Finance

Lagos is Africas largest city with about 21mn resident. (Image source: Clara Sanchiz/Flickr)

The UKs Department for International Development said LED-maker Low Energy Designs Limited will install about 40,000 LED streetlights in Lagos over the next four years

SunTrust Bank Nigeria opened the countrys first branchless bank in 2016. (Image source: Adobe Stock)

SunTrust Bank Nigeria was granted the ISO/IEC 20071:2013 and Payment card industry data security standard (PCIDSS) certifications for its standards on data security

The ISO/IEC 20071:2013 certification was granted by the Professional Evaluation and Certification Board (PECB) Canada while the PCIDSS certification was given by African consulting firm Digital Jewels.

The banks certifications show its strength in the area of information security.

African banks, spurred by the runaway success of payment servicem-pesa, have been scrambling to gain market share as an increasing number of Africans turn online for smaller payments.

Africas growing population and economy, boosted by income levels, has encouraged banks to expand their reach through low-cost methods such as digital banking in a continent which is still underbanked.

SunTrust opened Nigerias first branchless bank two years ago.

Boost for German-Tanzanian business and investment ties. (Image source: Embassy of the Federal Republic of Germany)

The Association of German Chambers of Commerce and Industry (DIHK) has officially opened an office in Dar es Salaam under the name of ‘AHK Services Eastern Africa Ltd,” to promote and facilitate business relations between Germany and Tanzania

Africa is on the rise of expanding business opportunities. (Image source: Julien Harneis/Flickr)

Despite a challenging environment, with public debt approaching critical levels in some African countries and concerns over excessive reliance on oil, African businesses are expanding, said PricewaterhouseCoopers (PwC), the UK-based multinational professional services network