Kenyan, South African banks outperform Nigerian peers in ROE –

Nigerian banks lagged behind some of their Kenya and South African peers in terms of how much profit they generated with their shareholders’ equity in 2022. Data compiled by BusinessDay showed Nigerian banks recorded an average return on equity (ROE) of 16.50 percent in 2022, lagging behind South African and Kenya peers of 27 percent

United Nigeria Airlines Expands Fleet with Embraer E190 and E175 Orders

United Nigeria Airlines, a relatively new player in the African aviation industry, has revealed its plans to expand its fleet and network reach in the coming years. The Nigerian carrier intends to acquire two Embraer E190 jets and ten E175 aircraft, signaling its commitment to growth and development. The new additions are expected to enhance

Nigeria’s naira weakens to record low on official market

Nigeria’s naira was quoted at a record low of 475 per dollar on the official market on Wednesday, from 465 naira at the previous close, Refinitiv data showed. Nigeria has been adjusting the value of the naira gradually on the spot market to avoid a large-scale devaluation. On Friday, primary auction results showed the central

Borderless Africa: ZEEPAY approves outbound remittance across six African countries

As part of its ambitious vision to create a borderless Africa in terms of trade and payments, leading mobile money firm and number on Ghana Club100, Zeepay has enabled outbound remittance to wallet from six African countries to 200 destinations across the globe. The company is also far advanced in creating a seamless cross-border remittance

Ghana sends debt rework proposal to official creditors: sources

ACCRA/LONDON – Ghana has sent a debt restructuring proposal to its official creditors, two sources with direct knowledge of the matter said, as the West African country battles to escape its worst economic crisis in a generation. The “working proposal” is a crucial first step for the cocoa, gold and oil producer to engage the

Africa’s Biggest Economies Experiencing The Slowest Growth | General News

A new report by the McKinsey economic consultancy has shown that Africa’s biggest economies, including South Africa, Egypt, Nigeria and Algeria, are experiencing the slowest growth on the continent. “The growth in the past was driven by resources. We need to pivot now to productivity growth,” said Acha Leke, a senior partner with McKinsey. The