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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 Afif Ben Yedder PUBLISHER AND EDITOR-IN-CHIEF Omar Ben Yedder o.benyedder@icpublications.com EDITOR Anver Versi a.versi@icpublications.com EDITOR-AT-LARGE Hichem Ben Yaïche h.benyaiche@icpublications.com VP DEVELOPMENT Saliba Manneh s.manneh@icpublications.com PROJECTS DIRECTOR Zine Ben Yahmed z.benyahmed@icpublications.com ADVERTISING advertising@icpublications.com ADVERTISING SALES DIRECTORS Medrine Chitty, Baytir Samba, Nick Rosefield DISTRIBUTION distribution@icpublications.com PRODUCTION MANAGER Sophie Dillon TUNISIA Slah Nouri s.nouri@icpublications.com Nejib Ben Yedder n.benyedder@icpublications.com Mohamed Ali Abouti m.aboudi@icpublications.com Tel: +216 98 351 844 App A1-6, Imm. Yasmine Tower, Boulevard de la Terre, Centre Urbain Nord, Tunis 1082 , Tunisia 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 All pictures AFP unless indicated. Registered with the British Library. ISSN 1757-1413 ©2021 IC Publications Ltd N° DE COMMISSION PARITAIRE 0120 T 90333 Dépôt légal: Juillet 2021 Cover Story Fintech’s giant strides in Africa Editorial 5 The extraordinary impact of fintech 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 African Banker Awards 18 Results of Africa’s top finance world competition Cover Story 20 Unicorns build on fintech gains 24 Interview: Aissatou Djiba Diallo, Ecobank 28 Fintech start-ups to watch 30 CR2 underpins Amole success in Ethiopia 32 Afreximbank’s love affair with cutting-edge technology 34 Interview: Beatrice Pechtl, David Unsdorfer, StoneX 36 Kenya, Ghana lead fintech charge across Africa 38 Interview: João Figueiredo, Moza Banco 42 Interview: Yves Eonnet, TagPay View from the Top 45 Cornel Dixon, Backbase In Conversation 46 Olukayode Pitan, Bank of Industry 50 Jules Ngankam, African Guarantee Fund 52 Segun Agbaje, Group CEO, GTBank 54 Henri-Claude Oyima, BGFI 58 Lawrence Mutsunge Nazare, Continental Reinsurance The Wider Picture 60 Hippolyte Fofak, Afreximbank Capital Markets 62 Goodbye NSE, hello NGX 62 Nairobi bourse restructures 64 Egypt’s $2bn sukuk 64 Green, social and sustainable bonds abound 65 MTN’s listing on Rwanda bourse 65 Egyptian Exchange launches bond trading system 65 Zambia offers mobile trading app Topic 66 Afreximbank’s Covid intervention ‘exceptional’ In Conversation 68 Nick Barigye, Rwanda Finance Ltd Country Focus 72 Nigeria: Naira devaluation bites economy 76 South Africa: Green shoots hide tangled roots Essay 80 Aig-Imoukhuede: How Nigeria dug itself into a hole The Last Word 82 Mushtak Parker: Selling off the family junk

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 Afif Ben Yedder PUBLISHER AND EDITOR-IN-CHIEF Omar Ben Yedder o.benyedder@icpublications.com EDITOR Anver Versi a.versi@icpublications.com EDITOR-AT-LARGE Hichem Ben Yaïche h.benyaiche@icpublications.com VP DEVELOPMENT Saliba Manneh s.manneh@icpublications.com PROJECTS DIRECTOR Zine Ben Yahmed z.benyahmed@icpublications.com ADVERTISING advertising@icpublications.com ADVERTISING SALES DIRECTORS Medrine Chitty, Baytir Samba, Nick Rosefield DISTRIBUTION distribution@icpublications.com PRODUCTION MANAGER Sophie Dillon TUNISIA Slah Nouri s.nouri@icpublications.com Nejib Ben Yedder n.benyedder@icpublications.com Mohamed Ali Abouti m.aboudi@icpublications.com Tel: +216 98 351 844 App A1-6, Imm. Yasmine Tower, Boulevard de la Terre, Centre Urbain Nord, Tunis 1082 , Tunisia 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 All pictures AFP unless indicated. Registered with the British Library. ISSN 1757-1413 ©2021 IC Publications Ltd N° DE COMMISSION PARITAIRE 0120 T 90333 Dépôt légal: Juillet 2021

Cover Story Fintech’s giant strides in Africa

Editorial 5 The extraordinary impact of fintech

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

African Banker Awards 18 Results of Africa’s top finance world competition

Cover Story 20 Unicorns build on fintech gains 24 Interview: Aissatou Djiba Diallo, Ecobank 28 Fintech start-ups to watch 30 CR2 underpins Amole success in Ethiopia 32 Afreximbank’s love affair with cutting-edge technology 34 Interview: Beatrice Pechtl, David Unsdorfer,

StoneX 36 Kenya, Ghana lead fintech charge across Africa 38 Interview: João Figueiredo, Moza Banco 42 Interview: Yves Eonnet, TagPay View from the Top 45 Cornel Dixon, Backbase

In Conversation 46 Olukayode Pitan, Bank of Industry 50 Jules Ngankam, African Guarantee Fund 52 Segun Agbaje, Group CEO, GTBank

54 Henri-Claude Oyima, BGFI 58 Lawrence Mutsunge Nazare, Continental Reinsurance

The Wider Picture 60 Hippolyte Fofak, Afreximbank

Capital Markets 62 Goodbye NSE, hello NGX 62 Nairobi bourse restructures 64 Egypt’s $2bn sukuk 64 Green, social and sustainable bonds abound 65 MTN’s listing on Rwanda bourse 65 Egyptian Exchange launches bond trading system 65 Zambia offers mobile trading app

Topic 66 Afreximbank’s Covid intervention ‘exceptional’

In Conversation 68 Nick Barigye, Rwanda Finance Ltd

Country Focus 72 Nigeria: Naira devaluation bites economy 76 South Africa: Green shoots hide tangled roots

Essay 80 Aig-Imoukhuede:

How Nigeria dug itself into a hole

The Last Word 82 Mushtak Parker:

Selling off the family junk

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