La Libra, Facebook's digital currency, announced for 2021 in reduced format

The launch of Facebook's digital currency, Libra , could take place in 2021. The project may benefit from favorable factors in the global economy, but regulators will have to be convinced first.  Facebook could launch Libra, its digital currency in 2021, we learn from the British media Financial Times, which quotes people close to the process. The product is expected to arrive in a limited version, after the project has met with great aversion from regulators, including in the United States, the country where the headquarters of the social media management company are located. The stakeholder association behind this digital currency project is now planning to launch a single version of Libra that will itself be pegged to the dollar, at the rate of one unit of US currency for each Facebook digital currency . “The other forms of currencies will be deployed at a later stage,” the FT source added. The exact launch date will depend on when the project

ECOBANK announces a 12.92% profit increase in the first half of 2020

 The pan-African banking group Ecobank has made public its performance for the first half of 2020. The group recorded an increase of 12.92% at the end of the first half of 2020, compared to the same period of 2019. The profit thus rose to 95.660 billion of FCFA as of June 30, 2019 to FCFA 106.020 billion as of June 30, 2020. This is equivalent to an increase of FCFA 10.360 billion in absolute value.

ECOBANK announces a 12.92% profit increase in the first half of 2020

Net banking income, meanwhile, is up slightly by 1.95%, standing at 459.216 billion FCFA against 450.397 billion FCFA in 2019.

The banking group collected from its customers 9,786.705 billion FCFA against 9,327.603 billion FCFA as of June 30, 2019, during the period under review. In addition, it held loans and receivables of CFAF 5,049.988 billion for the same clientele, compared to CFAF 5,039.047 billion as of June 30, 2019.

Operating expenses fell from 299.071 billion FCFA as of June 30, 2019 to 294.320 billion FCFA a year later (-1.58%). With a cost of risk which increased by 2.59% to 34.113 billion FCFA against 33.250 billion FCFA in the first half of 2019.

As for the operating result, it increased by 10.76% to 130.693 billion FCFA against 118.076 billion FCFA a year earlier. 

Regarding equity, they rose from CFAF 1,041.607 billion as of June 30, 2019 to CFAF 1,124.964 billion a year later, an increase of CFAF 83.357 billion. Borrowing, reduced by 103.786 billion FCFA, fell from 1297.786 billion FCFA in the first half of 2019 to 1194.030 billion FCFA still during the period under review.

Ecobank Transnational Incorporated (ETI), a public limited company, was created in 1985 as a banking holding company on the initiative of the Federation of West African Chambers of Commerce with the support of the Economic Community of African States of the 'West (ECOWAS). In the early 1980s, the West African banking industry was dominated by state and foreign banks.