The Editorial Team

Uber Nigeria Partner Raises $23 Million to Lend to Drivers

LAGOS (Capital Markets in Africa) – Moove, a mobility fintech startup, has raised $23 million to provide financing to Uber Technologies Inc. drivers to buy cars across the sub-Saharan Africa region. The funding round, which takes the total capital of Moove to $68.2 million, was led by Speedinvest and U.S.-based Left Lane Capital, with the participation of its existing investor, Emso Asset Management. The company uses data on ride-hailing platforms, such as earnings and performance,…

Sweet Spot in Emerging Debt Has Goldman Warily Seeking Yield

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LAGOS (Capital Markets in Africa) – Quasi-sovereign bonds, notes from companies at least partially owned by a government, are in vogue for firms including Goldman Sachs Group Inc. and Barings LLC that are seeking strong returns amid lots of economic uncertainty. This debt, which includes some credit risk, pays more than sovereign notes and is often considered safer than pure corporate bonds. A Bloomberg Barclays gauge of emerging-market company and quasi-sovereign dollar debt returned 5.4% since the…

Kenya’s 91-Day Bills Yield Drops to Lowest in Almost 15 Years

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NAIROBI (Capital Markets in Africa) – Kenya’s 91-day Treasury Bills yield dropped to the lowest in about 15 years as banks sought safer assets amid the coronavirus pandemic. The weighted average yield of the notes was at 6.513% at last week’s auction, the lowest since September 2006, according to Central Bank of Kenya data. The rate for 182-day bills was 7.046% and 364-day securities at 7.418%. “High liquidity has been attributed to cautiousness by banks amid the…

Troops Eject Rebels Who Besieged Total’s Mozambique Project

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MAPUTO (Capital Markets in Africa) – Troops from Mozambique and Rwanda retook a port town at the heart of a four-year insurgency that led to the suspension of a $20 billion project by TotalEnergies SE. Soldiers from the two countries took back Mocimboa da Praia, which insurgents with ties to Islamic State have held for a year, the Rwanda Defence Force said in Twitter post on Sunday. The Mozambican defense ministry later confirmed the development, saying operations continued to…

Somalia Starts Payments System as It Rebuilds Nation

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MOGADISHU (Capital Markets in Africa) – Somalia has set up a national payments system as part of plans to develop the financial industry in one of the world’s most fragile states, following decades of political and economic instability. The 13 lenders in the Horn of Africa nation can now “become inter-operable, connected to the clearing and settlement system of the central bank and able to transact with each other,” Central Bank of Somalia Governor Abdirahman…

Bankers told to stop moaning and think of the poor

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LONDON (Capital Markets in Africa) – Young investment bankers on big salaries who complain about being overworked have come under fire from one of the City of London’s veteran financiers. Xavier Rolet, the former boss of the London Stock Exchange who was previously a leading banker, has told graduates who do not enjoy their jobs “by any means do something else”. He suggested that financial firms troubled by mutinous staff “should try hiring poor, hungry…

Bankers’ bonus cap may be ditched to boost City

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The government is considering removing restrictions on bankers’ bonuses as part of its plan to ditch EU rules and to make the City more competitive. The idea is at an early stage and not yet part of any public consultations, as officials fear scrapping the bonus cap could trigger a public backlash. But the move has support among some within the Treasury as a way to make London more attractive for senior bankers than Frankfurt,…

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