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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 GROUP PUBLISHER Omar Ben Yedder o.benyedder@icpublications.com EDITOR Anver Versi VP DEVELOPMENT Saliba Manneh s.manneh@icpublications.com ADVERTISING advertising@icpublications.com ADVERTISING 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 0120 T 90333 Dépôt légal Octobre 2019

Cover Story The enormous power of fintech

Editorial 5 Africa is in a happy investment place 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:

Fintech 22 The enormous power of fintech 30 Is fintech in Kenya too successful? Stock Market 32 Naspers spin-off dominates

European internet 33 $2.5bn Helios Towers plans London IPO 34 Casablanca bourse helps

Governor, South African Reserve Bank 41 Can Team Ramaphosa stabilise economy? 46 Equity investment outlook remains robust In Conversation 48 Edoh Kossi Amenounve, MD, BRVM Green Finance 52 Unseemly haggling over climate finance Country Focus: Nigeria 56 In conversation: Amine Mati, IMF Nigeria Senior Resident Representative 58 Cash losing ground – but slowly 61 Mixed reactions as Nigeria set to raise VAT Point of View 64 Egyptian banks sustain profits as economy grows Finance 66 New insurance law a major stimulus to Egypt’s industry In Perspective 70 Africa is reshaping its economic contours Innovation 73 An African gold-backed crypto coin funding for $11bn tech city 34 Farewell to Nicky Newton-King 36 Hydropower in Mozambique 36 Fawry shares in high demand in Egypt In Depth: South Africa 38 In conversation: Lesetja Kganyago,

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