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Nigeria’s Access Bank acquires majority equity stake in Angolan financial firm, Finibanco

Published

2 years ago

October 5, 2022

One of Nigeria’s mega financial institutions, Access Bank, has penned an agreement to acquire 51% majority shareholding in Finibanco Angola S.A from Montepio Holding SGPS S.A, according the bank’s parent company, Access Holdings Plc.

The company which made the announcement late Tuesday, said it had purchased existing shares owned by Montepio, the holding company for Banco Montepio, a Portuguese commercial bank with over 20 branches and valued at $300 million in total assets.

The takeover of the Angolan bank sees an increase in the number of branches under Access Bank across Africa, making it the largest commercial bank in Africa by number of customers.

“Access Holdings Plc, trading as Access Corporation (‘the Corporation’) today announces that its wholly owned subsidiary, Access Bank Plc (the Bank) has entered into a binding agreement with Montepio Holding SGPS S.A (‘Montepio’) to acquire a 51 percent majority shareholding in Finibanco Angola S.A. (the Transaction),” the company said in the statement.

“The Transaction furthers the bank’s strategy to be Africa’s payment gateway to the world whilst working with other Africa-focused multilateral to provide robust and efficient payment platforms and ecosystems to serve the continent,” it added.

Access Bank has been very active on the African continent as it has so far acquired banks in other countries to expand leadrship position and extend its market trades.

The Nigerian financial institution had acquired Kenyan lender, Sidian Bank Ltd, African Banking Corporation of Botswana Limited, African Banking Corporation Zambia Limited, as well as Cavmont Bank in the last few years.

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”