Africa’s finance sector is second most buzzing sector after energy sector. High economic activities have resulted in fund raising, bond investment and joint ventures.
Check top developments in Africa finance sector.
BOI to Raise $3 billion to Boost SME Funding of Nigeria
Bank of Industry has said that it will raise around $3 billion so that it can lend fund to Small Medium Enterprise. Nigeria’s SME is most vibrant in Africa. The fund will be used to provide cheap lending to 30 million small-medium and micro businesses. These businesses find it difficult to further expand in large industry because of high cost of fund. Read more
Kenya Re has Invested $1.8 million in its Zambian Subsidiary
Kenyan insurance company, Kenya Re, has announced to invest $1.8 million in its Zambian subsidiary with eye on Southern Africa market. The new subsidiary, Kenya Reinsurance Corporation Zambia, is an effort to diversify revenue of Kenya Re. Read more
Nigeria Raises $330 Million from Its Bond
Nigeria has witnessed a significant success with its first ever Diaspora bond which raised around $330 million. 130% subscription in Diaspora Bond reflects investor confidence in Nigeria’s economy and overall Africa economy. Read more
$4.5 Million invested by IFC in Medical Credit Fund
Small Medium Enterprises (SMEs) of healthcare sector will get boost by $4.5 million investment by International Finance Corporation to Medical Credit Fund. The fund is aimed at providing affordable finance to improve quality of healthcare service in Africa. Read more