After years of uncertainties, Nigeria's Central Bank finally gave the green light to mobile phone companies to offer mobile money services. However, the licence was issued to only two of the four biggest telecom operators in Nigeria - the domestic players, not the foreign-owned ones. The Africa Report has learnt that MTN and Airtel have been making tremendous efforts to get the regulator on their side, but to no avail. Why is the CBN keeping them out, and what is at stake for the players? What does this say about Nigeria as a destination for Foreign Direct Investment?
Five years ago, Attijariwafa Bank (AWB), the leading bank in Morocco, set the tone: the group’s ambition was to position itself as ‘the top customer-centred bank, focused on satisfying the needs of its clients [by] taking advantage of new technologies linked to digitalisation’. With 27 major programmes and 105 projects, its strategic plan ‘Energies 2020’ put the emphasis on digital technologies.
Have Nigeria's banks weathered the Covid-19 storm? We look under the hood of five of Nigeria's biggest banks - Access Bank, FIrst Bank, United Bank for Africa, Guarantee Trust Bank and Zenith Bank - to see how the machinery is running, as part of our wider series on Africa's top 200 banks.
In the middle of the pandemic, Kenyan banks doubled their net earnings year-on-year to KSh50bn ($458m) during the second quarter of 2021. However, upon review, these ‘strong’ earnings were primarily driven by reduction in loan impairment charges, as bad ones were down by half year-on-year during the quarter.