Policymakers are placing banks at the centre of digital payment safeguards. Nigeria’s framework gives banks roles as deposit-token issuers and stablecoin reserve holders, while Ghana requires settlement banks to prevent payment providers from using merchant collections to finance their own operations.

CIB Egypt’s earnings showed how cheaper funding can cushion margin pressure. A larger share of current and savings accounts reduced reliance on expensive deposits, while recurring fees supported underlying profit growth. In Senegal, the budget dispute complicated fiscal plans underpinning its pursuit of debt restructuring and IMF support.

1. Nigeria requires full stablecoin backing and CBN approval for bank deposit tokens

Stablecoin issuers serving Nigeria must maintain full reserve backing plus a minimum 2% buffer and give holders an enforceable right to redeem at par under regulations effective from 5 November. Standard redemptions must generally be completed by the next business day. The Central Bank of Nigeria (CBN) separately requires banks to obtain approval before issuing deposit money tokens, which represent existing naira deposits and remain deposit claims against the issuing bank.

Dollar-denominated USDT and USDC dominate Nigeria’s stablecoin market, according to the IMF’s 2026 assessment. Domestic alternative cNGN is issued by WrappedCBDC Limited and backed by naira reserves, according to the issuer. The framework covers naira- and foreign-currency stablecoins alongside bank-issued tokens representing existing naira deposits.

2. CIB Egypt reports 18% normalised earnings growth as deposit mix supports margins

Commercial International Bank (CIB) Egypt reported on 10 November consolidated net income of EGP 63.1 billion ($1.18 billion) for the first nine months of 2026, up 2% year-on-year, while normalised earnings increased 18% after adjusting for exceptional items. These included a large provision release in 2025 and non-recurring expense reversals and provision releases in 2026. Revenue reached EGP 103 billion ($1.93 billion), with gross loans of EGP 705 billion ($13.22 billion) and customer deposits of EGP 1.45 trillion ($27.20 billion). Recurring fee and commission income increased 43%, while the cost-to-income ratio stood at 15.6% and the capital adequacy ratio at 28.8%.

A larger low-cost deposit base helped CIB protect margins during the reporting period, as current and savings accounts increased to 63% of deposits from 60%. This reduced reliance on more expensive funding, while stronger recurring fees supported earnings diversification. Following the reporting period, Egypt’s central bank raised rates by 100 basis points on 29 October, changing the immediate rate backdrop.

3. Senegal’s budget dispute complicates fiscal plans ahead of IMF programme

Senegal’s parliamentary finance committee rejected the proposed 2027 revenue and public-debt provisions on 7 November, alongside budgets for several constitutional institutions. Further committee votes against ministerial budgets followed on 9 November as scrutiny of the finance bill continued. The decisions followed a dispute over whether rejection of the revised 2026 budget required the government to revise its 2027 proposals. The finance ministry opposed a request to withdraw the bill on those grounds.

The dispute leaves the government seeking legislative support for its fiscal and borrowing plans while pursuing debt restructuring and a proposed $2.2 billion IMF programme. September’s staff-level agreement remains subject to IMF approval, corrective action over past debt misreporting and financing assurances from Senegal’s partners.

4. Vodacom’s financial-services revenue nearly doubles following Safaricom consolidation

Vodacom Group reported on 10 November a 99% year-on-year increase in financial-services revenue to ZAR 15.9 billion ($970 million) for the six months ended September 2026, following the consolidation of Safaricom. On a pro-forma basis, which includes Safaricom in the comparative period, revenue increased 19.2%. The group’s financial-services customer base reached 108 million.

Customers used Vodacom’s financial-services platforms to access and initiate more than $575.5 billion in transaction value over the preceding 12 months. However, its acquisition of the Kenyan government’s 15% Safaricom stake remains under legal challenge. Although an October court order preserved the prevailing ownership position and allowed continued consolidation pending appeal, the transaction’s final outcome remains uncertain.

5. Investec and Shoprite plan transactional banking expansion in South Africa

Investec Bank and Shoprite Group announced on 9 November an agreement in principle to establish an alliance banking partnership supporting Shoprite Financial Services. Investec would act as the licensed banking partner, providing infrastructure and balance-sheet capabilities, while Shoprite would distribute financial products through its stores, retail brands and digital channels. The proposed non-exclusive arrangement includes an expanded transactional account offering and debit card and remains subject to regulatory approval.

GoTyme, formerly TymeBank, operates kiosks at Boxer and TFG stores and retains Pick n Pay as a cash-deposit and withdrawal partner after removing its kiosks there in March. Shoprite’s proposed alliance would give Investec a route into this competitive market through a retailer-led account offering, extending its participation in everyday payments and retail deposits beyond its core private-client business.

6. Bank of Uganda maintains 12% policy rate and widens interest-rate corridor

The Bank of Uganda maintained its Central Bank Rate at 12% on 9 November 2026 and widened the band used to guide short-term interbank rates from 10%–14% to 9%–15%. Headline inflation increased to 5.8% in October from 4.6% in September, while core inflation reached 4.4%. The central bank projected average headline inflation of 7.5%–8% over the following 12 months and lowered its economic growth forecast for the 2026/27 financial year to 5.5%–6%, from 6%–6.5%.

Holding the policy rate at 12% preserves the tighter stance established by October’s emergency increase from 9.75%. Against a weaker growth outlook, elevated borrowing costs could constrain private-sector credit demand and increase repayment pressure. The central bank said widening the interbank band would support tight shilling liquidity; it also raised the rediscount and bank rates to 16% and 17%, respectively.

7. Ghana reiterates safeguards for merchant funds held by payment providers

Ghana’s central bank reiterated requirements to segregate merchant collection funds from payment providers’ operational balances in Notice No. 43, dated 6 November 2026 and published on 9 November. Payment service providers (PSPs) must keep these funds in designated settlement accounts and cannot use them for operating expenses, investments or financing. Under agreed merchant service-level agreements, duly earned PSP fees may be transferred as part of settlement.

The prohibition on pledging or setting off merchant funds prevents these balances from being used to secure or repay a PSP’s own obligations. Settlement banks must restrict access to merchant settlement and transfers of earned PSP fees, rather than treating the accounts as ordinary PSP operating balances. The central bank may require settlement-account statements, while both banks and providers must maintain records and audit trails demonstrating compliance.

8. AfDB approves $200 million trade finance facility for TDB

The African Development Bank (AfDB) announced on 9 November the approval of a $200 million Regional Trade Finance Line of Credit for Trade and Development Bank (TDB). Approved by the AfDB’s board on 28 October, the revolving facility is expected to support more than $1 billion in trade transactions over three and a half years. It will finance eligible imports and exports, including refined petroleum, fertiliser, pharmaceuticals and food, across TDB’s operating markets.

AfDB and TDB already cooperate through a $150 million unfunded trade-finance risk-participation agreement signed in December 2024. Whereas that arrangement shares risks on eligible trade transactions, the new credit line supplies funding for imports and exports. AfDB also announced a $60 million guarantee facility with Equity Bank Kenya in October, extending credit protection to transactions originated by a domestic lender alongside its regional funding through TDB.

9. Kenya’s government securities attract strong demand amid stable interbank funding

Kenya’s Treasury bill auction attracted KES 67.7 billion ($521 million) in bids against KES 28 billion ($215 million) offered, a subscription rate of 241.8%, according to the central bank’s weekly bulletin published on 6 November. Demand was also strong for reopened 15-year and 30-year Treasury bonds, which received KES 99.5 billion ($766 million) in bids against KES 50 billion ($385 million) offered, equivalent to 198.9% subscription. Meanwhile, commercial banks’ excess reserves averaged KES 31.9 billion ($245 million) above the required cash reserve level, with the Kenya Shilling Overnight Interbank Average (KESONIA) at 8.75%.

Strong subscriptions produced little movement in borrowing costs: the 182-day yield fell just 0.6 basis points to 8.845% and the 364-day yield 0.1 basis points to 9.028%, while the 91-day rate remained at 8.750%.

10. Proparco invests EUR 600,000 in Sudanese fintech Cashi

Proparco, the private-sector financing arm of the Agence Française de Développement Group, announced a EUR 600,000 ($673,000) equity investment in Sudanese fintech Cashi on 9 November 2026, marking its first financing operation in Sudan. Founded in 2022, Cashi provides digital payments, bill settlement, money transfers and cash-in and cash-out services through a merchant network. Its MyCashi wallet has reached 2.2 million registered users. The company also offers USSD, SMS and offline card solutions for areas with unreliable internet connectivity.

War has closed bank branches and disrupted cash distribution, increasing reliance on digital channels even as networks and agent liquidity remain unreliable. A UNDP assessment published on 5 November, covering three states, also identified limited transfers between different providers’ wallets. Cashi’s merchant network and low-connectivity channels address some of these constraints, although fragmentation between payment providers continues to limit the reach of digital services.

What to watch

The Bank of Ghana’s Monetary Policy Committee meetings on 16–18 November, the South African Reserve Bank’s policy decision on 19 November, and the Central Bank of Nigeria’s Monetary Policy Committee meetings on 23–24 November.