Pan-African bank group Ecobank reported an 8% rise in net profit for Q3 2024, reaching $340.5 million. This growth was largely driven by an 18% drop in the cost of risk, a key factor for the bank as it navigates Africa’s volatile currency environment. Ecobank’s net banking income, adjusted to counter currency fluctuations, totaled nearly $1.5 billion, remaining stable compared...

Starlink continues its expansion as part of its parent company SpaceX's vision to bring connectivity across the entire planet. In Africa, the company is already present in about fifteen countries, including Nigeria, Benin, Ghana, and Rwanda. Yesterday, Niger’s Minister of Communication, Sidi Mohamed Raliou, signed an agreement with Ryan Goodnight, head of Market Access at Starlink, granting...

During the All Africa Business Leaders Awards ceremony organised by CNBC Africa and Forbes Africa on October 24 in Johannesburg, Benin Cashew SA, a subsidiary of ARISE IIP specialising in cashew nut processing in Benin, stood out by winning the award for the 2024 African Agro Company of the Year. This award, a first for a Beninese company, acknowledges the firm’s commitment to stimulating...

King Mohammed VI of Morocco and French President Emmanuel Macron oversaw the signing of 22 new agreements Monday in Rabat, marking a deepened economic partnership between the two countries. According to the French presidential office, the accords, which carry an investment potential of €10 billion ($10.8 billion), span multiple sectors, including transportation, renewable energy, and...

Nestlé Côte d'Ivoire recovers from last year's losses. Fueled by increased local sales and exports, the multinational is returning to growth, despite a challenging environment and ongoing pressure on costs. Nestlé Côte d'Ivoire, a subsidiary of the Swiss group Nestlé, announced a remarkable 52.3% increase in its net profit for the first half of 2024. The net profit rose to CFA12.36 billion...

The Ivorian government aims to enhance teacher training, equip schools with digital tools, and establish modern technological infrastructure. On October 24, Côte d'Ivoire launched the National Education Digitalization Strategy 2024-2028 (SNDECI 2024-2028). This initiative aims to transform the education sector by integrating digital technologies. The program has a budget of CFA220.7 million,...

Internet coverage gaps vary across the continent: 12% in West Africa, 9% in East Africa, and 34% in Central Africa. The ITU and IMF believe that $430 billion is needed to achieve universal connectivity by 2030. Sub-Saharan Africa has made significant progress in internet coverage, reducing its internet coverage gap from 46.3% in 2015 to 13.3% in 2023, according to a Global System for Mobile...

Since May, the incumbent operator has actively worked to optimize its cash position. As a key driver of Egypt's digital transformation, the company is bolstering its financial health to benefit both the nation and its shareholders.  Telecom Egypt announced, on October 28, the successful arrangement of an EGP 18 billion ($369.6 million) syndicated loan facility. It aims to refinance the...

The package includes $25 billion in direct investments from private companies, along with funding for startups and loans. Saudi Arabia announced plans to raise $41 billion in investments and financing for Sub-Saharan African nations. This commitment was revealed by Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan at the Future Investment Initiative New Africa Summit in Riyadh,...

Although Senegal is going through a period of financial turbulence, the government’s transparency and responsiveness could prove crucial in restoring the confidence of international partners and rebuilding the foundation for sustainable growth. Senegal’s $1.8 billion International Monetary Fund (IMF) program has been temporarily frozen due to financial imbalances, Finance Minister...