Finance

IMF completes 2017 Article IV mission to Mauritius

Flag of the Republic of Mauritius. (Image source: Yang Hai/Commons)

An International Monetary Fund (IMF) mission led by Amadou Sy visited Port Louis and Ebène during 31 July – 15 August 2017 to conduct the discussions for the 2017 Article IV consultation with Mauritius

US support industrialisation and regional value chains in Sub-Saharan Africa

(Image source: South African Institute of International Affairs)

AGOA is a unilateral Act of Congress that was introduced in 2000 to provide duty-free quota-free treatment for over 6000 tariff lines into the United States market

Nigeria's private sector growth hits a two-year high

(Image source: Stanbic IBTC Bank/IHS Markit)

According to Stanbic IBTC Bank, July’s PMI survey signaled the sharpest overall improvement of business conditions in the Nigerian private sector for two years, as the economy extended the upturn seen throughout 2017

A.P. Moller Holding to manage new African infrastructure fund

From left: Peter Damgaard Jensen, CEO of PKA; Kim Fejfer, Managing Partner and CEO of A.P. Moller Capital; Torben Möger Pedersen, CEO of PensionDanmark; Chresten Dengsøe, CEO of Lægernes Pension, Robert Mærsk Uggla, CEO of A.P. Moller Holding. (Image source: A.P. Moller Holding)

The new fund will focus on investments in infrastructure in Africa to support sustainable economic growth in the region while delivering an attractive return to its investors

Earthport partner Access Bank to expand into Nigeria, enabling inbound payments

(Image source: publicdomaincpictures)

Earthport, the leading payment network for cross-border transactions, has announced that it has partnered with Access Bank Plc, one of Africas foremost financial institutions, to provide delivery of cross-border payment services into Nigeria

Access Bank Plc is one of Nigeria’s leading financial institutions and has a strong focus on servicing the Nigerian diaspora.

This new payment channel has been created in direct response to the need for more effective servicing of remittances and low-value payments sourced from outside the country, which now total an estimated US$19bn per year, representing 4.7 per cent of the country’s GDP2.

The partnership is part of Earthport’s longer term strategy of expansion into the African continent.

Commenting on the partnership, Victor Etuokwu, Executive Director, Access Bank Plc, Nigeria, said: “It is with great pleasure that Access Bank Plc is partnering with Earthport Plc, a reputable global payment network, to meet the needs of our customers who require a sound and reliable international payment platform. As a top player in the remittance industry in Nigeria, our wide branch network and large customer base will be invaluable to this partnership and we are confident that this relationship will be a mutually beneficial one to both parties. This alliance also supports the Bank’s vision of being ‘the world’s most respected African Bank’ and our mantra of speed, service and security.”

Hank Uberoi, Chief Executive Officer, Earthport Plc, commented: “We are delighted to be partnering with Access Bank to extend our global payment network into Nigeria, which is undergoing a rapid transformation. With this comes a growing demand for efficient cross-border payment services, which Earthport will deliver to this important market, together with innovative solutions for financial inclusion. This is also a significant step in the expansion of Earthport’s global footprint.”