Finance

EIB and IMF join forces to build capacity on financial inclusion in Africa

IMF EIBThe European Investment Bank (EIB), the EU Bank and the International Monetary Fund (IMF) have signed a letter of understanding to promote sustainable economic development, financial stability and inclusive growth in Africa

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LED-maker Low Energy Designs to install 40,000 LED streetlights in Lagos

Lagos SkylineThe UK's Department for International Development said LED-maker Low Energy Designs Limited will install about 40,000 LED streetlights in Lagos over the next four years

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SunTrust Bank Nigeria receives information security certifications

Nigera SmartphoneSunTrust Bank Nigeria was granted the ISO/IEC 20071:2013 and Payment card industry data security standard (PCIDSS) certifications for its standards on data security


The ISO/IEC 20071:2013 certification was granted by the Professional Evaluation and Certification Board (PECB) Canada while the PCIDSS certification was given by African consulting firm Digital Jewels.

The bank's certifications show its strength in the area of information security.

African banks, spurred by the runaway success of payment servicem-pesa, have been scrambling to gain market share as an increasing number of Africans turn online for smaller payments.

Africa's growing population and economy, boosted by income levels, has encouraged banks to expand their reach through low-cost methods such as digital banking in a continent which is still underbanked.

SunTrust opened Nigeria's first branchless bank two years ago.

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Germany opens new office in Tanzania to boost trade ties

German TanThe Association of German Chambers of Commerce and Industry (DIHK) has officially opened an office in Dar es Salaam under the name of ‘AHK Services Eastern Africa Ltd,” to promote and facilitate business relations between Germany and Tanzania

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African businesses continue to grow despite tough macro environment

PwCDespite a challenging environment, with public debt approaching critical levels in some African countries and concerns over excessive reliance on oil, African businesses are expanding, said PricewaterhouseCoopers (PwC), the UK-based multinational professional services network

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