News and deals from around Africa

South African mining magnate Patrice Motsepe was elected president of the Confederation of African Football (CAF) at its congress in Rabat, Morocco, on 12 March. The appointment of the Mamelodi Sundowns FC owner represents a fresh start for CAF, which has long been dogged by allegations of mismanagement. In 2019, CAF was subject to intervention by world governing body FIFA, which launched a forensic audit that exposed financial irregularities. Motsepe’s appointment was endorsed by FIFA President Gianna Infantino.

Pandemic boosts mobile money uptake

The number of registered mobile money accounts in sub-Saharan Africa increased by 12% to 548m in 2020 as the pandemic led consumers to embrace digital transactions and limited access to cash, according to a report from GSMA.

The region’s transaction volume increased 15% to $27.4bn, while the value of transactions increased 23% to $490bn. Globally, registered accounts grew by 13% – double the forecast.

Dutch development bank FMO records first loss in 30 years

FMO, the Dutch development bank and impact investor, recorded a net loss of €205m ($241m) for 2020, its first since 1991. The bank said the loss was largely driven by a decrease in the fair value of its private equity portfolio as a result of a global decline in emerging market equity valuations due to the Covid-19 pandemic. The bank noted that a large part of the portfolio is denominated in US dollars, which exposed it to a 10% depreciation of the euro in 2020.

IMF considers allocation of Special Drawing Rights

The IMF’s executive directors have held initial discussions on a new Special Drawing Rights (SDR) allocation of $650bn to boost the global recovery from Covid-19. Managing director Kristalina Georgieva said she was “very encouraged” by the talks and will present a formal proposal to the executive board by June. A new allocation would add a “substantial, direct liquidity boost to countries, without adding to debt burdens,” she said. Staff will also explore options for members with strong financial positions to reallocate SDRs to support vulnerable and low-income countries.