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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 ©2020 IC Publications Ltd N° DE COMMISSION PARITAIRE 0120 T 90333 Dépôt légal Octobre 2020

Cover Story In conversation: Ecobank Chairman Alain Nkontchou

Editorial 5 Africa’s battle for a fairer deal

News in Brief 6 Banking sector news from around the continent

African Banker’s World 12 Who’s going where in the

African banking industry

Cover Story 18 Ecobank Chairman Alain Nkontchou: The power of broadband

Country Focus: Nigeria at 60 24 A six-decade rollercoaster ride 28 No reprieve for chronic loan defaulters

In Conversation 32 Olukayode Pitan, Managing Director of Nigeria’s Bank of Industry (BOI)

Partner Insight 36 Living the digital future – CIB

The Bigger Picture 38 IMF Special Drawing Rights offer Africa a lifeline

Credit Rating Agencies 41 Inflexible agency stance hurting Africa

African Banker Awards 46 Women dominate African

Banker 2020 Awards

In Conversation 48 Admassu Tadesse, President and Chief Executive, TDB

Law / Mediation 50 Need for mediation on the increase

Stock Market 52 IHS seeking $7bn US listing 53 Listing for Rwanda cement giant 54 Setting up a US dollar bourse in Victoria Falls 56 A stock exchange for Ethiopia ‘on the way’ 56 FDH Bank is Malawi’s 16th listing

Topic 58 Covid impact on investment banking is minimal

In Perspective 60 The new normal: business unusual

Technology 62 Banks accelerating digitisation in wake of Covid

Regional Focus: East Africa 66 Spike in M&A despite Covid 69 Secrecy fuels forex worries in Tanzania

Essay 44 Menace of trial by social media

Country Focus: South Africa 72 Harsh reality forces change to IMF stance

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