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Cover Story Nigeria: Economic pain before gains? Editorial 5 African DFIs face existential threat News in Brief 6 Banking sector news from around the continent African Banker’s World 13 Who’s going where in the African banking industry

Cover Story 16 Nigeria: Economic pain before gains? Milestone 20 Afreximbank celebrates 30 glorious years Talking Point 24 Egyptian banks look to Africa for growth 26 Unleashing women to lead SME revolution

In Conversation 28 Clement Chinaka, MD, Old Mutual Africa Regions 32 Patricia Ojangole, MD, Uganda Development Bank 40 Benjamin Mugisha, CUO, African Trade & Investment Development Insurance

Events 36 African Banker Awards 2023 African Capital Markets 44 Implications of Zambia’s debt breakthrough 45 Big gains for African investors on key markets 46 15 African bourses now linked by AELP 46 Botswana SE now full member of World Federation of Exchanges 46 Fundraising for Ethiopia’s stock exchange in full swing Events 50 Africa50’s Infra for Africa Forum, Lomé – infrastructure funding 54 Standard Bank / African Business roundtable – surviving debt 56 TDB Group’s AGM, Nairobi – critical role of African DFIs 60 Backbase’s Tour Johannesburg – putting the customer first Finance 68 Sole traders welcomed to the fold Regional Focus 70 WAEMU: Innovative finance on the rise

Cybersecurity 72 Banks wrestle massive rise of cybercrime The Last Word 74 The case for an African credit rating agency