The system was introduced by Ghana Interbank Payment and Settlement System (GhIPSS), a subsidiary of Ghana’s Central Bank set up in 2007 to promote payment systems between financial institutions and revenue agencies.

The new system provides a quicker option for people to get value for their cheques.

Banks now clear cheques electronically and this has helped to bring the clearing cycle to a maximum of three days compared to a week or more in years past.

However, to even make the clearing faster, a special window has been created whereby the public can request from the banks to clear the cheque by express.

Speaking in an interview with the Ghana News Agency (GNA) in Accra, the Chief Executive of GhIPSS, Mr Archie Hesse, explained that cheques to be cleared by Express must be paid in before 11 o’clock (GMT) in the morning and the account of the payee will be credited from 2 o’clock in the afternoon.

Mr. Hesse encouraged the public to request for Express Clearing of their cheques, if they urgently need their money.

He urged the banks to consider the Express Service as a business development tool that could be tailored for various services for their customers, which invariably boost their profit.

The post Ghana Introduces Same Day Check Clearing System appeared first on Ventures Africa | .

Under the agreement, both banks will share the default risk on a portfolio of qualifying trade transactions originated by issuing banks in Africa and confirmed by the German bank.

The RPA facility, which runs over a 3-year period, is a 50/50 risk sharing arrangement that will enable Commerzbank AG to match AfDB’s undertaking in every transaction, thereby creating a maximum portfolio of up to $200 million. Counting roll-overs, it is expected to facilitate about $1.2 billion of trade in equipment, raw materials, intermediate and finished goods over the 3-year period.

The facility will help address critical market demand for trade finance in Africa by providing support for trade in vital economic sectors such as agribusiness and manufacturing.

Majority of African banks have limited capital bases which constrain their ability to obtain adequate trade limits from international confirming banks and to undertake sizeable transactions that have significant development impact.

Moreover, despite the growth in trade risk distribution globally, local banks in Africa have not significantly benefitted from this growth. AfDB’s additionality lies in the use of its “AAA” rating to share trade risk and expand the trade finance capacity of banks in Africa, thereby expanding trade and strengthening regional integration.

The African lender said in an official statement that the deal is expected to “foster financial sector development, regional integration, and increase government revenue generation ultimately improving Africa’s sustainable economic growth.”

Commerzbank AG is a leading international bank headquartered in Frankfurt, Germany. It is a leading provider of trade finance in Africa with a trade portfolio of approximately of $6 billion and an active network of over 500 correspondent banks on the continent.

Commerzbank captures significant trade flows in Africa and it is one of the leading European banks in terms of LC issuance and reimbursement in Africa. It has six representative offices in Africa located in Cairo, Tripoli, Addis Ababa, Lagos, Luanda, and Johannesburg.

The post AfDB, Commerzbank AG Approve $100m To Boost Trade Finance In Africa appeared first on Ventures Africa | .

It made these comments as the bank released results for the year ending March, with interest income dropping to GBP2.1 billion ($3.16 billion) from GBP2.3 billion ($3.46 billion).

But investment income surged to GBP182.9 million ($275 million) from GBP174.3 million ($162 million), and operating profit increased to GBP1.8 billion from GBP1.6 billion.

Headline earnings per share moved up to GBP31.9 pence per share from GBP26.8 pence per share.

The stock market did not like this set of figures as the share price lost 3.30 percent to R70.11 with analysts saying the company had missed forecasts.

Investec said the general economic environment continued to be unstable during the reporting period.

“… a strong rally in global equity markets (was) partially negated by weak conditions on the ground in Europe and the UK,” it said in a statement.

“The South African economy also has its challenges as labour unrest and weak global demand impact on the currency and growth.”

The post Investec Promises Better Performance After Global Economic Recovery appeared first on Ventures Africa | .

According to the Angolan Capital Markets Commission (CMC), the launch could even be earlier if the privatisation of state-owned firms in the oil-rich country is sped up.

Angola, which is one of the fastest growing economies in Africa, plans to privatise about 33 of 90 state-owned firms which it manages.

According to a Reuters report, the bourse will be a likely admission point for external companies that have been dying to enter the seemingly lucrative market. The launch of the stock exchange has however been in the making for more than 10 years.

The international newswire also reported that delays for the launch of the bourse were mostly due to absence of transparency that upset prospective investors in the oil-rich Southern Africa country

Angola is Africa’s second biggest oil producer after Nigeria. After a civil war which lasted from 1975 to 2002, the signing of a peace agreement has transformed the country. The country has experienced 6 years of sustained stability and growth that has been critical to its development and growth.

The establishment of a stock exchange will further boost its economy.

The post Angola To Launch Stock Exchange In 2016 appeared first on Ventures Africa | .

He will be succeeded by Jacques Celliers, currently CEO of Business Banking at FNB. Celliers indicated that innovation will remain part of the bank’s DNA.

Jordaan said he will spend time with his family while he decides how he would like to get involved in the entrepreneurial space in future. He did say, however, that it would not be with a rival financial services provider.

The post Michael Jordaan To Step Down As FNB CEO appeared first on Ventures Africa | .

These figures emerged at the 2013 SWIFT African Regional Conference (ARC) held in Gaborone, Botswana this week.

SWIFT believes this stresses the significance of the African region in terms of economic growth and money inflows.

SWIFT provides services for more than 10,000 banks, securities institutions and corporate customers in 212 countries and territories.

Hugo Smit, Head of Africa South, SWIFT, confirmed Africa stayed one of SWIFT’s main markets.

“We have outperformed most of our other regions and contribute significantly to the growth of our business globally,” Smit said.

“We are bringing more resources, services and extended solution offerings to the local financial community.”

Many sub-Saharan countries have seen an astonishing leap of growth over the last year.

In Nigeria’s payments traffic swelled by almost 32 percent and securities traffic by more than 50 percent.

Ghana’s payment traffic surged by almost 20 percent and securities gained more than 56 percent while in Uganda, payments shot the lights out, gaining more than 34 percent. Its securities surged 55 percent.

In Tanzania, securities traffic rose by an astounding 115 percent. But in South Africa, the degree of growth was sluggish though still outdoing SWIFT’s international growth.

South Africa’s payments traffic was lifted by almost 13 percent while securities surged by more than 13 percent.

The post Payments Business Grows Impressively In Africa appeared first on Ventures Africa | .

The Kenya-based financial services firm on Tuesday said pretax profit leapt 79.5 percent to 1.45 billion Shillings ($17.2 million) as Kenya’s booming economy boosted lending by banks.

According to Reuters, most banks in east Africa’s biggest economy have reported higher earnings for the first three months of this year.

The financial services firm, whose parent company is South Africa’s Standard Bank, said earnings per share increased to 5.94 shillings from 4.66 shillings compared to a year ago.

CfC Stanbic Bank is a corporate and retail bank licensed by the Central Bank of Kenya to offer financial services in the Kenyan economy.

Standard Bank, Africa’s biggest bank by assets, was founded more than 150 years ago and currently has operations in 18 African countries and other parts throughout the globe.

CfC Stanbic Bank has over the years built a good reputation in the corporate and investment banking world. It has structured and designed some of the East Africa’s largest financial deals. CfC Stanbic Bank is listed on the Nairobi Stock Exchange (NSE).

The post CfC Stanbic’s Pretax Profit Soars 80% appeared first on Ventures Africa | .

It is believed that Biti disclosed this shocking news to the government newspaper, The Herald.

Biti allegedly said the state will pass laws demanding all banks, including international lenders, to have their shares on the ZSE.

It is understood that the rationale for this move is to assist these companies to raise funding.

It is not clear why he only targeted banks and not companies in other sectors.

“Hopefully, the regulations will be gazetted this Friday to compel banks to list on the stock exchange in the next two years,” Biti reportedly told The Herald, adding this is aimed at preventing future bank failures.

The banks will also be urged to spread their services to rural people.

Fin24 named South African banks operating in Zimbabwe but not listed on the local bourse as Stanbic Bank (Standard Bank Group, MBCA (Nedbank Group), and CABS (Old Mutual).

The South African financial news website named other international banks as Barclays Bank, which is already listed, and Standard Chartered Bank.

The post Zimbabwe Threatens To Force Foreign Banks To List On Local Bourse appeared first on Ventures Africa | .

This is part of the firm’s strategy to set up shop in sub-Saharan Africa targeting mainly the African countries of South Africa, Kenya and Nigeria.

This move is informed by the economic growth prospects in those markets, the stock market developments and the existence of underrated shares in those markets.

Reuters reported that the expansion into Kenya and Nigeria would also take place in the last quarter of this year.

The wire service also reported that the investment bank might explore acquisitions in Saudi Arabia in an effort to move into fast-growing emerging markets.

Many venture capitalists have currently gotten smitten with opportunities in emerging markets in Africa and Asia.

These capitalists are laden with dollars generated from oil revenues but have been confronted by restricted economic growth options in their respective countries.

Riad Meliti told Reuters in an interview that the company could grow through acquisitions and other available strategies in these markets but all hinged on the right prospects.

Arqaam capital describes itself as an emerging market investment bank with a focus on the flow of investment funds into these markets.

According to Reuters, the firm proffers research on 121 stocks across the Middle East.

Arqaam Capital merges international best practice with regional proficiency and tries to improve investment prospects for Middle Eastern investors.

It has strong origins in the Middle East with a regional shareholder base which includes institutions, family offices and high net worth individuals.

The post Gulf’s Arqaam Capital Set To Begin South Africa, Nigeria, Kenya Operations appeared first on Ventures Africa | .

Stanbic Bank Regional Head of Investment Banking, Anne Aliker said the lender provided advice on financial, documentation and legal aspects of the transaction to the Government of Rwanda, for which it also acts as a ratings adviser.

The funds from the bond issue are intended for the construction of an international convention centre and to finance capital expenditure requirements for Rwandair, the national airline carrier.

According to Aliker, the bond issue underscores the increasing stature of Africa as an investment destination.

Interest in the issue of the deal could be gauged by the fact that total bids of $3.5 billion, about 7.5 times the issue size, were received for the bond that will be due in 2023. The bond was priced at 6.875 percent for the ten year period and commenced trading at 6.625 percent.

“The enthusiasm with which the issue was received on its issue on Thursday 25^th April, mirrors the positive sentiments that investors have about the rapidly-growing Rwandan economy, the management of its economy, political stability and the prospects for the region as a whole,” she said.

Patrick Mweheire, Stanbic Bank Head of Investment Banking Coverage for Rwanda said: “The capital raised will go a long way in boosting Rwanda’s profile to International investors. According to the World Bank, Rwanda is globally ranked 52 on its measure on the ease of doing business, the highest in sub-Saharan Africa after South Africa.”

Stanbic Bank is a leading advisor to African governments and corporates seeking to access the international debt markets and a leading market maker of African Eurobonds in the secondary market.

The post Stanbic Bank Partners Rwanda On $400m Eurobond appeared first on Ventures Africa | .