Tag Archives: loan
loan: Latest News
Peter Pedroncelli, 5:41 am
E-commerce giant Jumia have expanded their online small business loans program to more markets across the African continent. Jumia, Africa’s first startup unicorn, has extended the program they launched in May, providing the small scale loans to merchants in all of the African countries in which it operates. Jumia has partnered with San Francisco-based mobile lender Branch to provide the loans to vendors, with the program proving successful in Kenya since May.
Peter Pedroncelli, 6:09 am
Nigeria is looking to invest in plans to expand electricity generation and capacity with a proposed $5.2 billion loan from the World Bank, thereby boosting economic recovery following the country’s first contraction in a quarter of a century. Nigeria’s power, works, and housing minister Babatunde Fashola has identified the loan amount as a requirement in order to address the issues that the country has in terms of distribution of power, transmission-capacity and poor access to electricity in rural areas. These issues have a knock-on effect for the economy, and addressing these would allow for improved electricity capacity for Nigerian private and public enterprise
Peter Pedroncelli, 11:42 am
Ghanaian defender Baba Rahman could be laying the groundwork for a permanent deal with Bundesliga club Schalke 04, if club Chief Executive Christian Heidel is to be believed. After struggling to nail down a place at Chelsea in the English Premier League last season, Rahman decided to accept the offer of a loan deal without an option to be acquired permanently at the end of the campaign.
Dana Sanchez, 4:18 pm
An acute dollar shortage is hurting the already struggling economy. Egypt depends on foreign investments and tourism for hard currency but those have suffered because of terror attacks and political unrest since the 2011 uprising. The IMF will ask for reforms as part of the loan agreement. These will likely include reduced government spending, a value-added tax and a more flexible currency exchange rate.
Kurt Davis Jr., 9:29 pm AFKI Original
Mozambique, the economic darling of 2014 and 2015, is facing a perfect storm of problems — some self created. Political tensions are at their highest since the lead-up to the October 2014 presidential election. Sporadic attacks on road transport and other infrastructure in central Mozambique have fueled growing fears of instability. This has influenced international decision makers and weighed heavily on foreign investment. The government may not be to blame for everything, but frustration with the country’s debt is definitely a government problem.
Dana Sanchez, 8:45 pm
It’s hard to get a loan in Kenya. Most people have very little credit history and few assets so banks are unwilling to take the risk lending them money. A new partnership between Uber and a local bank is allowing Uber drivers to use data from satisfied customers to apply for car loans. “I felt like I won a jackpot,” said Uber driver Michael Muturi, who got an Uber message saying his profile was good enough to apply. “With my own car I will be able to afford a good house, take my kids to a good school and save for the future.”
Peter Pedroncelli, 6:11 am
The Mozambique government missed a crucial payment on Monday relating to a sovereign guarantee on a $535 million loan taken out by a state-run enterprise, inching the country closer to default. The loan was intended for the construction of shipyards by the state-run Mozambique Asset Management (MAM), but the shipyards are still not yet complete.
Dana Sanchez, 5:19 pm
The fall in global crude prices is hurting the Porsche dealer in Lagos. Despite the pain caused by the oil price crash, Africa’s leading economy grew by 3 percent in 2015. Nigeria is a far more resilient economy than many give it credit for, said the CEO of a Lagos-based private equity firm. Oil revenues account for 75-to-80% of Nigeria’s government budget. Buhari expects a budget deficit of $15 billion in 2016 and has asked African Development Bank for a $1 billion loan, the bank said Tuesday.
Staff, 12:01 am
Egypt faces a foreign currency crunch since tourism and foreign direct investments, its main sources of foreign currency, were hit in the aftermath of the 2011 uprising that toppled President Hosni Mubarak. The loan agreement will allow it to fund exports to African countries. Egypt plans to establish five new commercial bureaus in Ghana, Uganda, Tanzania, Cote d’Ivoire, and Djibouti.
Dana Sanchez, 12:53 pm
Mining companies around the world are encountering reluctance from investors and African companies face their own particular obstacles, but investment in African mining projects hasn’t stopped. About 30 large-scale African mining projects are expected to be commissioned from 2015 through 2018. Financially constrained times call for innovative approaches in funding.
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