MTN Uganda and the Capital Markets Authority (CMA) have initiated discussions on a potential partnership aimed at increasing investment in Uganda’s capital markets. This collaboration seeks to broaden public understanding of the capital markets, often perceived as accessible only to a privileged few, and make them more inclusive for all Ugandans.
Waza, a fast-growing fintech company operating in Ghana and Nigeria, has secured $8 million in funding to simplify business payments for African enterprises dealing with global vendors and suppliers. Founded in January 2023, Waza has quickly established itself as a key player in B2B payments and liquidity solutions for emerging markets, successfully closing a multi-million-dollar funding round that includes both debt and equity.
Mastercard has partnered with Scale to accelerate the deployment of fintech solutions across Africa and the Middle East, addressing key technical and commercial barriers. This collaboration is set to benefit a range of ecosystem players, including fintech companies, aggregators, enablers, PSPs, and telcos, by simplifying the process of launching payment programs and providing vital support for sustainable growth.
Equity Group has announced the appointment of Mr. Moses Okoth Nyabanda as the Acting Managing Director of Equity Bank Kenya, following the early retirement of Mr. Gerald Warui. Mr. Nyabanda, who currently serves as the Group Chief Finance & Strategy Execution Officer at Equity Group Holdings Plc, will assume his new role pending approval from the Central Bank of Kenya.
Co-operative Bank of Kenya has achieved a notable seven percent increase in net profit, reaching Sh12.99 billion for the half-year ended June 2024. This growth, up from Sh12.14 billion in the same period last year, is attributed to a substantial rise in both interest and non-interest income. Net interest income surged by 10.7 percent to Sh23.9 billion, while non-interest income climbed 11.2 percent to Sh15.4 billion.
Equity Group, Kenya’s largest bank by market capitalization, has reported a strong 12.5% growth in net profit for H1 2024, achieving a Profit after Tax of Kshs.29.6 billion. This solid performance comes despite challenging macroeconomic conditions, including high interest rates and volatile exchange rates across the regions where the Group operates.
NCBA Bank has announced a significant change to its retail banking services by eliminating monthly maintenance fees starting from July 1, 2024. This move affects the bank’s Consumer, Commercial, and SME banking accounts, representing a major shift in how NCBA approaches account management fees. By removing these fees, NCBA aims to enhance its customer value proposition and drive growth.
NCBA has achieved a notable milestone by advancing seven positions to secure the 85th spot on the list of Africa’s Most Valuable Brands for 2024. This recognition, as reported by Brand Finance, underscores NCBA’s significant presence and influence in the financial sector. Brand Finance is renowned globally for its comprehensive brand valuation and analysis.
