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FOUNDER AND EDITOR-IN-CHIEF Afif Ben Yedder Directeur de la publication (benyedder@icpublications.com) GROUP PUBLISHER Omar Ben Yedder (o.benyedder@icpublications.com) EDITOR EMERITUS Anver Versi EDITOR Kanika Saigal SUB EDITOR Charles Dietz ART DIRECTOR Jason Venkatasamy EDITORIAL CONSULTANT Christian Udechukwu CORRESPONDENT-AT-LARGE Stephen Williams GENERAL MANAGER Leila Ben Hassen (l.benhassen@icpublications.com) VP DEVELOPMENT Saliba Manneh (s.manneh@icpublications.com) ADVERTISING advertising@icpublications.com SPECIAL PROJECT MANAGER Darren Moore ADVERTISING SALES DIRECTORS Medrine Chitty, James Olweny, Nick Rosefield DISTRIBUTION distribution@icpublications.com 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 8244 icpubsorders @abacusmedia.com icpublications @abacusmedia.com www.africanbusinessmagazine. com/main-articles/subs All pictures AFP unless indicated. Registered with the British Library. ISSN 1757-1413 ©2016 IC Publications Ltd N° DE COMMISSION PARITAIRE 0115 T 90333 Dépôt légal Août 2016

Cover Story 16 Is African dollar-denominated debt in deep waters? Editorial 06 Troubled times for African debt News in brief 08 Banking sector news from around the continent Cover Story Debt sustainability 16 Is African dollar-denominated debt in deep waters? 20 Nigeria struggles to keep debt levels low 21 Ghana’s debt is rising 22 Zambia’s misfortunes 23 Mozambique in murky waters Special Report Investment banking 27 Who has the edge in African investment banking? 28 Investment banks suffer a slowdown 30 The global banking advantage 33 The need for integrated stock markets 36 Wealth management grows in Africa 38 The role of DFIs in developing capital markets Features 40 Interview: Uzoma Dozie of Diamond Bank 42 The future of African banking 44 Interview: Afreximbank’s Benedict Oramah

46 Interview: Patrick Akinwuntan of Ecobank 48 Could Ethiopia be opening up? 50 Nigerians bemoan bank charges 52 Egypt struggles to make ends meet 54 Can Nigeria sustain equities rally? Special Report Financial technology 57 Mobile money: the great disruption 58 Adapt or die: the challenge of fintech 60 The opportunities of fintech: the chance to reach a broader public 62 What can blockchain do for Africa? 64 Transaction banking faces the mobile challenge 68 Expert view: fintech and financial inclusion Events: African Banker Awards 71 African Banker Awards: 10 years on 72 See who was at the awards ceremony 74 Quality of entries continues to rise 75 10 good years for sub-Saharan banks 76 Who won what?

Expert Viewpoints 78 Banking in Nigeria 80 Regulation in South Africa

82 End Note Is your bank having an innovation conversation?