Funding diversification and payment system reform shaped Africa’s financial sector this week. The Eastern and Southern African Trade and Development Bank (TDB) secured an $800 million syndicated facility, while South Africa transferred national payment system functions to the central bank and PayInc. Rwanda diversified its borrowing currencies and South Africa secured $405 million for infrastructure.

Nedbank advanced its proposed acquisition of up to 66% of NCBA Group after Kenya’s regulator approved the transaction. Ghana reported a 130.5% increase in mobile banking transaction value. Senegal’s proposed IMF programme and the World Bank’s integration agenda focused on financing access and cross-border trade.

Read more on the week's key developments:

1. TDB secures $800 million syndicated facility to support trade finance

The Eastern and Southern African Trade and Development Bank (TDB), a regional development finance institution, announced on 26 August that it had concluded an $800 million syndicated term loan facility for refinancing, trade finance and general corporate purposes. The facility comprises 1.5-year and three-year bullet repayment tranches and was 1.4 times oversubscribed, attracting 21 financial institutions from Africa, Europe, the Middle East, Asia and North America. Mizuho Bank and Standard Bank acted as global coordinators.

The transaction strengthens TDB’s liquidity and supports its funding diversification strategy. Participation by 21 financial institutions across five regions broadens its lender base, while the two tranches provide funding across different maturities for refinancing and trade finance.

2. Nedbank receives approval to acquire up to 66% of NCBA Group

The Central Bank of Kenya announced on 31 August that it had approved Nedbank Group’s proposed acquisition of up to 66% of NCBA Group, with regulatory approval granted on 28 August. NCBA owns banking subsidiaries in Kenya, Uganda, Tanzania and Rwanda and has a joint venture in Côte d’Ivoire. Nedbank operates across South Africa and five other Southern African markets. The acquisition will take effect upon completion of the transaction between the two groups.

The transaction would extend Nedbank’s geographic reach by linking its Southern African franchise with NCBA’s established East African operations. Nedbank would gain access to an existing multi-market platform spanning banking and other financial services, while NCBA would retain its brand, local leadership and separate listing in Nairobi.

3. South Africa completes transfer of national payment system functions

The South African Reserve Bank (SARB) completed the transfer of payment system management functions previously performed by the Payments Association of South Africa on 2 September. Responsibilities are now divided between SARB and PayInc, formerly BankservAfrica, the country’s automated clearing house and national payments utility. SARB has assumed responsibility for regulation, licensing, authorisation and standards, while payment clearing house functions have been allocated between the two organisations.

SARB is responsible for clearing houses covering cards, immediate and cash settlement, equities, bonds, derivatives and the money market. PayInc manages EFT credit and debit, authenticated collections, PayShap, registered mandates and real-time clearing. Existing authorisations remain valid and everyday payments will continue without disruption, but banks, payment providers and operators must now direct regulatory and operational matters to the relevant organisation.

4. Rwanda closes first yen-denominated financing through dual-currency facility

Rwanda’s Ministry of Finance and Economic Planning announced on 26 August the closing of a dual-currency commercial loan comprising EUR 82 million ($95.6 million) and JPY 15 billion ($94.2 million), with a 15-year maturity and six-year grace period. The yen tranche represents Rwanda’s first yen-denominated financing, diversifying its borrowing currency base. Société Générale and Standard Chartered participated as lenders, while the World Bank Group provided first-loss coverage through an International Development Association Policy-Based Guarantee and second-loss cover through the Multilateral Investment Guarantee Agency.

The guarantee structure gives Rwanda access to longer-term commercial financing while diversifying its funding sources and spreading its repayment obligations. The grace period was structured so that principal repayments begin after Rwanda’s outstanding Eurobond matures, reducing the concentration of refinancing requirements. Proceeds will support general budgetary purposes and reforms covering infrastructure, health and nutrition, education, agriculture, social protection and industrial development.

5. New Development Bank and South Africa sign $405 million infrastructure loans

South Africa’s National Treasury announced on 28 August that the New Development Bank and the government had signed two loan agreements worth a combined $405 million to finance health and water infrastructure. A $200 million loan will support construction of the 488-bed Limpopo Central Hospital in Polokwane, while $205 million will finance the Magalies Bulk Water Supply Scheme serving municipalities in North West and Limpopo. Both loans have ten-year maturities, four-year grace periods and interest rates of daily SOFR plus 0.93508%.

The loans form part of South Africa’s $3.2 billion foreign currency borrowing programme for 2026/27, which the government has funded through development finance institutions and multilateral banks. They direct part of this external borrowing toward two defined infrastructure projects, although the floating-rate terms leave debt-servicing costs exposed to movements in SOFR over the ten-year maturities.

6. Senegal reaches staff-level agreement on $2.2 billion IMF programme

The International Monetary Fund (IMF) and Senegalese authorities reached a staff-level agreement on 1 September on economic policies that could underpin a 36-month Extended Credit Facility of about $2.2 billion, equivalent to SDR 1.54 billion. The proposed programme for 2026–2029 focuses on restoring macroeconomic stability and debt sustainability, strengthening public finances and fiscal transparency, reducing vulnerabilities and supporting private sector-led growth and financial inclusion.

The agreement is an important step toward restoring Senegal’s access to IMF-supported financing following the misreporting of public finances. However, the financing has not been approved. The agreement remains subject to IMF Management and Executive Board approval, corrective action related to the misreporting case and financing assurances from Senegal’s partners. If approved, the programme is expected to catalyse additional financing from the World Bank, African Development Bank and other development partners.

7. Ghana mobile banking transaction value more than doubles

The Bank of Ghana released its 2025 Payment Systems Oversight Annual Report on 31 August, showing that the value of mobile banking transactions increased 130.5% to GH¢379.24 billion ($34.5 billion), while transaction volumes rose 31.6% to 203.1 million. The value of transactions processed through the Ghana Interbank Settlement system increased 54.1% to GH¢9.45 trillion ($860 billion), although volumes declined to 1.25 million from 1.33 million.

Transaction values grew considerably faster than volumes across both mobile banking and the interbank settlement system, reflecting higher average transaction sizes. Ghana also finalised its National Payment Systems Strategy 2025–2029, which sets priorities covering interoperability, instant payments, cybersecurity and the modernisation of core payment infrastructure.

8. CIH Bank net banking income rises 2.8% as assets reach MAD 171 billion

Morocco's CIH Bank reported on 31 August that consolidated net banking income increased 2.8% to MAD 2.83 billion ($314 million) in the first half of 2026, including MAD 1.56 billion ($173 million) generated in the second quarter. Consolidated customer deposits increased 2.7% from the end of 2025 to MAD 102.2 billion ($11.4 billion), while customer loans rose 0.7% to MAD 119 billion ($13.2 billion). Total consolidated assets increased 4.4% to MAD 171 billion ($19 billion).

Deposit growth running ahead of lending strengthened the bank’s funding position during the first half. The comparatively modest increase in customer loans also shows that the expansion in total assets was driven mainly by other balance sheet items, while growth in net banking income remained moderate.

9. Ventures Platform closes $84 million pan-African venture fund

Ventures Platform announced on 26 August the final close of its second institutional pan-African fund at $84 million, exceeding its original $75 million target. New institutional investors include the European Bank for Reconstruction and Development, Norfund, Alphatron and Ashesi University Foundation. They join existing investors including IFC, Standard Bank, British International Investment and Proparco.

The final close adds $20 million to the $64 million first close announced in November 2025. The fund will invest from pre-seed through Series A and provide follow-on capital to selected portfolio companies, expanding the institutional funding available to early-stage African technology companies as they progress through successive financing rounds.

10. World Bank sets out implementation agenda for African market integration

The World Bank released its Integrating Africa: From Threads to Hubs report on 28 August, calling for greater interoperability across customs, standards, payments, transport, energy and digital systems. The report estimates that deeper liberalisation of transport, telecommunications, financial and professional services could increase services trade within the African Continental Free Trade Area by about 60%–64% by 2035. It also estimates that around 60% of trade costs arise from domestic or behind-the-border barriers.

For financial institutions, the report identifies interoperable payment systems and more open financial services as part of the infrastructure required to support cross-border production and trade. With much of the continent’s trade costs arising within individual countries, the projected gains depend heavily on domestic reforms to customs, logistics, standards, services regulation and infrastructure.

What to watch

The South African Reserve Bank Monetary Policy Committee decision on 23 September, the Bank of Ghana Monetary Policy Committee decision on 24 September and the Central Bank of Egypt Monetary Policy Committee meeting on 24 September.