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<p>The Ethiopian government has continued its military action in the northern Tigray region over the past few days, with reports of air strikes on targeted facilities. Prime Minister Abiy Ahmed has replaced the country’s military Chief and reshuffled the leadership of other security branches. Joining CNBC Africa for the latest Sub-Saharan Africa update is Ridle Markus, Africa Strategist at Absa Corporate &#038; Investment Banking.</p>


Ethiopian PM replaces top military leadership as Tigray conflict worsens

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<p>Côte d’Ivoire’s Alassane Ouattara has been re-elected as president of the country, in a landslide victory.</p>


Côte d’Ivoire’s Alassane Ouattara wins landslide re-election

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<p>Scoring 89 points, South Africa has retained the top spot in the latest Absa Africa Financial Markets Index.</p>


SA retains top spot in the Absa Africa Financial Markets Index

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<p>October is global Cyber Security Awareness Month. With the country’s ailing economy and high numbers of unemployment; ABSA is developing cyber skills to alleviate poverty, and is assessing the skills shortage in cybersecurity. Absa set up the Cybersecurity Academy with the Maharishi Institute to bring marginalised youth through the institute, giving them a hot skill and financial empowerment so they can earn a living: The intention is to set-up an academy on the Cape Flats, and train 300 people a year. Sandro Bucchianeri, Chief Security Officer at ABSA joins CNBC Africa for more.</p>


ABSA looks to equip SA’s youth with cyber skills to fight poverty

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<p>Banking group ABSA has reported a drop in interim profits impacted by its 297 per cent increase in credit impairments which resulted in an 82 per cent plunge in headline earnings and no interim or full year dividend is forecasted for 2020. ABSA CEO, Daniel Mminele joins CNBC Africa for more.</p>


ABSA sees massive H1 headline earnings drop as COVID-19 has weigh on the business

ABSA sees massive H1 headline earnings drop as COVID-19 weigh on the business


<p>The lender, in the midst of a turnaround drive when the pandemic struck, had already warned that bad loans would blow a hole in its performance and drag earnings down by up to 97%.</p>



<p>“Given our focus on preserving capital, we do not envisage declaring an ordinary dividend for 2020,” the lender said in its results statement, adding that its capital levels were expected to remain resilient.</p>



<p>The bank’s headline earnings per share &#8211; the main profit measure in South Africa &#8211; stood at 67.7 cents ($0.0396) in the six months to June 30, compared with 920 cents a year earlier.</p>



<p>The impact of a 297% rise in credit impairments was felt across all of its units. Its operations elsewhere in Africa, which were expected to bolster the earnings of South African banks following one of the world’s strictest lockdowns in their home market, posted a 388% rise in credit impairments.</p>



<p>Absa has been on an aggressive drive to grow revenue elsewhere in Africa following its split from Britain’s Barclays in 2017.</p>



<p>Eager to gain back lost ground under its former parent, the bank set itself a series of ambitious targets and ramped up in areas like lending, where it could be more aggressive than had been possible under Barclay’s.</p>



<p>Now it looks set to suffer one of the biggest blows to performance due to bad loans amongst all of South Africa’s major lenders.</p>



<p>Its return on equity &#8211; a key profitability metric &#8211; fell to 1% from 14% previously.</p>



<p>On a normalised basis, which accounts for Absa’s separation from Barclays, headline earnings per share fell by 82%.</p>



<p>($1 = 17.1172 rand)</p>


Absa Reboots Image As 100 Years Of Barclays In Africa Ends

S.Africa’s Absa says full-year dividend unlikely after interim profit tumbles


<p>JOHANNESBURG (Reuters) &#8211; South Africa’s seasonally-adjusted Absa Purchasing Managers’ Index (PMI) expanded in July, although at a slower rate compared to the previous month.</p>



<p>The index, which gauges manufacturing activity in Africa’s most industrialised economy, fell to 51.2 points in July from 53.9 points in June, remaining above the 50-point mark that separates expansion from contraction.</p>



<p>The business activity sub-index ticked down slightly to 62.9 from 64.6 in June, Absa said in a statement on Monday.</p>



<p>The employment sub-index showed the manufacturing sector was still shedding jobs even with activity recovering.</p>



<p>South Africa imposed a strict lockdown in late March to curb the spread of the coronavirus but has since eased some of the restrictions, with most key industries now allowed to operate at full capacity subject to health and safety protocols.</p>


South Africa’s July Absa PMI signals slower manufacturing improvement

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<p>S&#038;P Global Ratings has affirmed Uganda’s foreign and local currency long- and short-term sovereign ratings with stable outlook. And the week ahead if filled with inflation data from Nigeria, Botswana and GDP numbers from Ghana. Ridle Markus, Africa Strategist, Absa Corporate and Investment Banking joins CNBC Africa for more.</p>


COVID-19: Tracking market movements across the African continent


<p>A multi-billion rand loan guarantee scheme announced by South African President Cyril Ramaphosa last month is now officially in operation, with the assistance of the country’s major banks, including FNB, Investec, Standard Bank and Absa.</p>



<p>Ramaphosa announced the scheme as a measure to soften the blow of the <a href="https://www.cnbcafrica.com/videos/2020/05/13/how-african-economies-will-reawaken-from-the-covid-19-nightmare/">coronavirus pandemic </a>and national lockdown on banks as well as their individual and business clients.</p>



<p>The following statement provides more information:</p>



<p><strong>LOAN GUARANTEE SCHEME OPENS</strong></p>



<p>The Covid-19 loan guarantee scheme announced by President Cyril Ramaphosa in April will operate from today, 12 May 2020. The initial set of participating banks (Absa, First National Bank, Investec, Mercantile Bank, Nedbank and Standard Bank) are ready to accept loan applications from eligible businesses which bank with them.</p>



<p>The activation of the loan guarantee scheme follows the finalisation of legal details by National Treasury, the South African Reserve Bank and the Banking Association South Africa.</p>



<p>The loan guarantee scheme is an initiative to provide loans, guaranteed by government, to eligible businesses with an annual turnover of less than R300 million to meet some of their operational expenses. Funds borrowed through this scheme can be used for operational expenses such as salaries, rent and lease agreements, contracts with suppliers, etc.</p>



<p>Government and commercial banks are sharing the risks of these loans. Initially, the National Treasury has provided a guarantee of R100 billion to this scheme, with the option to increase the guarantee to R200 billion if necessary and if the scheme is deemed successful. Eligible businesses should contact their primary or main banker.</p>



<p>More details on the scheme can be found in a Frequently Asked Questions guide posted at <a href="http://www.treasury.gov.za/">http://www.treasury.gov.za/</a>&nbsp; <a href="https://www.resbank.co.za/">https://www.resbank.co.za/</a> Pages/default.aspx and <a href="https://www.banking.org.za/">https://www.banking.org.za/</a>.</p>



<p>Further queries should be directed to the individual banks, which are administering the scheme.</p>



<p>Jointly issued by National Treasury, The South African Reserve Bank and The Banking Association South Africa</p>



<p>Date: 12 May 2020</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Here’s how to apply for SA’s COVID-19 loan guarantee scheme


<p>JOHANNESBURG (Reuters) &#8211; South African lender Capitec said on Tuesday it would not pay a dividend for its full year, although profits rose by 19%, in line with guidance from the country’s central bank to <a href="https://www.cnbcafrica.com/southern-africa/2020/04/07/sarb-guides-banks-to-put-dividends-bonuses-on-hold/">scrap payouts amid the coronavirus outbreak</a>.</p>



<p>The <a href="https://www.cnbcafrica.com/news/2020/04/14/south-african-reserve-bank-cuts-repo-rate-by-another-100-basis-points/">South African Reserve Bank (SARB)</a> asked lenders to skip dividends for 2020 earlier in April to preserve capital for lending. Capitec was one of only a few lenders to not have already declared a dividend at this time.</p>



<p>“After extensive deliberation, the board decided to support the guidance of the Reserve Bank and decided against the declaration of the final ordinary dividend,” Capitec, which normally pays out 40% of profits to shareholders, said in its results statement.</p>



<p>The banks’ main rivals &#8211; South Africa’s big four lenders including FirstRand and Absa &#8211; all reported their results and declared dividends in March. The SARB has said dividends already announced can be paid.</p>



<p>Capitec reported a full-year profit rise of 19%, at the bottom end of a forecast range of 18% to 21% it outlined in a trading statement last month. [L8N2BC6T4]</p>



<p>Its headline earnings per share &#8211; the main profit measure in South Africa &#8211; stood at 5,428 cents ($3.02), verses 4,557 cents a year earlier.</p>



<p>The lender grew to become South Africa’s sixth largest bank by assets via a strategy focused on unsecured lending to lower-income consumers, and is generally perceived to be more exposed to any economic downturn as a result. Unsecured lending relies solely on consumers’ promises to repay.</p>



<p>A fear of a spike in bad debts following the <a href="https://www.cnbcafrica.com/east-africa/2020/04/08/how-african-economies-can-survive-the-covid-19-crisis/">outbreak of the coronavirus and a prolonged lockdown</a> to stem its spread have pummelled bank shares, with Capitec in particular suffering.</p>



<p>Its credit impairment charge rose by 14% over the year to February, in line with other banks which also saw impairments spike as the South African economy deteriorated.</p>



<p>($1 = 17.9976 rand)</p>



<p>(Reporting by Emma Rumney, Editing by Raju Gopalakrishnan)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKCN21W0P2-OZABS">https://af.reuters.com/article/investingNews/idAFKCN21W0P2-OZABS</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


COVID-19: South Africa eases lockdown to revive battered economy

South Africa’s Capitec says full-year profits rise by 19%, skips dividend

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<p>Three of South Africa’s major banks have revealed to CNBC Africa how small businesses can apply for funding from the South Africa Future Trust. This is what they had to say.</p>


SA’s banks reveal how small businesses can apply for the R1bn Oppenheimer fund

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<p>Yesterday Absa revealed measures to lessen the burden on its customers as South Africa weathers the storm of COVID-19, #21daylockdwon and a downgrade to junk by Moody’s. Bongiwe Gangeni, Deputy Chief Executive Officer for Retail &#038; Business Bank at Absa joins CNBC Africa for more.</p>


Absa launches COVID-19 payments relief programme


<p><em>Absa is the latest bank to announce measures for customers negatively impacted by South Africa&#8217;s #21daylockdown and COVID-19. FNB will announce its plans on Monday. </em></p>



<p><strong>Absa launches extensive COVID-19 payment relief programme </strong></p>



<p>·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Relief for consumer,
business banking and wealth customers </p>



<p>·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Bespoke solutions for
corporate and business banking clients</p>



<p>·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Additional administration
fees waived</p>



<p>·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To allow benefits to
reach more customers, those who can pay are encouraged to continue payments</p>



<p>·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Programme applies to all
Absa markets, subject to legislation, regulations and conditions applicable in
each country</p>



<p>As South Africa and the world confront the
public health, financial and economic implications of the COVID-19 pandemic,
Absa Group is rolling out an extensive relief programme for eligible customers
impacted by COVID-19. </p>



<p>“We realise that this is a difficult time for our customers and businesses whose financial means are being negatively affected. After careful consideration and engagements with regulators, we are pleased to introduce a comprehensive customer, business and corporate relief programme. This programme, effective on Monday, 30 March 2020, is in line with the principles of an industry-agreed approach <a href="https://www.banking.org.za/news/banks-respond-to-covid-19/">https://www.banking.org.za/news/banks-respond-to-covid-19/</a>. We urge those of our customers who are able to continue making their payments, to do so. This will enable us to extend these measures to many more who are not in a similar position,” said Daniel Mminele, Group Chief Executive of Absa.</p>



<p>Eligible customers in need of short-term liquidity relief will qualify for the relief programme that applies to Absa’s credit products. These relief measures apply to Absa’s corporate, wealth, business bank, private bank and retail customers. Crucially, this programme will not attract additional administration fees for customers.</p>



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<p>Support to corporate and business banking
clients will entail solutions based on their unique requirements and
operations. Businesses and corporates are encouraged to contact their
relationship managers for further details.</p>



<p>The programme incorporates a three-month
payment relief and allows customers in need of short-term financial relief to
reduce their monthly instalments. Customers in good standing (with up-to-date
accounts), and who have been financially impacted by the pandemic will have the
opportunity to opt-in for payment relief, aimed at assisting with cash flow
needs. This means the programme will give customers the opportunity to either
continue paying if they are in a position to, to pay reduced instalments by
agreement with the bank or to defer payments for a period of three months.</p>



<p>Relevant agreements will be adjusted, by revising the loan period and capitalising interest during the relief period. </p>



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<p>“The programme is testament to our commitment
to finding real, customer-focused solutions, in a time of great uncertainty for
everyone,” said Arrie Rautenbach, Chief Executive of Absa Retail and Business
Banking (RBB) South Africa.</p>



<p>The principles applicable to this relief
programme in South Africa are extended to Absa’s other markets in Africa but
will be implemented subject to the various conditions, laws and regulations
applicable in each country.</p>



<p>“Absa campuses also have small and medium
sized enterprises such as hairdressers, pharmacies, florists and coffee shops,
among others as commercial tenants. In recognition of the role SME’s play in
creating jobs and sustaining livelihoods, these businesses have been granted a
rental holiday for the next three months,” concluded Mminele.

We will continue to monitor the situation
closely and adjust our relief programme where necessary



</p>


Absa announces COVID-19 payment relief measures as SA enters #21daylockdown

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<p>Investors have been rushing towards gold as a safe haven amid the global Coronavirus pandemic threatening oil and equity markets. One person who has seen this huge demand of the precious metal is Alan Demby the Chairman of the South African Gold Coin Exchange; he joins CNBC Africa for more on the high demand for gold during these uncertain times.</p>


Investors rushing for gold amid COVID-19 fears

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<p>As COVID-19 cases climb in Africa, countries have had monetary responses to the issue such as South Africa and Namibia cutting by 100 basis points, Ghana by 150 and Nigeria keeping rates unchanged in yesterday’s MPC announcement. Joining CNBC Africa to unpack the economic impact of monetary response to COVID-19 in Africa is Ridle Markus, Africa Strategist at Absa Corporate and Investment Banking.</p>


Absa’s Ridle Markus on Africa’s monetary response to COVID-19


<p>Absa Corporate and Investment Banking (CIB) says it is stepping up its capabilities in Transactional Banking to respond to ever changing client needs. Yasmin Masithela, Managing Executive for Transactional Banking, says clients no longer want generic products, they are expecting customised solutions that are customer centric and flexible to their needs.</p>



<p>“Clients are looking for
solutions that allow them to transact seamlessly across regions, they are
looking for efficient, scalable, secure and innovative solutions.&nbsp; We have seen a trend of the clients who want
plug and play solutions that are enabled through technologies such as Application
Programming Interfaces (API), minimising of development of intensive
integration,” she says. </p>



<p>“This includes enabling our online channels to allow clients to transact direct from our online platforms. This has a significant impact on the integration cost reduction and operational efficiencies and embraces a best of breed technology,” Masithela says. </p>



<p>Absa currently offers cash
management solutions which help clients to collect and make payments securely
and efficiently, across geographies. In some cases where clients experience
funding gaps, the bank can assist them by providing them with trade and working
capital finance and other Risk mitigating solutions.&nbsp; In addition, we offer international trade and
foreign exchange proposition in our transactional banking suites.&nbsp; </p>



<p>“We also strive to enable clients to manage their liquidity effectively and ensure there is always sufficient cash available for them to get business done. &nbsp;&nbsp;These services are enabled through our online banking platforms which we are building and enhancing, as well as our host-to-host solutions which are existent,” she says. </p>



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<p>Absa also provides
multi-product solutions tailored to the current business needs of its clients
and will be focusing more on anticipating what their future needs might be as
they expand. This means continuing to invest and innovate the transactional
banking offering which will result in the bank providing an even more highly
personalised service with insights into the specific sectors they operate in. </p>



<p>Masithela says Absa has
invested significant resources into building a superior digital experience for
hyper-connected banking across multiple channels. This includes our current
focus of end-to-end process automation and integration to digitally transform
customer journeys and reduce process complexity.&nbsp; </p>



<p>“Because of our pan-African
presence and our experience as a leading financial services provider on the
continent, we also have the benefit of a unique understanding of the diverse
transactional needs of our clients in different environments. </p>



<p>Masithela says in line with
CIB’s pan-African growth strategy, the bank will introduce new solutions to
further strengthen its transactional banking capabilities. </p>



<p>“In this respect, we are introducing
new propositions in the next few months which will help our focus on growth. &nbsp;We will be landing our single sign on portal &#8211;
Absa access that will allow clients to transact in one place in their digital
framework of choice be it, Online, mobile or through a host platform and
finally through API’s in a safe environment.</p>



<p>We want to offer our clients propositions that are simplified and seamless we are focused on creating a great experience for our clients, across our transactional offerings and truly enabling our clients to grow their business through the use of our platforms.</p>



<p><em>Content provided by Absa</em></p>


How Absa is gearing up to respond to client needs in transactional banking

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Joining CNBC Africa for today’s Africa exchange segment is Ridle Markus, Africa Strategist at  Absa Corporate and Investment Banking to discuss Zambia’s energy crisis.</p>


Absa

Ethiopian PM replaces top military leadership as Tigray conflict worsens

Côte d’Ivoire’s Alassane Ouattara wins landslide re-election

SA retains top spot in the Absa Africa Financial Markets Index

ABSA looks to equip SA’s youth with cyber skills to fight poverty

ABSA sees massive H1 headline earnings drop as COVID-19 weigh on the business

S.Africa’s Absa says full-year dividend unlikely after interim profit tumbles

South Africa’s July Absa PMI signals slower manufacturing improvement

COVID-19: Tracking market movements across the African continent

Here’s how to apply for SA’s COVID-19 loan guarantee scheme

South Africa’s Capitec says full-year profits rise by 19%, skips dividend

SA’s banks reveal how small businesses can apply for the R1bn Oppenheimer fund

Absa launches COVID-19 payments relief programme

Absa announces COVID-19 payment relief measures as SA enters #21daylockdown

Investors rushing for gold amid COVID-19 fears

Absa’s Ridle Markus on Africa’s monetary response to COVID-19

How Absa is gearing up to respond to client needs in transactional banking

What is behind Zambia’s deepening energy, economic crisis?

News Tips

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Absa

Ethiopian PM replaces top military leadership as Tigray conflict worsens

Côte d’Ivoire’s Alassane Ouattara wins landslide re-election

SA retains top spot in the Absa Africa Financial Markets Index

ABSA looks to equip SA’s youth with cyber skills to fight poverty

ABSA sees massive H1 headline earnings drop as COVID-19 weigh on the business

S.Africa’s Absa says full-year dividend unlikely after interim profit tumbles

South Africa’s July Absa PMI signals slower manufacturing improvement

COVID-19: Tracking market movements across the African continent

Here’s how to apply for SA’s COVID-19 loan guarantee scheme

South Africa’s Capitec says full-year profits rise by 19%, skips dividend

SA’s banks reveal how small businesses can apply for the R1bn Oppenheimer fund

Absa launches COVID-19 payments relief programme

Absa announces COVID-19 payment relief measures as SA enters #21daylockdown

Investors rushing for gold amid COVID-19 fears

Absa’s Ridle Markus on Africa’s monetary response to COVID-19

How Absa is gearing up to respond to client needs in transactional banking

What is behind Zambia’s deepening energy, economic crisis?

News Tips

Advertise With Us

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