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Business News

Ecobank raises $200 million credit facilities

Ecobank raises fresh syndicated loan facility

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Ecobank, SMEs, Digital

Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of the Ecobank Group, has announced the successful raising of $200 million syndicated loan facility.

The company made this announcement in a notification to the Nigerian Stock Exchange (NSE).

In the notification, ETI disclosed that the facility was oversubscribed at $268.5 million, with ETI increasing the Deutsche Bank’s mandate as an arranger from $150 million to $200 million.

“The facility supports ETI’s goal of maintaining a diversified funding base with strong market access. The loan will be due for repayment in November 2019,” Ecobank stated.

The bank further disclosed that the loan will be due for repayment in November 2019.

The Ecobank share price had also rose by 1.59 per cent from N15.75 to N16.00. This rise came on the day that the NSE All-Share Index appreciated by 0.51 per cent to close at 32,201.28.

ETI had released its financial statements for the nine month period ended 30th September 2018.

Revenue for the group increased from ₦414 billion in 2017 to ₦419 billion in the year under review. This represents a 1%  increase year on year.

Profit before tax increased from ₦69 billion in 2017 to ₦96 billion. This represents a 39% increase year on year. Profit after tax also increased from ₦58 billion in 2017 to ₦76 billion. This represents a 31% increase year on year.

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The Earnings Per Share also increased from ₦201 in 2017 to ₦246 in 2018. This represents a 22% increase year on year.

About Ecobank Transnational Incorporated

Incorporated in Lomé, Togo in 1988, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries,

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The Group has over 17,000 staff in 40 different countries in over 1,200 branches and offices.

Ecobank is a full-service bank providing wholesale, retail, investment, and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals.

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Business

Breaking: CBN includes sugar, wheat on FX restriction list

The CBN is set to include sugar and wheat in the forex restriction list.

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CBN forex restrictions on food itemsCBN approves new cheque standard for banks

The Central Bank of Nigeria has announced plans to place sugar and wheat on its FX restriction list.

The plan was disclosed by the apex bank via its verified Twitter handle in a statement credited to the CBN governor, Godwin Emefiele.

The tweet stated: “Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them. #Emefiele.”

What you should know

The CBN governor, Mr Godwin Emefiele, had earlier (on Thursday) given this hint while on an inspection visit to the proposed $500 million sugar processing facility in Nasarawa state, belonging to Dangote Sugar.

In 2015, the CBN listed 41 items that had been placed on its FX restriction list citing that the move was necessary to conserve the nation’s foreign reserve and boost local production of the items on the restriction list.

Some of the items which made the 2015 list are margarine, poultry and eggs, rice, and cement.

In 2020, the apex bank included maize in its FX restriction list.

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Atsu Davoh is building ways for Africans to easily acquire and spend cryptocurrency

Atsu Davoh has gone from failed projects to running one of Ghana’s most innovative startups.

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In recent times, the tech space in Africa has experienced immense growth, with the introduction of several key players and disruptors across various sectors. One sector that is also rising is the cryptocurrency space with Africa experiencing greater crypto ownership and trade volume.

The number of Bitcoins processed on a single day reached its highest value at the beginning of 2021, as more people displayed interest in the cryptocurrency. Due to its fast adoption, more fintech players have created platforms that have made trading with cryptocurrency easier. One of such players is Atsu Davoh who calls himself the “product guy.”

Atsu Davoh dropped out of college (Carleton College) in the United States and moved back to Ghana to help innovate on Africa’s financial infrastructure. Atsu first discovered Bitcoin in 2017 during the first boom when it became mainstream. Before then, he and his co-founder Samuel Baohen had been involved in many failed projects.

He developed a USSD system where people could buy bitcoin through their phone numbers, like tying crypto to phone numbers in a native way. This was one of the first iterations of Bitsika.

Atsu was invited to Join Binance Labs Incubator by Yele Bademosi where he got $150,000 after graduating from the incubator. Bitsika went on to raise around $900,000 from investors. This brought the total seed raised to $1,050,000.

This USSD system worked in Ghana but didn’t work in Nigeria. Atsu and his team then pivoted the platform to a donation crowdfunding platform, which allowed people living in other countries to send donations to African nationals in need of the funds before finally building it into a cross-border crypto remittance platform.

Bitsika users can deposit and remit money across multiple currencies using the app, with all monies deposited in Bitsika stored in USD credits or stable-coin.

Bitsika has over 50,000+ downloads on Playstore and processed nearly $40 million in 2020 with $18,872,474 in deposits, $17,890,807 in payouts (withdrawals), and $3,189,834 in internal peer-to-peer transfers.

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Despite a few unfavourable regulations surrounding cryptocurrency in Africa, the market has shown no signs of slowing down as more people are building products that will make trading seamless.

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