4 African Banker 1ST QUARTER 2011

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FOUNDER Afif Ben Yedder Directeur de la publication (benyedder@africasia.com) Editor Anver Versi Editorial Consultant Christian Udechukwu Corespondent-at-large Stephen Williams Art Director Krisztian Somodi Editorial Assistant Carole Lambert Group Publisher Omar Ben Yedder (o.benyedder@africasia.com) GENERAL MANAGER Leila Ben Hassen (l.benhassen@africasia.com) DEVELopment director Patricia Bonnin p.bonnin@africasia.com group sales director Tibor Fuchsel (t.fuchsel@africasia.com) Advertising Sales Directors Medrine Chitty Elisée Marie Ndiana Matthew Nick Rosefield Printers Headley Brothers Ltd, The Invicta Press, Queens Road, Ashford, Kent, TN24 8HH. Indexed and abstracted in PAIS International and included in one or more of the Information Access Company full text reference databases. Microfilms available from Xerox University Microfilms, 399 N. Zeeb Road, Ann Arbor, Michigan 48106, USA. Indexed by UMI/Data Courier, PO Box 327770, Louisville, KY 40232-2770 USA. All pictures AFP unless indicated. Registered with the British Library. ISSN 1757-1413 ©2011 IC Publications Ltd N° DE COMMISSION PARITAIRE EN COURS Dépôt légal Janvier 2011

OVER STORY Banking Security

06Editorial

Coming up smelling of roses 08 African Banker’s

World 16New Appointments 18Cover Story

Banking Security How to beat the fraudsters

New security systems in the market How to avoid card fraud Safe online banking Ethiopia’s security dilemma 30Investment

Africa is Citigroup’s sweet spot 33Finance

Vast profits await investors in Africa’s ‘missing middle’

36 West Africa

US salutes Sanusi 39Market Eye

News from Africa’s capital markets 42Global Outlok

Asia, Africa spur financial recovery 44 Southern Africa

Has Zimbabwe finally turned the corner? 47Industry

Why HSBC dumped Nedbank 48Investment

Indian banks target Botswana 49 TOPIC

Zambian banking now a pleasure