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Contents African Banker 3RD QUARTER 2010


France IC Publications, 609 Bat A 77 Rue Bayen 75017 Paris tel: +33 1 44 30 81 00 fax: +33 1 44 30 81 11 e-mail:

Group Publisher Afif Ben Yedder Directeur de la publication ( Editor Anver Versi Editorial Consultant Christian Udechukwu Correspondent-at-large Stephen Williams Art Director Carlo Nicolaou Editorial Assistant Carole Lambert Associate Group Publisher Omar Ben Yedder ( DEVELopment director Patricia Bonnin group sales director Leila Ben Hassen ( Advertising Sales Directors Saliba Manneh Nick Rosefield Medrine Chitty Arthur Jones Tibor Fuchsel Elisée Marie Ndiana Matthew Production Manager Michael Messam Printers Headley Brothers Ltd, The Invicta Press, Queens Road, Ashford, Kent, TN24 8HH. Indexed and abstracted in PAIS International and included in one or more of the Information Access Company full text reference databases. Microfilms available from Xerox University Microfilms, 399 N. Zeeb Road, Ann Arbor, Michigan 48106, USA. Indexed by UMI/Data Courier, PO Box 327770, Louisville, KY 40232-2770 USA. All pictures AFP unless indicated. Registered with the British Library. ISSN 1757-1413 ©2010 IC Publications Ltd N° DE COMMISSION PARITAIRE EN COURS Dépôt légal Juillet 2010 United Kingdom IC Publications, 7 Coldbath Square, London ec1r 4lq tel: +44 20 7841 3210 Admin FAX: +44 20 7713 7898 Editorial FAX: +44 20 7841 3211 E-mail:

OVER STORY Technology: The force behind Africa’s banking expansion


Industry holding steady 06 African Banker’s

World News in brief 14New Appointments

Who’s moved where 16Cover Story echnology: The force behind Africa’s banking expansion 26 Africa’s Top Bankers ony Elumelu, James Mwangi, Jacko Maree, Aigboje Aig-Imoukhuede, Doug Munatsi

34 Development finance ko Atlantic – The banker’s dream 36 Topic nter Ecobank Corporate 40Regulatory

African banks rapped over charges 42 Africa’s capital markets Bond issues take off 48Investment

China Fund shifts gears