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

FOUNDER AND EDITOR-IN-CHIEF Afif Ben Yedder Directeur de la publication benyedder@icpublications.com GR OUP PUBLISHER Omar Ben Yedder o.benyedder@icpublications.com E DITOR Anver Versi VP DEVELOPMENT Saliba Manneh s.manneh@icpublications.com AD VERTISING advertising@icpublications.com AD VERTISING SALES DIRECTORS Medrine Chitty, Baytir Samba, Nick Rosefield DISTRIBUTION distribution@icpublications.com PRODUCTION MANAGER Sophie Dillon 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 www.africanbusinessmagazine.com/subscribe All pictures AFP unless indicated. Registered with the British Library. ISSN 1757-1413 ©2019 IC Publications Ltd N° DE COMMISSION PARITAIRE 0115 T 90333 Dépôt légal Août 2019

Cover Story Ecobank - the application of science to banking

Editorial 5 To borrow or not to borrow,

that is the question News in Brief 6 Banking sector news f rom around the continent African Banker’s World 14 Who’s going where in the

A frican banking industry Cover Story:

Ecobank 20 Ade Ayeyemi, Group CEO, Ecobank:

The application of science to banking Islamic Finance 27 A Dangote sukuk in the offing? Analysis 28 Public finance in Africa:

End of easy money In Conversation 36 Samaila Zubairu, President and CEO, AFC 40 Fiona Ahimie, MD, FBNQuest Securities Events 44 Afreximbank – Africa’s bridge to Russia Thought Leader 48 Why Russia matters in Africa’s new vision In Conversation 52 Caroline Abel, Governor, CB Seychelles 56 Manuel Osa Nsue Nsua, General Director, Banco Nacional De Guinea Ecuatorial Payment Solutions 58 UnionPay’s big push in Africa In Conversation 60 George Asante, MD Markets, Absa Corporate and Investment Bank Stock Market 64 Nairobi bourse opens derivatives market 65 Airtel Africa’s $750m IPO 65 African issuers raised $341m in 6 months Finance 66 Crowdfunding emerging in Africa Country Focus 68 Nigeria: CBN directive on loans – a double-edged sword 70 Nigeria: Securities cap – different perspectives 71 West Africa: Eco by 2020 not feasible 72 South Africa: Hobson’s choice for Ramaphosa

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