AfDF approves Risk Participation Agreement with Crédit Agricole CIB to stimulate intra-African trade

By Favour Nnabugwu


The Board of Directors of the African Development Bank Group, AfDF, has approved a Risk Participation Agreement of $50 million with Crédit Agricole Corporate and Investment Bank.

The deal will enable African banks and their small and medium-sized enterprise (SME) clients to participate more in regional and international trade. It aims to support a cumulative trade transaction volume of $450 million over the next three years.

“This agreement strengthens confidence among various African actors to encourage a new trade dynamic on the continent,” said Mohamed El Azizi, the African Development Bank’s Director General for North Africa. “And this is crucial for the realization of the African Continental Free Trade Area, which will help to build resilience, generate growth and promote a recovery that creates opportunities and jobs.”

Stefan Nalletamby, the Bank’s Director for Financial Sector Development, said: “This partnership will enable Crédit Agricole CIB, an institution that is renowned for its commitment to Africa, to do more trade finance by further supporting local banks. When fully up and running, the partnership could support some 50 local issuing banks and their business clients across different African countries. It should act as a catalyst for major trade flows over the next three years.

The Risk Participation Agreement aims to meet the growing demand in African markets for trade finance in vital economic sectors, such as agri-food, energy, manufacturing, healthcare, and services. It will also encourage productive diversification in several African economies, creating more jobs and tax revenues.

By guaranteeing commercial banks and African SMEs’ access to trade finance, the agreement will stimulate economic growth and regional integration.

Currently, most African banks are poorly capitalized – a situation aggravated by the adverse knock-on effects of the Covid-19 pandemic – which limits their ability to access lines of credit from international banks. This difficulty has been worsened by the tightening of equity capital and conformity-related regulatory requirements, which has led international banks to reduce their commitments and the size of correspondents in Africa.

The approval of the Risk Participation Agreement aligns with the African Development Bank’s High 5 strategic vision to establish the conditions necessary for strong, sustainable and inclusive growth on the continent.

Crédit Agricole CIB is the Corporate and Investment Banking arm of Crédit Agricole, the world’s 10th-largest bank by balance sheet size in 2021 (The Banker, July 2022). It offers its corporate and institutional clients a broad range of services in capital markets, investment banking, structured financing, commercial banking and international trade

The Bank is a pioneer and leader in climate finance, with a comprehensive range of solutions for its clients. More than 8,900 employees in Europe, the Americas, Asia-Pacific, the Middle East and Africa support the Bank’s customers, meeting their financial needs worldwide

NiMet DG, Prof. Mansur Matazu confers with RIMSON Fellow

By Favour Nnabugwu
Director-General of the Nigerian Meteorological Agency (NiMet), Professor Mansur Matazu has been conferred with Fellow of Risk Managers Society of Nigeria, (RIMSON)
Matazu collaborations with various partners, government and non-governmental organizations has aided the weather forecast agency to co-produce and deliver user-defined, impact-based products and services which are accurate, reliable and timely.

The NiMet DG gave this revelation after being as well as the Distinguish Service Award by the Rotary Club of Abuja Metro (RCAM)

According to him, “Almost across all continents of the world, humanitarian crisis is on the increase, requiring cooperation and various levels of partnership to overcome”.

The decision by the Board of Trustees and the Executive Management of RIMSON to confer the Award of the Fellow of Risk Managers Society of Nigeria on Professor Matazu was done in recognition of his integrity, professionalism, commitment and contribution to Risk Management as well as the contribution of NiMet to preventing and mitigating disasters in Nigeria under his leadership.

Matazu observed that national development of any nation was in jeopardy in an atmosphere of chaos, diseases, disaster, epidemics, food insecurity, hazard and many more.

Matazu noted that Rotary Club as a non governmental organization and a non profit
humanitarian service provider was commendable especially with the many challenges being experienced in the world today

He noted that in the heart of solution was the Rotary international supporting global efforts at improving quality of lives and building international relationships.

According to Matazu the new president of the Rotary Club, Rotarian Ifeanyi Nnodu, was an effective pillar of progress in NiMet until his retirement as a worthy Director of Weather Forecasting Services.

The RCAM is the biggest Rotary Club in Africa with membership of over 200 from various professions.

Cameroonian insurance industry records $396m turnover in 2021

By Favour Nnabugwu



Cameroonian insurance market has recorded a turnover of 228.9 billion FCFA (396 million USD) as at 31 December 2021, According to Association of Insurance Companies of Cameroon (ASAC),

This amount is 8.6 percent higher than the 210.7 billion FCFA (394 million USD) of premiums posted in 2020.

With 152.6 billion FCFA (264 million USD), the 2021 turnover of the non-life class of business shows a progression of 8.4 percent compared to that of 2020. This segment accounts for 67 percent of total premiums.

AXA Assurance is in first place with 14.1 percent of non-life premiums. With market shares of 11.2 percent and 10.5 percent Activa and Chanas Assurances are second and third respectively in the non-life ranking.

Life insurance has shown a 9 percent increase during the financial year 2021 as the turnover went from 69.9 billion FCFA (130.7 million USD) in 2020 to 76.3 billion FCFA (132 million USD) a year later.

All ten insurance companies operating in the life class of business account for 33 percent of the market’s overall premiums. Allianz Vie is at the top of the life companies’ ranking with a 27.3 percent share of the life premium income. Next in the ranking are Prudentiel