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Africa Finance Review

Tackling the 'African Premium' Issue

Tackling the 'African Premium' Issue

African countries under the African Union (AU) plan to create the Africa Credit Rating Agency (AfCRA), facilitated by the African Peer Review Mechanism (APRM). A Credit Rating Problem The continent faces an 'African Premium' issue in the international credit market, which is dominated by the big three credit

This Week in Africa Finance

This Week in Africa Finance

More in today's email: * Tackling the 'African Premium' Issue * Ethiopia's Thriving Investment Renaissance * Investors Confidence in Nigeria's Economic Reforms Surges * Talking Points: Introducing the 'Africa Infrastructure and Project Finance Newsletter * The Termsheet Let's dive in! Tackling the 'African

Investors Confidence in Nigeria's Economic Reforms Surges.

Investors Confidence in Nigeria's Economic Reforms Surges.

Tinubunomics, Nigeria’s economic policy aimed at readdressing the country's economic challenges driven by years of fuel subsidy, corruption, fiscal mismanagement and currency devaluation is now bearing economic fruit. In 2022, almost 40% of the country’s revenue was spent on fuel subsidies, it also experienced constant currency

Ethiopia's Thriving Investment Renaissance.

Ethiopia's Thriving Investment Renaissance.

Ethiopia is experiencing a resurgence in investment activities, with significant progress in economic growth, infrastructure development, and foreign direct investment (FDI). An impressive turnaround For years, Ethiopia has faced wars, economic upheaval, and uncertainty. Despite these challenges, it is now one of Africa's fastest-growing economies. * Last year the

South Africa and Rwanda Compete to Bring Formula 1 Racing Back to Africa

South Africa and Rwanda Compete to Bring Formula 1 Racing Back to Africa

South Africa and Rwanda are making significant strides in bringing Formula 1 racing back to the streets of Africa, a continent that has not hosted a race since 1993. Why it matters: The last Formula 1 event in Africa was in 1993, when Alain Prost secured his final championship title.

The Surge of Smartphone Adoption in Africa: A Catalyst for Financial Inclusion

The Surge of Smartphone Adoption in Africa: A Catalyst for Financial Inclusion

Smartphone adoption in Africa is projected to grow significantly, transforming the continent's financial landscape. Why It Matters: Increased affordability is expected to lead to smartphone usage accounting for 88% of all connections in Sub-Saharan Africa by 2030, compared to a global average of 92%. Consumer trends are anticipated

Cameroonian Government to Acquire Société Générale Cameroon for $191.6 million

Merger and Acquisition

Cameroonian Government to Acquire Société Générale Cameroon for $191.6 million

The Cameroon government plans to acquire a 58.08% stake in Société Générale Cameroon for $191.6 million. This strategic acquisition comes as Société Générale is divesting its assets across Africa, creating opportunities for Pan-African banks to strengthen their presence through mergers and acquisitions. Recent transactions related to Société Générale&

Nigeria Targets Private Capital Investors with $32 billion Electricity Reform.

Nigeria Targets Private Capital Investors with $32 billion Electricity Reform.

Nigeria is implementing an ambitious electricity sector reform to make the industry more attractive to private capital investors. Why it matters: Poor tariff policies and ongoing challenges such as liquidity problems, substandard electricity supply, insufficient distribution infrastructure, and frequent power outages have made access to electricity in Nigeria a scarce

How Patient Capital is Boosting Africa’s Renewable Energy Drive.

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How Patient Capital is Boosting Africa’s Renewable Energy Drive.

Africa’s First Fund Returners

Venture Capital

Africa’s First Fund Returners

Qui Capital, an early-stage investor in Africa, has achieved a rare feat by returning its $4 million inaugural fund to its limited partners after successfully selling some shares in Moniepoint, an African fintech unicorn. Why does this matter: In the global investment community, it is rare for first-time funds to

African-born Moove Goes Global with Brazil’s Kovi Acquisition

Merger and Acquisition

African-born Moove Goes Global with Brazil’s Kovi Acquisition

Moove, the African mobility fintech company offering revenue-based vehicle financing, ride-hailing and delivery apps across Africa, has acquired Kovi, an urban mobility startup based in São Paulo. Why does this matter: This acquisition aligns with Moove’s ambitious plan to expand into high-growth markets beyond Africa following its Series B

This Week in Africa Finance

This Week in Africa Finance

Your weekly essential briefing on African finance. Sign up for our free weekly newsletter to access exclusive insights designed for Africa-focused finance professionals, business leaders, international institutions, and policymakers. Good day. In today's email : The Demand for an African Credit Rating Agency, Guan Chong Berhad Acquires 25% of

The Demand for an Africa Credit Rating Agency.

The Demand for an Africa Credit Rating Agency.

The African Development Bank, Prosper Africa (a U.S. presidential initiative), and the United States Department of the Treasury have agreed to create an African online credit rating data platform with a $700,000 grant. Why does this matter : Several African countries have recently been accessing international credit markets to

Guan Chong Berhad Acquires 25% of Transcao Côte d’Ivoire for $28.9m.

Guan Chong Berhad Acquires 25% of Transcao Côte d’Ivoire for $28.9m.

Guan Chong Berhad (GCB), a Malaysia-based cocoa manufacturer and the fourth-largest cocoa grinder globally, is poised to acquire a 25% stake in Transcao Côte d’Ivoire (Transcao CI), a Côte d'Ivoire -based cocoa manufacturer, for a sum of US$28.9 million. Why does this matter: Côte d&

The $71.6m African Cultural Phenomenon

The $71.6m African Cultural Phenomenon

Lagos, Nigeria's economic and entertainment capital, has set an example for many African cities to boost their tourism industry, as demonstrated by the recently concluded Detty December. Why does this matter: Despite high inflation and a soaring cost of living, the month-long event generated $71 million, which underscores

Moodys Takes Positive View on Sub-Saharan Africa's Growth Prospect.

Moodys Takes Positive View on Sub-Saharan Africa's Growth Prospect.

Moody's has expressed a positive outlook on sub-Saharan Africa's growth prospects, emphasising the significance of energy and infrastructure investments in supporting the region's economic development. Why does this matter: South Africa is prioritising infrastructure development in the energy, water, and transport sectors to enhance

African Sovereign Dollar Bond Yields Reach Record High.

African Sovereign Dollar Bond Yields Reach Record High.

Yields for Africa Sovereign Dollar Bonds, tracked by the Standard Bank Africa Sovereign Yield Index, have reached a record high of 9.15%, according to Bloomberg. Why does this matter: In recent years, African nations have increasingly turned to the Eurobond market to secure funding needed to address budgetary shortfalls

TymeBank Joins Exclusive African Unicorn Club with $250million Series D Funding

TymeBank Joins Exclusive African Unicorn Club with $250million Series D Funding

South Africa's Tyme Bank has achieved the coveted status of African Unicorn after raising $250 million in Series D funding, reaching a valuation of $1.5 billion. Why does this matter: Most of Africa's unicorns have emerged from the fintech sector, as these startups address the

Guinea To Establish Sovereign Wealth Fund (SWF)

Guinea To Establish Sovereign Wealth Fund (SWF)

Guinea is set to join a growing list of African countries, establishing a Sovereign Wealth Fund (SWF). Why does this matter: Guinea is home to some of the world's largest and highest-grade iron ore reserves. As the government works to monetise these resources, it plans to invest the

Middle East Investors Show Growing Interest in African Deals.

Middle East Investors Show Growing Interest in African Deals.

Middle Eastern investors are increasingly focusing on investment opportunities in Africa. Why does it matter: This strategic shift is mainly due to the continent's rapid economic growth and demographic advantages, which include a youthful population, significant urbanisation, a growing middle class, and an improving business environment for foreign

Arab African International Bank (AAIB) Issues $500 million in Egypt's First Sustainability Bond.

Arab African International Bank (AAIB) Issues $500 million in Egypt's First Sustainability Bond.

The Arab African International Bank (AAIB), based in Egypt, has launched a groundbreaking $500 million sustainability bond. Why does this matter: This marks Egypt's first and only sustainability bond, highlighting the country’s increasing dedication to sustainable development and the transition to renewable energy. The fund mainly focuses

Nigeria Raises $2.2billion in Spectacular Eurobond Debut.

Nigeria Raises $2.2billion in Spectacular Eurobond Debut.

Nigeria has made a notable return to the international capital markets after more than two years of absence, launching a $2.2 billion Eurobond issue to secure funding that addresses its fiscal deficit. Why does this matter: This move aligns with a trend in several other African countries, including Ivory

IHS Holdings Issues Oversubscribed $1.2 billion Bond.

IHS Holdings Issues Oversubscribed $1.2 billion Bond.

IHS Holdings Limited, the largest independent owner, operator, and developer of shared telecommunications infrastructure in Africa has successfully raised an impressive $1.2 billion through an oversubscribed issuance. This funding milestone underscores the rapid expansion of Africa's digital landscape, where the demand for connectivity and infrastructure is increasingly

The $2.5 billion African Meatpacking Opportunity.

The $2.5 billion African Meatpacking Opportunity.

JBS SA, headquartered in Brazil and the world's largest meat producer, plans to invest approximately $2.5 billion to establish its first meatpacking facilities in Africa. Why does this matter: The outlook for JBS's operations in Nigeria is promising, given that Nigeria ranks as Africa'

Africa Largest Pension Fund Exits Infrastructure Development Fund

Infrastructure Finance

Africa Largest Pension Fund Exits Infrastructure Development Fund

Africa’s largest pension fund South Africa's Government Employee Pension Fund has divested from its holdings in the pioneering African Infrastructure Development Fund, a along with other prominent investors, including Absa Bank Ltd and Old Mutual Ltd. Why does it matter: The African Infrastructure Development Fund has been