On 23 February, the IMF reached a staff-level agreement for the combined first and second reviews of Ethiopia’s ECF/EFF programme. As such, we will have to wait until the matter goes to the Board and the report is published before there is more clari...

Finance Minister Tito Mboweni presented South Africa's fiscal year 2021/22 budget (April to March) today. The NT aims to achieve a primary surplus on the main budget by 2024/25, which should stabilise public debt at a peak of 88.9% of GDP in 2025/26....

Bank of Uganda released digital transaction data for Q3 20 for banks and telcos, which show digital transaction values jump by 39% yoy. This was helped by a 23.4% yoy growth in 90-day active customers and overall number of transactions increasing by...

Based on our survey, 43% of fintechs are profitable. A further 26% expect to become profitable within a year. Breaking our results down by activity, the insurtech and investech sectors have the largest proportion of currently profitable companies (c6...

Nigeria released Q4 20 GDP numbers which showed a surprise exit from recession in Q4 20, with a 0.11% yoy growth in the quarter. For FY 20, Nigeria's GDP contracted 1.92%, less bad than the IMF's forecast of a 3.25% contraction. This marks the lowest...

Bank of Uganda released statistics for Q3 20 noting that the overall industry NPL ratio stood at 5.1% in October 2020 down from 5.8% in June 2020. We do not anticipate a further extension. We have a Buy recommendation on Stanbic Uganda as we believe...