Nigeria reset its monetary policy rate to 23% on 22 September, citing a widening gap between the benchmark and prevailing market rates. The Central Bank of Nigeria said the change would strengthen policy transmission and left banks’ cash reserve requirements unchanged. Nigeria also returned to FTSE Russell’s frontier-market classification after the index provider said earlier obstacles to foreign investors repatriating funds had cleared.

In banking and payments, Tanzania’s CRDB Bank refinanced a syndicated loan at $300 million, while Kenya reported higher annual bank profits and proposed new payments legislation. The Central Bank of West African States approved business interfaces for its regional instant-payment platform. Nigeria also launched a distributed renewable-energy fund.

Read more on the week’s key developments:

1. Central Bank of Nigeria resets policy rate to 23%

The Central Bank of Nigeria reset its monetary policy rate to 23% from 26.5% at the conclusion of its Monetary Policy Committee meeting on 22 September. It adjusted the standing facilities corridor to 50 basis points above and 300 basis points below the new rate. Cash reserve requirements remained at 45% for deposit money banks, 16% for merchant banks and 75% for public-sector deposits held outside the Treasury Single Account.

The committee said the gap between its policy rate and prevailing market rates had weakened monetary policy transmission. It wants the reset to bring the benchmark back into line with the rates at which banks transact and restore its role as the main policy signal. The bank said its underlying monetary stance had not changed. The cash reserve requirements, which continue to tie up a substantial share of bank deposits, were left in place.

2. World Bank reports $22 billion in private capital mobilised across Africa

The World Bank Group reported on 17 September that it mobilised approximately $22 billion in private capital across Africa in fiscal 2026, compared with about $9 billion in fiscal 2022. Globally, private capital mobilised reached $112 billion in fiscal 2026. The group also issued more than $25 billion in guarantees.

The African figure measures private financing brought into investments alongside the group’s activities, rather than the World Bank’s own lending. The group linked the increase to expanded guarantees, local-currency financing and closer work between its public- and private-sector arms. Its global mobilisation figure for low-income countries remained at about $3 billion, despite the wider growth.

3. Nigeria regains FTSE Russell frontier status after foreign-exchange delays ease

FTSE Russell’s reclassification of Nigeria from “Unclassified” to “Frontier” market status took effect at the opening of trading on 21 September. The index provider announced the decision earlier this year and scheduled it alongside its September index review.

Nigeria lost frontier status in 2023 after international investors faced prolonged delays converting foreign exchange and repatriating capital. FTSE Russell said market participants now report that the foreign-exchange queues have cleared and that investors no longer face material repatriation delays. The change makes eligible Nigerian shares available again for consideration in its frontier indices. Actual investment flows will depend on which shares qualify and how investors allocate their portfolios.

4. Kenya banking sector profit rises 17.7% YoY as asset-quality ratio improves

The Central Bank of Kenya released its 2025 Bank Supervision Annual Report on 22 September. Banking-sector profit before tax increased 17.7% to KES 306.3 billion ($2.4 billion) from KES 260.3 billion ($2.0 billion) in 2024. Customer deposits rose 11.6% to KES 6.1 trillion ($47.3 billion), while gross loans increased 6.8% to KES 4.35 trillion ($33.6 billion). Non-performing loans stood at KES 696.9 billion ($5.4 billion), and the gross NPL ratio fell to 16.0% from 17.1%.

Banks earned more despite a decline in total income, helped by a fall in interest expenses. The stock of problem loans barely moved from 2024, so growth in the loan book contributed to the lower NPL ratio. At 16%, the ratio remains elevated, while deposits grew faster than loans.

5. Kenya proposes overhaul of national payments framework

The Central Bank of Kenya and National Treasury published the Draft National Payment System Policy 2026 and Draft National Payment System Bill 2026 on 21 September. The policy seeks a safer, more accessible payment system that supports interoperability and financial inclusion. The Bill would replace the existing National Payment System Act.

The Bill goes beyond a general commitment to interoperability. It would require payment providers and system operators to use systems that work with those of other providers, and would allow the central bank to require interoperability arrangements. It also provides for secure sharing of customer data for open finance, subject to consent. Those provisions would affect how banks, mobile-money operators and other payment providers connect their services if the Bill is enacted.

6. BCEAO approves business APIs for regional instant payments

The Central Bank of West African States (BCEAO) announced on 16 September that it had certified business APIs for participants in its regional instant-payment platform, PI-SPI. The interfaces meet the bank’s functional, technical, performance and security requirements. The certified list includes Ecobank in all eight West African Economic and Monetary Union countries, MTN Mobile Financial Services in Côte d’Ivoire and Orange Finances Mobiles in Senegal.

PI-SPI launched in September 2025, and BCEAO said 80 participants were connected by late June 2026. The newly certified interfaces allow companies to submit bulk payments and track transactions across banks and mobile-money providers, including when recipients use a different provider. That gives banks and payment firms a common network on which to build corporate payment and cash-management services. BCEAO has set 30 September as the deadline for banks and payment providers to open PI-SPI services.

7. Nigeria launches $300 million distributed renewable-energy fund

The Nigeria Sovereign Investment Authority (NSIA), Africa50 and Sustainable Energy for All announced the commercial launch of the $300 million Nigeria Distributed Renewable Energy Fund on 22 September. Co-managed by NSIA and Africa50, it is designed to finance projects including mini-grids and standalone solar systems. The World Bank is a founding partner and announced an initial $25 million contribution through the International Development Association.

The fund was first proposed in March 2025 at $500 million. The commercial-launch announcement now describes a $300 million fund and identifies an initial $25 million contribution from the World Bank, without explaining the change in size. NSIA and Africa50 intend to use it to finance projects alongside other investors; the announcement does not state how much capital has been committed in total.

8. CRDB Bank refinances syndicated loan at $300 million

Tanzania’s CRDB Bank secured a $300 million syndicated term loan on 17 September, up from the $200 million facility arranged in 2025. Investec and Intesa Sanpaolo coordinated the refinancing, which drew approximately $744 million in commitments from 34 banks and development finance institutions. For the first time, the facility includes a three-year tranche alongside its one- and two-year tranches. CRDB has operations in Burundi and the Democratic Republic of Congo as well as Tanzania.

The refinancing increases CRDB’s facility by $100 million from last year and adds a three-year tranche to its existing one- and two-year funding. That gives the bank more capacity to support lending across Tanzania and its regional operations, while reducing how much of the facility falls due in the next two years. Commitments of $744 million gave CRDB room to double its initial $150 million target.

9. Morocco and AfDB sign EUR 405 million in financing agreements

The Moroccan government and the African Development Bank signed two financing agreements totalling EUR 405 million ($465 million) in Rabat on 17 September. A EUR 205 million ($235 million) loan will support the extension of high-speed rail towards Marrakech and upgrades to the existing Kenitra–Marrakech corridor. The remaining EUR 200 million ($230 million) will finance the Cap Compétences 2030 vocational training programme. The AfDB had approved the two loans in July and May, respectively.

The rail loan forms part of a much larger investment cycle. Morocco’s national railway operator, ONCF, plans MAD 96 billion (about $10.1 billion) of investment through 2030, including the Kenitra–Marrakech high-speed extension. The training loan supports Cap Compétences 2030, which is designed to expand apprenticeships and digital services and bring courses closer to employers’ needs. The agreements put AfDB financing behind two previously approved programmes, with the rail loan contributing a modest share of ONCF’s overall plan.

10. Egyptian remittances rise 28.1% to $29.7 billion

The Central Bank of Egypt reported on 21 September that remittances from Egyptians working abroad rose 28.1% year-on-year to approximately $29.7 billion in January–July 2026, from $23.2 billion a year earlier. That brought in about $6.5 billion more than in the same period of 2025. July inflows alone reached approximately $4.5 billion, up 20% year-on-year.

Saudi Arabia, the UAE and Kuwait are among the main destinations for Egyptian migrants. Remittances had already reached a record $47.3 billion in the fiscal year ended June 2026, up 29.6% from the previous year. The continued inflows add to Egypt’s supply of foreign currency for imports and other external payments.

What to watch

The Bank of Ghana and Central Bank of Egypt are due to announce monetary policy decisions on 24 September. The South African Reserve Bank’s Quarterly Bulletin is scheduled for 29 September, followed by its Monetary Policy Review on 6 October.