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United Kingdom IC Publications 7 Coldbath Square London EC1R 4LQ Tel: +44 20 7841 3210 Fa x: +44 20 7713 7898 E-mail: icpubs@icpublications.com www.icpublications.com FOUNDER Af i f Ben Yedder PUBLISHER AND EDITOR-IN-CHIEF Omar Ben Yedder o.benyedder@icpublications.com EDITOR Anver Versi a.versi@icpublications.com ASSOCIATE EDITOR Jon Haynes j.haynes@icpublications.com VP DEVELOPMENT Saliba Manneh s.manneh@icpublications.com ADVERTISING advertising@icpublications.com ADVERTISING SALES DIRECTORS Bay t i r Samba, Nick Rosef ield DISTRIBUTION distribution@icpublications.com PRODUCTION MANAGER S t u a r t We s t s.west@icpublications.com TUNISIA Nejib Ben Yedder n.benyedder@icpublications.com Mohamed Ali Abouti m.aboudi@icpublications.com PRINTERS Roularta Media Group Meensesteenweg 300 8800 Roeselare SUBSCRIPTIONS IC Publications Webscribe Unit 4, College Business Park College Road North Aston Clinton, HP22 5EZ UK Telephone: +44 (0) 1442 820580 contact@webscribe.co.uk https://african.business/subscribe Al l pictures AFP unless indicated. Registered with t he Brit ish Librar y. ISSN 1757-1413 ©2023 IC Publications Ltd Dépôt léga l : Février 2023 Cover Story West Africa: Banks at critical nexus Editorial 5 Africa beats the odds, again News in Brief 6 Banking sector news from around the continent African Banker’s World 14 Who’s going where in the African banking industry Cover Story: FOCUS ON WEST AFRICA 16 Nigeria: Banks turn a profit but fintechs are catching up 20 CBN’s Emefiele leads trend away from oil Capital Markets 40 African bourses linkage project takes off 40 ‘Fantastic year’ for Nigerian exchange 42 Economic crunch gives wings to Egyptian exchange 44 Orange IPO is Côte d’Ivoire’s biggest listing 45 Plenty of buzz around Vodacom Group 46 Healthy listing for Moroccan clinic operator 47 BRVM launches new trading boards The Bigger Picture 48 Deep reach of agency banking dependency 23 Ghana: Tough times for banks as economy falters 26 Senegal: On course for world-beating growth this year In Conversation 30 Prof. Benedict Oramah, President, Afreximbank In Conversation 36 Professor Mthuli Ncube, Minister of Finance, Zimbabwe Tr e n d s 54 African start-ups raise record funding In Conversation 56 Oussama Kaissi, CEO, ICIEC To p i c 64 Investing Africa’s $95bn remittances Country Focus 68 East Africa: EAC moves towards financial integration 71 South Africa: Rays of sunshine The Last Word 74 Football and development

United Kingdom IC Publications 7 Coldbath Square London EC1R 4LQ Tel: +44 20 7841 3210 Fa x: +44 20 7713 7898 E-mail: icpubs@icpublications.com www.icpublications.com

FOUNDER Af i f Ben Yedder PUBLISHER AND EDITOR-IN-CHIEF Omar Ben Yedder o.benyedder@icpublications.com EDITOR Anver Versi a.versi@icpublications.com ASSOCIATE EDITOR Jon Haynes j.haynes@icpublications.com VP DEVELOPMENT Saliba Manneh s.manneh@icpublications.com ADVERTISING advertising@icpublications.com ADVERTISING SALES DIRECTORS Bay t i r Samba, Nick Rosef ield DISTRIBUTION distribution@icpublications.com PRODUCTION MANAGER S t u a r t We s t s.west@icpublications.com TUNISIA Nejib Ben Yedder n.benyedder@icpublications.com Mohamed Ali Abouti m.aboudi@icpublications.com PRINTERS Roularta Media Group Meensesteenweg 300 8800 Roeselare SUBSCRIPTIONS IC Publications Webscribe Unit 4, College Business Park College Road North Aston Clinton, HP22 5EZ UK Telephone: +44 (0) 1442 820580 contact@webscribe.co.uk https://african.business/subscribe Al l pictures AFP unless indicated. Registered with t he Brit ish Librar y. ISSN 1757-1413 ©2023 IC Publications Ltd Dépôt léga l : Février 2023

Cover Story West Africa: Banks at critical nexus Editorial 5 Africa beats the odds, again News in Brief 6 Banking sector news from around the continent African Banker’s World 14 Who’s going where in the African banking industry Cover Story: FOCUS ON WEST AFRICA 16 Nigeria: Banks turn a profit but fintechs are catching up 20 CBN’s Emefiele leads trend away from oil

Capital Markets 40 African bourses linkage project takes off 40 ‘Fantastic year’ for Nigerian exchange 42 Economic crunch gives wings to Egyptian exchange 44 Orange IPO is Côte d’Ivoire’s biggest listing 45 Plenty of buzz around Vodacom Group 46 Healthy listing for Moroccan clinic operator 47 BRVM launches new trading boards The Bigger Picture 48 Deep reach of agency banking dependency 23 Ghana: Tough times for banks as economy falters 26 Senegal: On course for world-beating growth this year In Conversation 30 Prof. Benedict Oramah,

President, Afreximbank In Conversation 36 Professor Mthuli Ncube,

Minister of Finance, Zimbabwe

Tr e n d s 54 African start-ups raise record funding In Conversation 56 Oussama Kaissi, CEO, ICIEC To p i c 64 Investing Africa’s $95bn remittances

Country Focus 68 East Africa: EAC moves towards financial integration 71 South Africa: Rays of sunshine

The Last Word 74 Football and development

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