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Pan-African Banks Target East Africa for Scale

As pan-African banks compete for East African scale, cross-border ambitions meet local realities.

This article appears in the October issue of Global Finance Magazine.

African banking is entering a new phase of consolidation, with major lenders expanding across borders in pursuit of scale in the continent’s fragmented financial markets.

The sector’s dynamism is reflected in its profitability. High interest rates and rising noninterest income helped African banks deliver returns on equity of 19% in 2024 and 17% in 2025—well above the 10% global average in both years, according to McKinsey & Co.

So, it comes as no surprise that South African, Nigerian and Egyptian institutions are expanding aggressively into East Africa particularly, drawn by high growth rates, strong trade links and sophisticated mobile payments ecosystems.

However, as foreign entrants deploy capital to establish a footprint, entrenched local champions in primary hubs such as Kenya are proving formidable competitors. Kenya has emerged as the principal battleground for regional banking dominance, functioning as a strategic gateway to the broader East African Community. 

Driven by high domestic minimum capital requirements, South African and Nigerian institutions have turned to cross-border mergers and acquisitions to deploy idle capital and diversify earnings away from slower-growing home markets.

The flagship transaction in this wave is South Africa’s Nedbank Group Ltd.’s acquisition of a 66% controlling stake in Kenya’s NCBA Group PLC for approximately $856 million. 

The cash-and-stock partial tender offer gives Nedbank an instant multicountry East African platform spanning Kenya, Uganda, Tanzania and Rwanda, as well as digital access to West Africa. 

According to reports, Nedbank CEO Jason Quinn said, “Nedbank has a strategic objective to grow and diversify outside of its core Southern Africa market, and we identified East Africa as a key growth region.” 

This acceleration of cross-border dealmaking aligns with academic findings on African banking integration. 

“African banks definitely have an advantage over banks from advanced economies when it comes to tapping into and connecting with those institutional realities,” Dr. Dieter van Walleghem, associate professor of finance at Rennes School of Business, told Global Finance. “If you are a bank coming from a less-developed economy and moving into a similarly less-developed economy, it is easier than it is for a European or U.S. bank coming from a highly regulated advanced economy.”

Van Walleghem noted that as global giants retreat from noncore African retail operations, pan-African banks leverage shared regulatory familiarity, customer-following corporate relationships and adaptable technology frameworks to navigate local complexities more efficiently than Western entrants.

Despite these advantages, incoming foreign lenders face defensive positions from entrenched domestic incumbents. Local giants such as Kenya’s Equity Group PLC and KCB Group Ltd. leverage massive retail customer bases, extensive agency networks and deeply integrated mobile money platforms like Safaricom PLC’s M-Pesa.

Equity Bank CEO James Mwangi emphasized the scale hurdle facing foreign entrants. “When you look at our concentration of 23 million customers and a capital base of 350 billion shillings, we can outrun them, we can outperform them,” he said. 

John Amari is a contributing writer based in Japan.

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Ji-sung Eom: Swansea City winger the target of alleged racism at Millwall

Swansea City head coach Vitor Matos says the lengthy stoppage during their 1-0 win away at Millwall was a result of racist abuse aimed at Ji-sung Eom.

The South Korea winger was among the Swansea substitutes, and had been warming up on the side of the pitch when the Championship game was brought to a halt.

Referee Edward Duckworth had lengthy discussions with both sets of coaches, during which the game was paused for around seven minutes.

Following the stoppage, an announcement was made over the speakers at The Den confirming there had been alleged chants of racism and that police were working to identify any offenders using CCTV.

Speaking after the game, Matos said it was the 24-year-old who had been the subject of the abuse.

“The situation was with Ji-sung Eom,” said Matos.

“The referee followed the protocol for these sort of situations, they did the right thing. Millwall also did the right thing to get the protocol moving on.

“We all know there is no space for this, this kind of situation should not happen.

“When they do happen we are here to stand with the player, in this case it is our player.”

The incident marred what was otherwise an evening of celebration for the Swans, as Ronald’s late strike sealed a 1-0 win for the league leaders.

Millwall stated they were “aware of an alleged, individual incident of discriminatory abuse towards a Swansea City player during the second half” of the game.

“The club operates a zero-tolerance policy towards any form of discriminatory abuse. Any individual found to have engaged in such behaviour will face the strongest possible action,” added the hosts.

“The club is working alongside the relevant authorities to establish the facts and is unable to comment further as tonight’s alleged incident is the subject of an ongoing police investigation, which the club fully supports.”

Victory kept Swansea two points clear at the top of the Championship, with the Welsh club putting together their best start to a season in a century.

Matos said he was saddened by the abuse aimed at Eom, but says the rest of the squad will rally around their team-mate.

“He is a smart kid, he is not happy with the situation but he knows we will stay with him and follow the situation as long as we can,” added Matos.

“Millwall did the right thing by announcing there is no place for this sort of thing.

“I’m happy with how it was handled, but really sad that it happened. Now it is about evaluating the situation and we’ll see what happens.”

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French fridge fright: Why supermarkets have become target for hackers | Cybercrime News

Hundreds of French supermarkets have suffered unprecedented cyberattacks resulting in tonnes of food perishing and raising fears about the vulnerabilities of food systems to advanced technology.

The attacks, which appeared to target internet-linked refrigeration systems manufactured by a Danish company, raised the temperature of fridges and freezers to as high as 50 degrees Celsius (122F) at more than 500 shops and supermarkets across the country. Supermarkets confirmed the attacks on Monday.

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France’s cybersecurity agency has advised companies operating affected freezer models to immediately disconnect them from the internet – or restrict access to them – and to perform software updates.

It is unclear who may have been behind the attacks, but authorities say they have now launched an investigation.

Here’s what we know:

Perished goods outside a supermarket in Paris the day after a cyberattack targeted refrigeration systems in France, October 13, 2026
Perished goods outside a supermarket in Paris the day after a cyberattack targeted refrigeration systems in France, October 13, 2026 [Lucien Libert/Reuters]

What happened?

Hackers gained internet access to the refrigeration systems and remotely cranked up temperatures in freezers and fridges to 50C during the night when shops were closed. Millions of euros worth of food was spoiled, according to retailers. In some cases, the raised temperatures sparked fires or melted equipment.

French supermarket groups E-Leclerc, Intermarche, Carrefour, Monoprix and Cooperative U were all hit.

At least 300 of Intermarche’s stores and its Netto brand were affected. Cooperative U said more than 100 of its supermarkets were targeted, while Carrefour said 80 supermarkets were affected and Monoprix reported that about 5 percent of its roughly 490 stores were hit.

Officials are still investigating who launched the attack and how it was carried out. French TV channel BFM reported that the attackers appeared to have remotely triggered a forced defrosting option in the refrigeration systems.

The systems targeted are built by Danish manufacturer Danfoss, according to France’s government cybersecurity agency. The refrigeration models attacked included the AK-SM800 and AK-SC355.

Danfoss told the AFP news agency that most of the affected control systems were “legacy” products that had “outdated firmware”. The company said it had previously advised supermarkets to update them.

AFP also reported that officials are liaising with other European countries which may have been affected.

It is unclear exactly how much food has been lost. The attacks come after President Emmanuel Macron ordered last month that the country’s critical infrastructure be protected from Russian “hybrid attacks”.

Have supermarkets been hit by cyberattacks before?

Yes. Attacks like these have been reported in other parts of Europe and in the United States.

In April 2025, British retailer and supermarket chain Marks and Spencer suffered a sophisticated ransomware attack that the company said cost it approximately 300 million pounds ($397m) after it was forced to suspend online and app orders. The attack was orchestrated by a hacker group called Scattered Spider, using ransomware from DragonForce, another criminal group. Ransomware attacks involve using malicious software to hide essential data unless a ransom is paid.

According to UK media, the same hackers also tried to attack Co-op and the iconic Knightsbridge store, Harrods.

Similar reports have also emerged from the US. In June 2025, United Natural Foods, a frozen food company which supplies big supermarket brands such as Whole Foods, said it had discovered a cyberattack that forced it to take its systems offline. The company did not reveal the nature of the attack.

In November last year, Ahold Delhaize USA said it was the victim of a cyberattack that disrupted operations at more than 2,000 stores, including Hannaford, Food Lion and Stop and Shop.

Why target supermarkets?

They are an easy target and the consequences can be widespread.

As food and agricultural systems increasingly digitise, analysts say supermarkets selling perishable foods are increasingly vulnerable to attacks due to the nature of their stocks.

The rising sophistication of cyberattacks now means that common people and local, third-party companies relying on big chains for business are also falling victim as attacks disrupt supply chains, experts say.

Speaking to Al Jazeera, tech and cybersecurity analyst Steven Lachance said smart appliances connected to the internet will always be vulnerable as hackers seize on security lapses to log in to the systems remotely and trigger malicious features.

“It’s the new reality of having these connected equipment,” Lachance said, pointing out that attacks could evolve to target medical or energy systems.

“This should come as a global wake-up call … Throughout society, we have connected infrastructure that is live on the internet, and that can be hacked. It’s a new reality, and we absolutely need national and international measures to prevent those attacks; otherwise, it’s just going to keep happening,” he warned.

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Israeli settler attacks target Palestinian olive harvest in West Bank | Occupied West Bank News

Israeli settlers have carried out attacks and pogroms disrupting the Palestinian olive harvest in the West Bank, while Israeli forces separately detained several Palestinians across the occupied territory.

At least 19 settler attacks were recorded on Friday by the Palestinian Colonization and Wall Resistance Commission, a Palestinian government body operating under the Palestine Liberation Organization (PLO).

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The commission said the incidents included attacks on Palestinian olive harvesters, the burning and uprooting of olive trees, and the theft of crops and livestock. Other Palestinians and their vehicles were also targeted.

Settlers set fire to Palestinian-owned groves and stole olives in what is considered the most important season for harvesting the single-seeded stone fruit.

More than 50 olive trees were uprooted by settlers in Qusra, the commission said.

Settlers also assaulted and injured Palestinian farmers involved in the harvest in the Tal, where a Palestinian-owned vehicle was set on fire, it added.

Additionally, olive harvesters were attacked in Jorish, Beita, Naqoura, Birzeit, Deir Bzeih and Farata.

epa13289254 An Israeli security personnel member and Israeli settlers stand near Mou'ayad Mahmoud's shop in Al-Lubban Al-Sharqiya, near Nablus in the West Bank, 08 October 2026. Israeli settlers placed rows of Israeli flags outside the Palestinian-owned shop overnight, obstructing access to the business. EPA/ATEF SAFADI
An Israeli security personnel member and Israeli settlers stand near Mou’ayad Mahmoud’s shop in al-Lubban Asharqiya, near Nablus in the West Bank, October 8, 2026 [Atef Safadi/EPA]

A farmer was injured in reported gunfire in Kafr ad-Dik, and the use of live ammunition was reported during a settler pogrom, backed by Israeli forces, in Deir Ballut.

Elsewhere, an elderly Palestinian woman in Berin, east of Hebron, was injured after settlers set their dogs on farmers while sheep were stolen in Ein Qinya.

A Palestinian man and his child were attacked and their vehicle stolen by settlers in Yabrud. Settler attacks on Palestinian-owned vehicles were also reported in the towns of Sarda and al-Rihan.

Brazen attacks against Palestinians

Al Jazeera’s Nida Ibrahim reporting from Ramallah in the occupied West Bank said settlers, backed Israeli forces, have grown more brazen in their attacks against Palestinians during the olive harvest despite the presence of foreign activists and observers.

“Palestinians have to go about the harvest in large groups, that include international solidarity activists, to try to stop settler intimidation and attacks,” Ibrahim said, adding that the settlers wait for the groups to start leaving at the end of the harvest, before springing into action.

“It has become a very difficult journey, as the Palestinians try to leave the harvesting areas, Israeli settlers continue to intimidate them under the protection of the Israeli army,” she said.

As Ibrahim reported, a Palestinian family was under attack by Israeli settlers who recently started building an illegal settlement outpost near Ramallah, “using it as a base to attack Palestinians”, she said.

“No one is being spared,” said Ibrahim.

For Palestinians, the olive harvest is supposed to be a joyous season, but instead, they fear settler attacks and intimidation backed by the Israeli forces.

Sixteen Palestinians arrested

As settler attacks and pogroms continue, the Israeli army arrested 16 Palestinians in raids across the occupied West Bank on Friday, according to the Palestinian Wafa news agency and local sources speaking to the Anadolu news agency.

In Hebron, southern West Bank, Israeli forces arrested nine Palestinians after raiding and searching their homes, including Ibrahimi Mosque Director Moataz Abu Sneineh and Hammam Abu Markhiya, an official responsible for the mosque’s custodians, Wafa reported.

In the city of Qalqilya, Israeli forces arrested five Palestinians during a raid, local sources said.

Two other Palestinians were arrested after Israeli forces raided and searched several homes in Beita, south of Nablus, the sources said.

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EastEnders spoilers reveal who blackmails Mark and Lauren and Craig’s next target

EastEnders spoilers for next week confirm Craig’s behaviour escalates, as does his grip on Amy Mitchell, while Ned Hawkins makes a discovery that leads to blackmail

There’s big twists and drama on EastEnders next week.

Ned Hawkins rallies the community together to celebrate him becoming the co-owner of Harry‘s Barn, amid drama with Nicola. Nicola senses tension between Ned and his son Ryder, and offers Ryder some support.

Nicola also learns about the struggles faced by one of Ryder’s former football teammates, after he came out, and so she understands Ned’s reluctance. Nicola encourages Ryder to be honest with those close to him.

He decides to have a conversation with his mum. Meanwhile, Ned makes a discovery after Lauren and Mark meet in secret and get caught red-handed.

In exchange for his silence, Ned demands a favour from Mark. Later, Ned blackmails Mark with a shocking request, and a fearful Lauren tells him to do whatever Ned says.

As the Hawkins celebrate the successful event at Harry‘s Barn, Ned continues to pressure Ryder to conform while he also reminds Mark of the consequences should his affair be exposed. Elsewhere, Amy Mitchell visits Denise in hospital where she’s encouraged to focus on her studies, rather than her new boyfriend.

Amy soon finds it hard to ignore her feelings for Craig and he continues to demand attention. As Amy becomes distant with her friends, it causes drama.

Amy invites Lily to Craig’s flat but she’s shocked when Ricky and others attend too. When Jack Branning finds out daughter Amy‘s skipping classes, he decides to speak with her about it.

After a heartfelt conversation, Jack thinks it’s Denise’ illness that has sparked Amy‘s recent behaviour. Amy is soon caught out by Craig though when he realises people have been in his flat.

With Penny and Jack wanting answers from Amy about recent events and her mystery boyfriend, she remains tightlipped. Craig continues bombarding her with messages though and even more so when he finds Denzel‘s ID at the flat.

As demands to check Amy’s phone he finds a shirtless photo of Denzel that was recently sent. Amy explains herself and Craig accepts this but his resentment towards Denzel deepens.

Elsewhere, Nancy Carter frustrated with mum Linda, before she runs into Zack. Following their reconciliation, Nancy and Zack agree to meet for a drink.

Finally, Kat continues to struggle in the aftermath of Zoe’s death. Jean attempts to lift her spirits but it does not work. As Kat is consumed by grief, she pushes her loved ones away and hits the booze. After suffering a breakdown, Kat’s relationship with Alfie hangs in the balance.

EastEnders airs Mondays to Thursdays at 7:30pm on BBC One and BBC iPlayer. * Follow Mirror Celebs and TV on TikTok , Snapchat , Instagram , Twitter , Facebook , YouTube and Threads .



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Luxury-car buyers who use ‘Montana loophole’ to dodge California taxes are target of new law

Gov. Gavin Newsom last week signed legislation cracking down on the practice of luxury-car buyers in California registering cars out of state to avoid taxes.

Senate Bill 1406, introduced by state Sen. Jerry McNerney (D-Pleasanton), closes the so-called Montana loophole, in which tax evaders create shell companies in Montana or other states without sales tax or vehicle registration fees and use them to purchase Ferraris, Porsches and other luxury cars. The state estimate it loses millions of dollars annually because of such schemes.

The new law expands California’s definition of who is a resident under state sales tax law in an effort to weed out phony shell companies, making a company liable for state taxes when at least one member of the business is a California resident.

The law, which went into effect immediately, also authorizes the state tax agency to impose tax liability on individual members of a business.

California had already looked to enforcement efforts to investigate suspicious out-of-state car sales, which officials estimate amount to $10 million annually in lost tax revenue.

Under state law, residents were already required to pay California sales tax on vehicles unless they are first used out of state and stay out of state for at least 12 months. Dealers are required to maintain records showing sales of vehicles so that authorities can ensure vehicles sold to buyers in another state are actually delivered there.

Earlier this year, the state’s Department of Justice charged 14 people — including auto dealers and customers purchasing cars — with concealing the purchase of more than $20 million worth of high-end vehicles including Ferraris, Porsches and Lamborghinis, and evading upward of $1.8 million in state taxes.

Text messages included in the criminal complaint showed buyers seeking to conceal their purchases. One Lamborghini buyer boasted about fees avoided: “70k saved — I can’t believe Montana registration lasts for 5 years — that’s crazy. Stupid California. Paid 3k to own a 600k car for 5 years — lol in Cali that’s like 75k for 5 years. Hella dumb.”

The new law further develops criteria to help show an LLC as a shell company involved in a potential tax evasion scheme.

If the LLC lacks a specific business activity or purpose, fails to maintain a physical location outside California, fails to employ people, or fails to file federal tax returns in another state, it could now be considered as evidence of such a scheme.

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Chinese hackers impersonated AI experts to target US policy minds | Cybersecurity News

TA419 hackers used deceptive tactics, impersonating real figures like a former White House AI official

Chinese hackers have been impersonating artificial intelligence (AI) experts in the United States, including a former government official, according to a new report from cybersecurity firm Proofpoint.

The report, released on Thursday, found that in July, a China-aligned hacking group called TA419 targeted a slate of US policy experts by impersonating prominent figures, including Lynne Edwards Parker, the former principal deputy director of the White House Office of Science and Technology Policy.

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The hackers, who had been operating since April 2025, first sent otherwise harmless-looking emails intended to engage a target, such as requests to join an “AI Policy Advisory Committee”, and, once they responded, the target would be sent to a fake login page designed to steal their credentials.

The targets included policy experts at think tanks, defence contractors, universities and law firms in both the US and Japan.

The report used a technique that creates a fake browser pop-up window inside a legitimate webpage that mimics an authentic-looking sign-in prompt to deceive victims and make it harder for them to realise they are handing over their information to hackers.

Proofpoint did not specifically name the targets hacked, but the Reuters news agency was able to confirm at least one of them as Alex Engler, a former White House official who now heads the Penn Center on Media, Technology, and Democracy.

Engler told Reuters that he got one of the emails, but after checking with industry colleagues, he discovered that he had received the email from an impersonator.

In February, the same group was behind the impersonation of a “prominent” Anthropic employee in efforts to target AI policy experts. The cybersecurity firm behind the report believes that the group will continue to target think tanks and other policy experts and will continue to use the identity of real-world experts to do it.

Parker did not respond to Al Jazeera’s request for comment.

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