
Afreximbank, Uganda Development Bank sign financing agreement
African Export-Import Bank (Afreximbank) and the Uganda Development Bank (UDB) have signed a Joint Project Preparation Facility Framework Agreement to provide early project preparatory financing and technical support services to public and…
Ethiopia to issue forex bureau licenses
BY YANET FANTAYE WOGAYEHU – For the first time in the country’s history, the National Bank of Ethiopia (NBE), the financial sector regulatory body of the country, has begun accepting applications from…
Ethiopia devalues its Birr 31 percent
The Government of Ethiopia today announced liberalization of the forex market, which immediately resulted in about 31 percent devaluation of the country’s currency – Birr against major currencies.
African ministers call for international financial system remaking
Dozens of finance and foreign ministers met this week to call for radical action to reform the international financial architecture, empower developing countries in international institutions and channel trillions of dollars towards…
Ethiopia, UAE ink currency swap agreement
The Central Bank of United Arab Emirates (CBUAE) and the National Bank of Ethiopia (NBE) sign currency swap agreement and MoUs to promote the use of domestic currencies and interlink their payment…