Finance
Banking, capital markets, currencies and the money flows behind African growth.
Endeavour Mining posts record $880m EBITDA
Endeavour Mining, West Africa’s largest gold producer, reported record adjusted EBITDA of $880 million for Q1 2026, up 29% quarter-on-quarter, with record free cash flow of $613 million ($2,176 per ounce), driven by a…
Africa’s $164bn wealth funds eye mining
Africa’s sovereign wealth funds now hold combined assets exceeding $164 billion and are being deployed as active financiers of the continent’s…
Safaricom’s OneApp hits 4.7 million users
Safaricom’s unified My OneApp platform reached 4.7 million registered users as of June 29, with 1.3 million daily active users, as the telecom moves…
Family Bank’s NSE debut surges 44%
Family Bank listed on the Nairobi Securities Exchange by introduction on June 23, the largest private-sector listing in over 17 years. Its 1.66…
South Africa’s fiscal turnaround gathers pace
South Africa’s National Treasury reported a primary budget surplus of R86.7 billion (1.1% of GDP) for 2025/26, exceeding the 0.9% Budget estimate…
US-Iran truce sends oil crashing
A US-Iran ceasefire agreement and the reopening of the Strait of Hormuz have sent Brent crude crashing from a peak above $120 per barrel in April to…
MTN’s MoMo is going super app
MTN Group Fintech has partnered with Ant International, the global payments firm behind Alipay, to transform its MoMo mobile money platform into a…
Ghana’s 1,400bps rate cut leads Africa
Ghana’s Bank of Ghana cut its benchmark rate by a cumulative 1,400 basis points from 28% in January 2025 to 14% by March 2026, the most aggressive…
Nigeria slams the IMF’s tax prescriptions
A Nigerian think tank, the Alliance for Economic Research and Ethics, has criticised the IMF’s 2026 Article IV recommendations including excise…
Rabiu buys $81m jet, nears $20bn
BUA Group Chairman Abdulsamad Rabiu has taken delivery of an $81 million Bombardier Global 8000, becoming the first African to personally own the…
Airtel Zambia joins the $1bn club
Airtel Networks Zambia Plc crossed US$1 billion in market capitalisation on the Lusaka Securities Exchange on June 8, 2026, becoming one of the most…
Tanzania self-funds its $24bn budget
Tanzania’s Finance Minister Khamis Mussa presented the Tsh62.33 trillion ($24 billion) 2026/27 budget on June 11, targeting 75% domestic funding, up…
Cardoso wins Central Bank of the Year
Nigeria’s Central Bank was named Central Bank of the Year 2026 at the Central Banking Awards in London on June 10. Governor Yemi Cardoso accepted…
Africa’s startup funding rebounds in May
Africa’s startup funding rebounded to $259.8 million in May 2026, up 133.5% from $110.4 million in April, across 43 startups. Bima Ghana led with a…
UK launches £15m Nigeria growth programme
The UK and Nigeria launched a £15 million three-year Growth Programme on June 12 during UK Minister for Africa Baroness Jenny Chapman’s visit to…
Zimbabwe’s gold miner doubles output target
Mutapa Gold Resources, Zimbabwe’s state gold miner owned by the Mutapa Investment Fund, plans to double annual output from 105,000 ounces to 220,000…
Rwanda’s Rwf7.8tn budget hits parliament
Rwanda Finance Minister Yusuf Murangwa presented the Rwf7.8 trillion ($990 million) national budget to Parliament on June 11, a 12% increase from…
Standard Bank backs Dangote refinery IPO
Standard Bank Group CEO Sim Tshabalala visited the Dangote Petroleum Refinery in Lagos on June 10 and pledged that Standard Bank will play a leading…
Kenya Airways pursues $2bn turnaround investor
Kenya’s government is seeking a strategic investor willing to commit $1.2-2 billion to Kenya Airways through an international tender, alongside a…
South Africa’s six-quarter growth run continues
South Africa’s GDP grew 0.5% quarter on quarter in Q1 2026, beating the 0.2% consensus forecast and extending the growth run to six consecutive…
AFC closes record $2bn syndicated loan
Africa Finance Corporation raised a record $2 billion syndicated loan on June 4, upsized from $1.6 billion after strong demand from 26 lenders…
Rwanda locks in $250m IMF credit facility
The IMF Executive Board approved Rwanda’s $250 million, 38-month Extended Credit Facility on June 9, with an immediate $35.7 million disbursement.…
Nigeria’s trade surplus triples to N7.55tn
Nigeria’s Q1 2026 merchandise trade surplus surged 341% to N7.55 trillion ($4.1 billion) from N1.71 trillion in Q4 2025, driven by higher crude oil…
Heirs Energies wins global oil deal prize
Heirs Energies won Best Oil and Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026 for its $750 million Afreximbank-backed Senior…