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FOUNDER Afif Ben Yedder Directeur de la publication ( GROUP PUBLISHER Omar Ben Yedder ( EDITOR Anver Versi ART DIRECTOR Jason Venkatasamy EDITORIAL CONSULTANT Christian Udechukwu ASSISTANT EDITOR Alexa Dalby EDITORIAL ASSISTANT Carole Lambert CORRESPONDENT-AT-LARGE Stephen Williams GENERAL MANAGER Leila Ben Hassen ( VP DEVELOPMENT Saliba Manneh ( ADVERTISING SPECIAL PROJECT MANAGER Darren Moore ADVERTISING SALES DIRECTORS Medrine Chitty, Elisée Marie, Nick Rosefield SENIOR SALES EXECUTIVE Nadia Osho-Williams DISTRIBUTION PRODUCTION MANAGER Richard Briggs PRINTERS Headley Brothers Ltd, The Invicta Press, Queens Road, Ashford, Kent, TN24 8HH SUBSCRIPTIONS Abacus e-Media Chancery Exchange, 10 Furnival Street London, EC4A 1YH Telephone: +44 20 8950 9117 Fax: +44 20 8421 8155 www.africanbusinessmagazine. com/main-articles/subs For subscriptions, see page 51. All pictures AFP unless indicated. Registered with the British Library. ISSN 1757-1413 ©2013 IC Publications Ltd N° DE COMMISSION PARITAIRE 0115 T 90333 Dépôt légal Octobre 2014



The profits of going local 06 AFRICAN BANKER’S WORLD

Round-up of the last quarter in Africa’s banking industry 12 NEW APPOINTMENTS

Who has moved where 14 COVER STORY

THE RISE AND RISE OF PAN-AFRICAN BANKING 16 Preparing for the spring forward 20 Bigger is better 26 INFRASTRUCTURE FINANCE

AFC’S history-making Kpone project 30 OPINION The pros and cons of EAC

monetary union 34 PEOPLE AND PLACES: NIGERIA Return of the banking czars 36 ISLAMIC FINANCE

Globus, Jubilee tie up to boost pan-African insurance VIEWPOINT 42 ZAMBIA Islamic finance essential for African growth 45 MOROCCO Casablanca moves up in the world 48 NIGERIA Waiting for the storm to blow over 52 SOUTH AFRICA The people’s hero rises from the ashes 54 GHANA Competition brings out the best 56 EAST AFRICA Kenya outruns rest of E Africa 58 INTERNATIONAL Can the IMF change its spots? 61 Will appetite for Africa’s sovereigns last? 64 GADGETS, GIZMOS & CARS Toys for the boys and girls

South African debut sukuk opens new funding chapter 40 INSURANCE