Airtel Africa’s plan to list its mobile money business in London led banking developments across Africa this week. South Africa, Nigeria and Ghana held rates from different policy positions amid renewed inflation risks, while Angola’s Banco de Fomento reportedly prepared to connect to China’s Cross-Border Interbank Payment System.

South Africa also moved to replace the board of its state-owned Public Investment Corporation following eight resignations. Meanwhile, Southern and West Africa advanced initiatives to support cross-border payments in local currencies.

Read more on the week’s key developments:

1. Airtel Africa prepares London listing of mobile money business

Airtel Africa announced on 23 July that it had selected the London Stock Exchange as the preferred venue for Airtel Money’s planned listing later in 2026, subject to market conditions. Airtel Money operates across 14 African markets and provides digital payments, remittances, merchant payments, savings and other financial services.

A London listing would give Airtel Money access to a broader international investor base and establish a separate public-market valuation for the business. It also reflects the growing commercial importance of mobile financial services as African telecommunications groups increasingly separate their fintech operations.

2. Angola's Banco de Fomento plans to join China's cross-border payment network

On 22 July, Banco de Fomento Angola (BFA), Angola’s second-largest commercial bank, reportedly began preparing to join China’s Cross-Border Interbank Payment System (CIPS), with integration targeted for 2027. It would become the first Angolan lender to connect to the system and enable direct yuan settlement for clients trading with China.

BFA’s planned connection reflects the yuan’s growing institutional role in Africa. Angola’s central bank recently allowed commercial banks to use yuan holdings to meet foreign-currency reserve requirements, while South Africa’s Standard Bank became the first African lender to connect to CIPS in November 2025. The developments point to wider use of the yuan alongside established dollar-based trade and settlement channels.

3. South Africa, Nigeria and Ghana rate holds mask diverging policy paths

The South African Reserve Bank unexpectedly kept its policy rate at 7% on 23 July, while the Central Bank of Nigeria retained its rate at 26.5% on 21 July. The Bank of Ghana held at 14% on 22 July for a second consecutive meeting following five successive cuts. Inflation stood at 5% in South Africa, 15.91% in Nigeria and 5.3% in Ghana.

The common decision to hold masks sharply different policy positions. Nigeria’s and Ghana’s rates remain about 10.6 and 8.7 percentage points above current inflation, respectively, which may leave room for further easing if disinflation continues and external conditions remain stable. South Africa’s margin is narrower at two percentage points, while services inflation and inflation expectations are rising, increasing the possibility of another hike if price pressures intensify.

4. South Africa to replace PIC board amid governance scrutiny

South Africa’s finance minister said on 24 July that he would appoint a new board at the state-owned Public Investment Corporation (PIC) after eight directors resigned, including chair and deputy finance minister David Masondo. The departures followed the suspension of chief executive Patrick Dlamini pending an investigation into whistleblower allegations, while the Financial Sector Conduct Authority is conducting a separate governance review.

The PIC manages more than ZAR 3 trillion ($178 billion), primarily for South Africa’s Government Employees Pension Fund, and is the largest investor on the Johannesburg Stock Exchange. The board overhaul creates an immediate governance and continuity test for an institution central to South Africa’s pension system and capital markets. Restoring stable oversight will be important to maintaining confidence in its investment decisions and stewardship of beneficiary funds.

5. Egypt’s FRA approves two new insurance fintech sandbox projects

On 28 July, Egypt’s Financial Regulatory Authority granted preliminary approval for two insurance technology projects to enter its fintech regulatory sandbox. EG InsurTech and Assurex Insurance Brokerage will test Ameen, an AI assistant for insurance platforms, while Allianz Egypt and a technology partner will test a voice-based AI assistant and chatbot platform.

The approvals bring the number of projects granted preliminary entry to the sandbox to seven in its first year, with insurance accounting for the largest share. The tests reflect the FRA’s cautious approach to introducing AI into customer-facing insurance services by assessing the technology in a controlled environment before commercial launch.

6. Tanzanian fintech Tembo secures Rwanda payment licence

Tembo received a payment service provider licence from the National Bank of Rwanda on 28 July, extending its regulated footprint to seven African markets. Founded in 2020, the company provides payment infrastructure to more than 100 enterprise customers and says it has processed over $1 billion in transactions. Its platform connects businesses to banks and mobile money services for collections, payouts and cross-border transfers.

The licence allows Tembo to provide regulated business-to-business payment services in Rwanda as the country modernises its domestic payment infrastructure. Rwanda introduced eKash as its national instant payment system in July, linking banks and mobile wallets through a common network. Tembo’s entry could help companies operating across several African markets connect Rwanda to wider regional payment flows while increasing competition among infrastructure providers.

7. South Africa signs $1.5 billion World Bank infrastructure reform loan

On 21 July, South Africa signed a $1.5 billion World Bank development policy loan supporting reforms across electricity, freight transport, logistics, water and sanitation. The fourth standalone development policy loan extended to the country since 2022 is intended to ease infrastructure constraints and attract greater private-sector participation.

The financing supports policy and institutional reforms and does not directly fund individual infrastructure projects. If implementation improves the performance of power, transport and water networks, it could strengthen the operating environment for businesses and create longer-term corporate and project finance opportunities for banks and institutional investors.

8. South Africa adds Angolan kwanza to regional payment system

The South African Reserve Bank announced on 27 July that the Angolan kwanza had become the second settlement currency available through the Southern African Development Community Real-Time Gross Settlement system (SADC-RTGS). The 15-country platform had settled transactions exclusively in South African rand since its launch in 2013.

The addition allows participating institutions to settle eligible regional payments directly in kwanza, reducing the need for currency conversion. It diversifies the system beyond a single settlement currency and could lower payment friction while supporting trade between Angola and other Southern African markets.

9. West African central bank prepares cross-border payments pilot with more than 80 banks

The Central Bank of West African States (BCEAO) is finalising plans for a six-month cross-border payments pilot using the Pan-African Payment and Settlement System (PAPSS). More than 80 commercial banks across the West African Economic and Monetary Union are expected to participate. Disclosed by a BCEAO official on 21 July, the trial will allow the central bank to observe the system and assess its compliance with regional regulations before considering formal participation.

The pilot could connect WAEMU banks more closely with payment networks elsewhere in Africa, enabling businesses to settle transactions in local currencies without routing them through dollars, euros or correspondent banks outside the continent. This could reduce payment costs and processing times while strengthening the infrastructure supporting intra-African trade.

10. Ecobank reports higher first-half earnings across pan-African network

On 28 July, Togo-headquartered Ecobank Group reported first-half 2026 profit before tax of $423 million, up 6%, as net revenue increased 15% to $1.3 billion. Return on tangible equity reached 21.1%. The lender has a presence in 35 sub-Saharan African countries through a 33-country banking network.

Growth across its corporate and investment banking and commercial and consumer banking businesses was driven by treasury solutions, trade finance and payments. Customer deposits increased 13% to $26.99 billion, while a higher proportion of low-cost deposits improved its funding mix and supported its net interest margin.

What to watch

The African Development Bank’s 2026 Regional Economic Outlooks and Country Focus Reports (28–31 July) and Nedbank Group’s first-half earnings (4 August)

Weekly briefing on developments driving transformation in Africa's banking sector and what to watch. Subscribe via LinkedIn.