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Nigeria’s Access Bank acquires 80% of Uganda’s Finance Trust Bank

Published

11 months ago

January 27, 2024

In a deal that will conclude in the first half of this year, Access Bank of Nigeria will purchase an 80% share of Finance Trust Bank Ltd. of Uganda.

It’s parent company, Access Holdings Plc, is situated in Nigeria and operates in a number of industries, including banking, consumer lending, payment services, insurance broking, and pension fund administration.

By combining their technology capabilities, the two banks will give FTB’s clients access to a variety of digital platforms for banking services and transactions, all the while utilising Access’s experience to generate income.

Through the deal, Access Bank, the subsidiary, will increase Finance Trust Bank’s capital base, thereby advancing product diversification and financial inclusion.

“Access Holdings Plc is pleased to announce that its flagship subsidiary, Access Bank Plc, has entered into a definitive agreement with the Ugandan-based Finance Trust Bank Ltd. (FTB) and its selling institutional shareholders for the acquisition of a majority equity stake in FTB,” said Access Holdings in a public notice.

“Following the conclusion of customary conditions precedent and the anticipated closing of the transaction targeted for the first half of 2024, Access Bank would own an estimated 80% shareholding in FTB.”

Across three continents, Access Bank boasts over 700 branches and service locations. The group has over 65 million customers and operates in 20 countries. FTB has 35 locations and serves over 500,000 savings and 42,000 borrowers, of whom more than 40% are women.

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

2 days 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.

VenturesNow

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

Published

3 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.”