Latest news with #NadiaFettah
Zawya
02-06-2025
- Business
- Zawya
Development Finance Institutions triumph and dominate at the African Banker Awards 2025
Uganda's Patricia Ojangole, the second woman banker from East Africa to win African Banker of the Year Nigeria's reforms recognised through award to Central Bank Governor Yemi Cardoso Nadia Fettah, Economy and Finance Minister of the Kingdom of Morocco, wins Finance Minister of the Year ABIDJAN, Côte d'ivoire -/African Media Agency(AMA)/-Development Finance Institutions (DFIs) emerged as the big winners at Africa's most prestigious annual banking event. Five DFIs took home plaques at the African Banker Awards Gala Ceremony 2025, held last night at the Sofitel Hotel in Abidjan, Côte d'Ivoire, on the sidelines of the African Development Bank Annual Meetings. The ceremony was attended by 500 of the continent's leading lights in banking and finance. The African Banker Awards 2025, now in its 19th year, celebrates the achievements of individuals and institutions that contributed significantly to the growth and development of Africa's banking sector in the preceding year. This year's awards ceremony, in particular, saw DFIs dominate, underlining their increasing recognition, importance and impact in the African financial and banking ecosystem as they crank up the levers of development and growth. Olayemi Cardoso from Nigeria was named Central Bank Governor of the Year. The Central Bank has had to make tough decisions, but these, the organisers noted, have assuaged markets, renewing investor confidence. Morocco has been a standout performer in Africa, especially when it comes to economic diversification. Nadia Fettah was recognised as Finance Minister of the Year for her sound macroeconomic management. Prof. Vincent Nmehielle, Secretary General of the African Development Bank, paid tribute to IC Publications and New African magazine in particular for representing the voice of Africa internationally, when back in 2007 it was the only magazine presenting an African perspective on international affairs. Speaking at the ceremony, Omar Ben Yedder, Chair of the Awards Committee, identified the private sector and banks as critical to transforming the continent. 'Thomas Sankara said the ones that feed you, rule you. To paraphrase him, we could easily say the ones that finance you, rule you. We need strong African-owned banks. The private sector is the key to unlocking scale, and banks are the fuel for driving Africa forward. African DFIs have won big because of the catalytic role they are playing in transforming the investment landscape, as well as working more closely with the African private sector to support SMEs and other asset classes that are underfunded.' This year's awards had a special guest, Ivorian sprinter and silver medallist Murielle Ahouré-Demps, a multiple medal winner at world events. Presenting the African Banker of the Year award, she shared how she "learned that champions are not made on the podium. They are forged in the quiet, unseen moments in the discipline it takes when no one is watching. And as African women, we carry within us a powerful legacy: one of strength, of wisdom, and of vision. I am deeply proud of that." The award was won by Patricia Ojangole, Managing Director of Ugandan Development Bank – the second time in three years that a woman banker from East Africa has won the coveted award. Ecobank won this year's AFAWA Award, which recognises gender lens lending and banks supporting women-led businesses. Dr Beth Dunford of the African Development Bank leads the initiative. The Awards are supported by the African Development Bank, and a number of high-level sponsors such as the African Guarantee Fund. A cocktail reception took place before the Gala, sponsored by African Trade and Investment Development Insurance (ATIDI). Afreximbank, the ECOWAS Bank for Investment and Development (EBID), Atlantic Finance Group, Nigeria's Bank of Industry, the African Guarantee and Economic Cooperation Fund (FAGACE), 4G Capital, IFG Executive Education and African Hidden Champions were also sponsors and supporters of the Awards. Highlights from the Ceremony DFIs dominate The dominance of DFIs like Ugandan Development Bank, TDB, ATIDI, Afreximbank, AFC and BOI in this year's winners' list shows the increasingly important role these banks are playing in catalysing investments and deals on the continent. Banker of the Year goes to a female CEO Mrs Patricia Ojangole, MD of Uganda Development Bank, emerged the Banker of the Year in recognition of the transformative change she has brought to the bank, seen in growth in its capital base, significant reduction in its non-performing loan portfolio and enhancement of other fundamentals. Reforms propel Cardoso to the top Two years into his tenure, Olayemi Cardoso has emerged as Central Bank Governor of the Year in a keenly contested category. He won for his comprehensive reform of Nigeria's banking system – evident in foreign exchange management, ongoing banking recapitalisation and the entrenchment of a regime of transparency – which have had a salutary effect on macroeconomic stability and helped restore investor confidence in the country. A Banking Titan receives the Lifetime Achievement Award Idrissa Nassa, the Burkinabe serial entrepreneur and Group CEO of Coris Bank, received the Lifetime Achievement Award in recognition of his contribution to the African banking landscape, where the Coris Bank International (CBI) group has emerged as a continental financial powerhouse. With operations in 11 countries and control of 10% market share in the West African Economic and Monetary Union (UEMOA), Coris Bank, under Nassa's leadership, has become a powerful African success story. Banker of the Year Mrs Patricia Ojangole, Managing Director at Uganda Development Bank Bank of the Year Trade and Development Bank Group (TDB Group) Sustainable Bank of the Year Nedbank Fintech of the Year 4G Capital DFI of the Year African Trade & Investment Development Insurance SME Bank of the Year CRDB Bank Deal of the Year – Infrastructure The Suez 1.1 GW Wind Power Project in Egypt – African Development Bank Deal of the Year – Debt The Bank of Industry €1.87bn syndicated debt issuance facility – Africa Finance Corporation and Afreximbank Deal of the Year – Equity Project Arden – Renaissance Energy $2.4bn acquisition of Shell Petroleum Development Company – PwC Nigeria Lifetime Achievement Idrissa Nassa, Group CEO, Coris Bank Central Bank Governor of the Year Oluyemi Cardoso, Governor, Central Bank of Nigeria Minister of Finance of the Year H.E. Mrs Nadia Fettah, Finance Minister of the Kingdom of Morocco AFAWA Bank of the Year Award Ecobank Distributed by African Media Agency. on behalf of IC Publications About the African Banker Awards The African Banker Awards – a prestigious accolade that celebrates excellence and best practices in African banking and finance – recognise the outstanding achievements of individuals and financial institutions that are transforming the continent's financial sector and contributing to economic development and financial inclusion in Africa. Organised by African Banker magazine in partnership with IC Events, the awards bring together industry leaders from across the continent to honour innovation, resilience, and the spirit of competition in African banking. For more information about the African Banker Awards, please visit ourwebsite at About African Banker African Banker is a leading publication dedicated to reporting on the banking industry across the continent. With insightful coverage on finance, politics, business, technology, energy, and resources, African Banker provides in-depth analysis and commentary on the trends shaping Africa's financial landscape. As a trusted source of information, African Banker offers a unique perspective on the challenges and opportunities within Africa's banking sector. Press Contact For media inquiries please contact Constance Haasz at
Morocco World
14-05-2025
- Business
- Morocco World
Moroccan Government Spends Over $10 Billion to Shield Citizens from Rising Costs
Rabat – Between 2022 and 2025, Morocco allocated more than MAD 100 billion ($10 billion) to subsidize basic goods, said Minister of Economy and Finance Nadia Fettah during a Tuesday session at the Chamber of Counselors. The intervention came in response to concerns raised by the Haraki group about consumer protection amid global economic turbulence and the spiking inflation that struck Morocco in recent years. Fettah acknowledged inflation's weight on Moroccan households and said the government took early steps to ease that pressure. Yet, the problem persists. Inflation in Morocco is estimated to have reached 2.2% in the first quarter of 2025, up sharply from 0.7% just three months earlier, according to figures released by the High Commission for Planning (HCP). The HCP points to a 3.7% increase in food prices and a 1.1% rise in non-food costs as the main drivers behind this surge. One of the most visible efforts, according to the minister, involved monitoring prices at local markets. Since 2022, inspection teams visited roughly 350,000 sales points across the country, only to find over 15,000 violations. These operations, she explained, form part of a wider push to ensure fairness in the market and make sure families can afford daily essentials. In parallel, the government maintained stable prices for electricity and water, two sectors that have seen global increases. Fettah also referred to emergency programs aimed at easing the effects of drought, particularly in rural areas where livelihoods depend on agriculture. Rather than passing rising global costs onto citizens, Fettah said Morocco chose another path. The government cut VAT on key products and offered targeted support to supply chains to avoid shortages. The minister also linked these efforts to broader economic policies, including raising the minimum wage through negotiations with unions and employers. Moreover, Fettah underlined that the government's role does not end at financial assistance. It must also stay present, adjust to changing conditions, and ensure that ongoing reforms and investments do not lose momentum. The minister concluded by reaffirming the government's intention to strike a balance between economic reform and social stability, without letting Moroccan households bear the brunt of global instability. While the government's efforts to curb inflation and support households help mitigate the issue, many families continue to struggle to make ends meet. Staples are still expensive for large segments of the population, and despite subsidies and wage adjustments, purchasing power has not fully recovered. For many Moroccans, the gap between official measures and daily reality still feels too wide. Tags: economyfood pricesinflationMorococ inflationrising costs
Morocco World
28-04-2025
- Business
- Morocco World
Minister: Morocco Bridges Continents Thanks to Strategic Position, Economic Vision
Rabat — Morocco is uniquely positioned to connect Africa, Europe, and the United States, according to Minister of Economy and Finance Nadia Fettah. During a meeting with officials from the prestigious American think tank Hudson Institute, attended by Moroccan Ambassador to the US Youssef Amrani, Fettah spoke of Morocco's ambition, resilience, long-term vision, and openness. 'Morocco serves as a reliable intermediary between Africa, the MENA region, and other parts of the world,' Fettah stated, pointing to the country's strategic advantages, connectivity, and reputation as a haven of peace in the region. The minister noted that Morocco has more free trade agreements than any other African nation and is the only country on the continent with a free trade agreement with the United States. Over the past 25 years, Morocco has built strong institutions and developed infrastructure that meets international standards, including ports, airports, roads, and highways. These investments continue to grow as the country prepares to host the Africa Cup of Nations in the coming months and co-host the World Cup in 2030. Fettah also mentioned Morocco's efforts to diversify its economy and trading partners. The country's economic activities now span industry, agriculture, food processing, tourism, and exports, among other sectors. Morocco has implemented major reforms to attract private investors, including streamlined administrative procedures and improved fiscal clarity and transparency. 'We encourage public-private partnerships in several economic sectors, particularly energy, water, and industry,' said Fettah, noting that this approach stems from the government's belief that the private sector is essential for job creation. Tags: economyMoroccoMorocco's vision
Morocco World
27-04-2025
- Business
- Morocco World
Minister: Morocco Bridges Between Thanks to Strategic Position, Economic Vision
Rabat — Morocco is uniquely positioned to connect Africa, Europe, and the United States, according to Minister of Economy and Finance Nadia Fettah. During a meeting with officials from the prestigious American think tank Hudson Institute, attended by Moroccan Ambassador to the US Youssef Amrani, Fettah spoke of Morocco's ambition, resilience, long-term vision, and openness. 'Morocco serves as a reliable intermediary between Africa, the MENA region, and other parts of the world,' Fettah stated, pointing to the country's strategic advantages, connectivity, and reputation as a haven of peace in the region. The minister noted that Morocco has more free trade agreements than any other African nation and is the only country on the continent with a free trade agreement with the United States. Over the past 25 years, Morocco has built strong institutions and developed infrastructure that meets international standards, including ports, airports, roads, and highways. These investments continue to grow as the country prepares to host the Africa Cup of Nations in the coming months and co-host the World Cup in 2030. Fettah also mentioned Morocco's efforts to diversify its economy and trading partners. The country's economic activities now span industry, agriculture, food processing, tourism, and exports, among other sectors. Morocco has implemented major reforms to attract private investors, including streamlined administrative procedures and improved fiscal clarity and transparency. 'We encourage public-private partnerships in several economic sectors, particularly energy, water, and industry,' said Fettah, noting that this approach stems from the government's belief that the private sector is essential for job creation. Tags: economyMoroccoMorocco's vision
Morocco World
01-04-2025
- Business
- Morocco World
Tamwilcom Mobilizes $4.75 Billion in Total Financing for 2024
Doha – Tamwilcom, Morocco's financial institution, delivered strong financial results in 2024, mobilizing total financing of MAD 47.5 billion ($4.75 billion) across 82,200 operations, with commitments reaching MAD 28 billion ($2.8 billion). The organization exceeded its 2024 budget targets by 109%, achieving a 6% year-over-year growth, excluding guarantees for public enterprises. These results emerged from the institution's 10th board meeting held recently in Rabat. Private sector companies received 94% of Tamwilcom's financing support, with a clear focus on micro, small, and medium enterprises (MSMEs). Through its core generic guarantee activity, Tamwilcom facilitated MAD 41.3 billion ($4.13 billion) in credit for MSMEs, backed by MAD 23.4 billion ($2.34 billion) in commitments, representing an 8% increase from the previous year. Notably, micro and very small enterprises received 89% of the guarantee activity. The institution's Islamic finance window, Daama Tamwil, continued its upward trajectory with 15% growth in 2024, marking another year of double-digit growth. It covered MAD 681 million ($68.1 million) in participatory bank financing, supported by MAD 379 million ($37.9 million) in commitments. At its board meeting, chaired by Minister of Economy and Finance Nadia Fettah, Tamwilcom's financial statements for the year ending December 31, 2024, showed a Net Banking Income of MAD 807 million ($80.7 million) and a Net Profit of MAD 386 million ($38.6 million). Tamwilcom is a state-owned public financial institution governed by banking law in Morocco. As the sole state representative for public financing guarantees, it builds on its historical foundation as the Central Guarantee Fund (CCG) to improve financing access for SMEs. With over 70 years of history since its 1949 establishment, Tamwilcom works alongside financial sector partners to support Moroccan businesses through tailored financing mechanisms. In 2020, it transformed into a public limited company under Law 36.20, becoming the National Company for Guarantee and Business Financing (SNGFE). Read also: Morocco Pushes Forward with Startup Support Under Digital 2030 Strategy
