Saturday, October 16Inside Business Africa
Shadow

Finance

UN General Assembly 2021: United Nations Secretary-General Antonio Guterres applauds African Development Bank’s global leadership on climate adaptation

UN General Assembly 2021: United Nations Secretary-General Antonio Guterres applauds African Development Bank’s global leadership on climate adaptation

Business, Corporate Stories, Finance
Six weeks ahead of this year’s global climate summit (COP26), African Development Bank (www.AfDB.org) President Dr. Akinwumi A. Adesina on Thursday spoke out on the urgent need to finance climate adaptation. He called on the developed world to deliver on its promise of $100 billion per year for climate change. The African Development Bank chief was commenting a day after United Nations Secretary-General António Guterres made his keynote address to the United Nations General Assembly – a speech in which the UN chief spoke of a planet “sleepwalking to disaster.” Guterres sounded alarm bells for a world buffeted by climate change, conflicts, and the global pandemic of Covid-19. He called for “coalitions of solidarity” to address inequality, instability, climate change and what he said ...
How solid states beat hard choices – and why the financial sector is implementing all-flash storage (By Sphumelele Ndlovu)

How solid states beat hard choices – and why the financial sector is implementing all-flash storage (By Sphumelele Ndlovu)

Business, Finance
We are living through a fourth industrial revolution, led by a mix of emerging technologies. This shift means that financial services providers will have to rethink the way they operate to deliver new value for all stakeholders. Business leaders and ICT experts from Eastern Africa and the globe will convene Sep 23 for the Eastern Africa BFSI Summit 2021 (https://bit.ly/3hT0Iy1), an offline event to unpack the opportunities of digital transformation for African financial industry. The event will highlight the changes, challenges and opportunities in the post-epidemic era and ways to accelerate financial digital transformation by leveraging the latest ICT solutions. Within this revolution, data is one of the major pillars and an ever-growing strategic resource ...
African Development Bank’s SEFA provides $1 million to kick off modernization of Africa’s Hydropower Fleet

African Development Bank’s SEFA provides $1 million to kick off modernization of Africa’s Hydropower Fleet

Economy, Finance, Innovation
The Sustainable Energy Fund for Africa (SEFA) (https://bit.ly/3tZp0eB) has approved a $1 million grant for modernization of Africa’s aging hydropower fleet. We are delighted to support the African Development Bank in this important and urgent project to modernize Africa’s hydropower fleet The grant will fund the mapping and evaluation of African hydropower facilities’ rehabilitation needs. It will also support the preparation of modernization works for two pilot facilities to a bankable stage, a move expected to add 200 MW in generation capacity, create 150 jobs and reduce greenhouse gas emissions by about 300 kilotons of CO2 annually. The modernization of hydropower stations is an opportunity to increase generation capacity at low-cost, and with relatively short lead-times and...
Government Cuts Mobile Money Transaction Charges by 30pc

Government Cuts Mobile Money Transaction Charges by 30pc

Business, Economy, Finance
Tanzania's Government has reduced mobile money transaction levy by 30 percent. A press statement issued by the Ministry of Finance and Planning Tuesday stated that Minister Mwigulu Nchemba has already signed the review of the charges. Also, the Government held a meeting with mobile service providers, who have unanimously agreed to cut down mobile money interoperability rates by 10 percent Following concerns and views from the public, claiming that the deductions were too high, President Samia Suluhu Hassan directed two Ministers (Finance and Planning Minister and Minister for Communications and Information Technology) to sit down and work on the matter. The statement added that newly reduced rates will be officially announced in the Government Gazette tomorrow, (1st Sept, 20...
African Development Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund provides more than $7.3 million for youth jobs and skills

African Development Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund provides more than $7.3 million for youth jobs and skills

Business, Finance, Innovation
In June and July of this year, an African Development Bank (AfDB.org) technical review committee approved eight project proposals to receive funding in an important milestone for its Jobs for Youth in Africa Strategy. Approved proposals will receive grant funding of more than $7.3 million to operationalize their activities, creating several new enterprises and an estimated 20,000 jobs for youth across the continent. Several of the approved proposals were submitted in response to a call from the Human Capital, Youth and Skills Development Department (AHHD) through the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (bit.ly/3gw7LvF)  late last year. Bank offices, complexes  and departments from across regional member countries submitted nearly 24 proposals...
Silkbank Goes Live with Temenos Infinity to Supercharge Digital Banking in Pakistan

Silkbank Goes Live with Temenos Infinity to Supercharge Digital Banking in Pakistan

Business, Finance, Innovation, Technology & Innovation
Pakistan’s Silkbank reimagines digital banking for retail and business customers with AI-powered Temenos Infinity to accelerate adoption, build engagement and drive market growth; digital banking powered by Temenos Infinity will help Silkbank to attract and retain customers and drive customer growth. Temenos (SIX: TEMN), the banking software company, today announced that Silkbank, a leading commercial and Islamic bank in Pakistan, has gone live with Temenos Infinity, the world’s #1 best-selling digital banking platform, to power up its digital banking for retail, corporate and SME customers. Temenos Infinity enables Silkbank to offer seamless digital onboarding and get to market quickly with ready-to-go digital banking features designed to attract new customers and increase customer en...
African Development Bank to provide €39 million loan package for Gabon’s first independent hydropower project

African Development Bank to provide €39 million loan package for Gabon’s first independent hydropower project

Business, Finance
The Board of Directors of the African Development Bank Group (AfDB.org) has approved a €39 million loan package for the construction of the Kinguélé Aval hydroelectric project in Gabon. The package comprises €20 million from the African Development Bank, €10 million from the Africa Growing Together Fund and €9 million in concessional financing from the Sustainable Energy Fund for Africa, a special multi-donor fund managed by the African Development Bank. We are delighted to support the first IPP project in Gabon Additional financing to meet the project’s €133.8 million budget will come from the International Finance Corporation of the World Bank Group, the Canada-IFC Program for Renewable Energy in Africa, the Development Bank of Southern Africa and the Emerging Africa Infrastruc...
Multilateral Development Banks’ (MDBs) climate finance rose to $66 billion in 2020, joint report shows

Multilateral Development Banks’ (MDBs) climate finance rose to $66 billion in 2020, joint report shows

Business, Corporate Stories, Finance
MDBs publish 2020 Joint Report on Multilateral Development Banks’ Climate Finance; Eight MDBs committed $66 billion for climate finance in 2020, up from $61.6 billion; Of the total, 58 per cent was committed in low- and middle-income countries. Climate finance committed by major multilateral development banks (MDBs) rose to a total of $66 billion last year from $61.6 billion in 2019, according to the 2020 Joint Report on Multilateral Development Banks’ Climate Finance (bit.ly/3dxJ6pf), published today. Of this, 58 per cent – or $38 billion – was committed to low- and middle-income economies. The total climate co-finance committed during 2020 alongside MDB resources was $85 billion. Together, MDB climate finance and climate co-finance totalled more than $151 billion. The amo...
Banks owe telcos N50b as new USSD pricing regime begins

Banks owe telcos N50b as new USSD pricing regime begins

Business, Economy, Finance
Although the fragile peace between Deposit Money Banks (DMBs) and telecommunications operators over the use and non-payment of charges as appropriate on Unstructured Supplementary Service Data (USSD) remains, the mobile network operators (MNOs) have, however, said the unpaid debt owed them by the banks has risen to N50 billion. The Guardian gathered at the weekend from the Association of Licensed Telecoms Operators of Nigeria (ALTON) that since the crisis came to the public, the figure rose from the initial N42 billion to N45 billion around April and currently hovers between N47 billion and N50 billion. The telecoms body said it believed that the DMBs would do what is required and appropriate by defraying the debts as soon as possible. The USSD is said to be about 30 per cent of...
Tanzania: African Development Bank Group signs loan agreements for $140 million to increase power generation

Tanzania: African Development Bank Group signs loan agreements for $140 million to increase power generation

Agriculture, Capital Market, Finance
The funds will be used to construct the plant and an evacuation transmission line, as well as to add 4,250 rural electrification connections The African Development Bank Group (AfDB.org) and the Government of Tanzania have signed loan agreements totalling $140 million to finance the construction of the 50-megawatt Malagarasi hydropower plant in Western Tanzania. The agreements cover a $120 million sovereign loan from the Bank and $20 million from the Africa Growing Together Fund (AGTF), administered by the Bank. Emmanuel M. Tutuba, Permanent Secretary at the Tanzania Ministry of Finance and Planning, and Nnenna Nwabufo, Director General of the Bank Group’s East Africa Regional Development and Business Delivery Office, signed the agreements. The funds will be used to construct the...