To mark the 10th anniversary of mobile money service M-PESA, WorldRemit has released new data showing that the Kenyan diaspora is the biggest sender of digital remittances to mobile accounts.
First Bank of Nigeria Limited is joining the rest of the world in celebrating the 2017 Global Money Week to engage children and youths on the rudiments of financial literacy.
QNB ALAHLI and global payments technology company Visa are launching mVisa, a seamless and secure mobile solution for instant cashless payments, in Egypt. mVisa, which brings the benefits for easy and secure digital commerce to financial institutions
South Sudan has initiated moves to become a member of the African Export-Import Bank (Afreximbank), the Cairo-based continental multilateral financial institution established to promote and finance African trade.
United Bank for Africa (UBA) Plc, the pan-African financial services group operating in 19 African countries, has released its audited 2016 full year results, showing significant growth in gross earnings and profits.
Imara Holdings Limited has announced that its subsidiary, Imara Trust, has acquired 100 per cent of the issued share capital of Fiducie Forte Management Services Limited (“Forte”), a Mauritius management company.
[Tanzania] National Microfinance bank launches interbank money transfer service to improve customer convenience
The National Microfinance bank (NMB) has launched a new service dubbed Mobile Tanzania Interbank Mobile System (TISS) that allows customers to transfer up to $1300 from one bank to another.
Mid-tier Diamond Trust Bank plans to acquire small-sized Habib Bank subject to regulatory approvals underlining rising consolidation in the industry.
Joint Admission and Matriculation Board (JAMB), has accredited Skye Bank as one of the selling banks for this year’s Unified Tertiary Matriculation Examination (UTME) E-Pins.
The World Bank’s Board today approved a $200 million credit to support the Government of Nigeria’s response to the acute humanitarian and forced-displacement crisis triggered by the Boko Haram conflict in North East Nigeria. T
The number of commercial banks approved by the Central Bank of Kenya to operate interbank mobile money transfer platform, PesaLink, has doubled to 24 from 12.
Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has announced it is to invest US$25 million in Egyptian petrochemicals company Carbon Holdings Ltd.
Commercial Bank of Africa has announced the launch of a new digital banking solution based on a mobile app named Loop, making it the first of its kind in Kenya and in the region.
Digital payment solutions provider, Mastercard has been unveiled as the headline sponsor of the 6th Edition of the CashlessAfrica Conference and Expo The event is organised by Mobile Money Africa and is scheduled for 22 to 23 March, at the Oriental Hotel, Lekki in Lagos, Nigeria.
General Motors EA has inked an asset finance partnership with tier two lender Cooperative Bank which paves way for the bank’s MSME clients getting a 95 per cent financing on Isuzu vehicles.
Kenya’s lender Sidian Bank turned to IBM Cloud and Cognitive solutions to fuel its digital transformation. This helps the bank provide its growing customer base of small and medium-sized businesses with faster access to existing services like debit and credit card processing, bank account opening, teller services and wealth management.
The Central Bank of Kenya (CBK) has announced its intention to finalize the processing of license applications for two institutions that had already been granted an “approval in principle”, as a first step to lifting the moratorium on licensing of new commercial banks.
Despite the intervention of the Nigerian Communication Commission (NCC) to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks, it appears the effort may not have yielded a truce as the banks are set to take over the telecoms firm.
Africa has recently caught the attention of international forex brokers all setting offices in South Africa. South Africa is the largest economy on the continent, home to the most sophisticated, vibrant, constantly developing financial market.
With rapid smartphone penetration in South Africa boosting research and development, it is no surprise that local fintech players are turning their attention towards mobile payment innovation.
Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2016 to the Nigerian and London Stock Exchanges.
President Adesina announces gender innovation contest to promote gender equality in AfDB’s operations
The African Development Bank (AfDB) has announced on International Women’s Day the launch of a major gender competition in order to promote gender equality in its operations.
Ecobank Nigeria Ltd, an affiliate of Ecobank Transnational Incorporated (ETI) has entered into partnership with Accion Microfinance Bank of Nigeria, to introduce Western Union Money Transfer Remittance services at some locations of the microfinance bank.
The new GH¢5 note which was outdoored by the Bank of Ghana last Friday as a commemorative note of its anniversary will be in circulation today, Tuesday March 7, 2017.
As Kenya’s telecommunication company Safaricom marks 10 years since M-PESA’s launch on 6th March, 2007, a new ‘True Earnings’ Report by KPMG, using KPMG’s ‘True Value’ methodology finds that customers have, by far, been the largest financial beneficiaries of the platform.
The Housing Bank, one of the most respected banks in the Middle East, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys have announced the selection of the Finacle suite of solutions to power the bank's operations in Algeria.
The South African fintech startup that slashed the costs for Zimbabweans living in SA to send money home when it launched two years ago has expanded its money transfer service into Nigeria, Ghana and Tanzania.
The African Development Bank Group has announced the appointment of Henry Paul Batchi Baldeh as the Director for Power Systems Development with effect from May 1, 2017.
For the South African market to reach the critical mass that will drive the mainstream adoption of mobile payments, consumers need a system they can trust.
Kenyans moved a record 33 billion U.S. dollars on mobile money in 2016, up from 27.8 billion dollars from the previous year, the latest data from Central Bank of Kenya showed Monday.
QNB Al-Ahli Bank has announced plans to roll out mVISA service in cooperation with the global payments technology company Visa becoming the first bank in Egypt to introduce the service.
The African Development Bank (AfDB)-managed Sustainable Energy Fund for Africa (SEFA) approved a US $995,000-grant to the Republic of The Gambia to implement a program to facilitate private investments in Green Mini-Grids.
Senior Education Specialist of World Bank, Dr Olatunde Adekola says the bank has offered to give Nigeria a $500 million loan under its 'Better Education For All (BEDA) Project.
[Egypt] Afreximbank and Arab Academy for Science, Technology and Maritime Transport discuss collaboration
A delegation from the Arab Academy for Science, Technology and Maritime Transport today in Cairo visited Dr. Benedict Oramah, President of the African Export-Import Bank, for discussions on potential collaboration between the academy and the continental trade finance institution.
Benin, Guinea and Niger will benefit significantly from the development support provided by the African Development Bank Group (AfDB) following the Board’s approval to open offices in the three countries in order to strengthen its operational presence.
The Central Bank of Nigeria on Thursday announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals.
The African Development Bank and the Government of Zimbabwe officially launched three projects worth US $26 million that were recently approved by the Bank’s Board of Directors.
The central bank has reportedly put on hold the billion-dollar deal it handed to Sibton Switch, a local IT firm, to interconnect all payment systems in the country.
Nigeria’s exchange rate policy has been a blessing to some and a burden to many. Nigerians that earn in foreign currencies have had more than a 200% increase in their purchasing power in the last 2 years.
IFC, a member of the World Bank Group, together with The MasterCard Foundation today announced it signed an agreement to a value of $1 million with payments service provider Zoona to strengthen the reach and depth of its mobile banking services for low-income people, small-scale entrepreneurs and rural populations in Zambia.
Latest entrant into the financial sector, Commerz Savings and Loans, is embracing technology to reach and attract the unbanked population into the banking sector.
Tier 1 lender Kenya Commercial Bank has announced that is set to lay off a section of employees in what it attributes to technological changes and a dynamic regulatory regime.
The Central Bank of Nigeria (CBN) continues its efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions.
Equity Bank Tanzania, a scion of Kenyan lender Equity Group has unveiled its new Zanzibar branch bringing the number of branches under Equity Tanzania to 14.
TerraPay has announced that it has partnered with MoneyTrans, as well as Paga, Nigeria’s pioneering payments and financial services company, to launch cross-border remittances from Spain to mobile wallets in Nigeria.
Digital money transfer service WorldRemit is consolidating its rapid expansion into Tanzania, supporting the growing demand for instant remittances to the country from over 4 million expatriates living abroad.
I&M Holdings has announced the successful completion of merger of Giro Commercial Bank Limited (GCBL) into I&M Bank Limited (IMBL), which is IMHL’s banking flagship subsidiary.
MoneyGram and Capital Bank, announced today the launch of MoneyGram’s services across Capital’s Bank network in Ghana.
The Board of Directors of foremost African financial institution; Guaranty Trust Bank plc, has announced the appointment of Mobolaji Lawal as an Executive Director of the Bank. Prior to his appointment, he was the Divisional Head, Digital Banking Division.
Kenya’s tier 2 lender National Bank of Kenya is looking at growing non-interest income avenues occasioned by the capping of interest rates last year which has so far slashed interest earnings on loans.
Kenya Bankers Association has unveiled a new inter-bank application that will enable the transfer of funds from one bank account to another in real-time.
The Africa Finance Corporation (AFC) has formally launched its Corporate Social Responsibility (CSR) Program: AFC Clean Water Campaign.
Access Bank may receive up to N1.14 billion in onetime gains in the first quarter of 2017, from the sale of its investment in Stanbic IBTC Pension Managers (SIPML).
[Egypt] National Postal Authority and Commercial International Bank sign MOU on regulation of financial services
The National Postal Authority (NPA) and the Commercial International Bank-Egypt (CIB), have signed a Memorandum of Understanding (MoU) for the regulation of financial services and the establishment of a financial inclusion base.
The launch of a new mobile banking application in Kenya by Pan Africa group Ecobank Transnational is its latest attempt at courting technology to grow its customer base from the current 10 million to 100 million in 2020.
[Nigeria] Access Bank’s Centralised Operations Group Constructs Hostel for Visually Impaired Persons
Access Bank’s CSR has identified The Federal Nigerian Society for the blind (a Non-Governmental Organization) as the beneficiary of her volunteering effort.
The South African Reserve Bank (Sarb) is open to issuing a national digital currency, which would likely be based on Blockchain or Distributed Ledger Technology (DLT).
A delegation from Abia State of Nigeria, led by Governor Okezie Ikpeazu, yesterday in Cairo conducted a one-day visit to the Headquarters of the African Export-Import Bank, holding discussions with Bank representatives on how the continental trade finance bank could support the state’s effort at industrialization.
The Central Bank of Kenya (CBK) has given six banks the green light to launch a mobile money transfer platform, heralding a new dawn in the highly competitive and lucrative financial services market segment.
Senegalese mobile money company Wari is to buy Millicom’s Tigo mobile business in the country for $129 million.
Jennifer Theuri, a career banker, has been appointed CEO of Integrated Payments Services Limited, IPSL, a fully owned payments technology offshoot of the country’s bankers umbrella body, the Kenya Bankers Association.
Largest bank by balance sheet, CRDB, has announced it is working on a plan to increase its focus on the mortgage market as it seeks to position itself to provide affordable housing to Tanzanians
QNB Group has maintained its ranking of the most valuable banking brand in the Middle East and Africa region according to the annual survey carried out by Brand Finance and published by The Banker magazine
For the sixth consecutive time, First Bank of Nigeria has been named the most valuable banking brand in Nigeria in The Top 500 Banking Brands of The Banker magazine of the Financial Times and Brand Finance, London.
The granting of full banking licenses to Beige Savings and Loans is now expected to increase the number of banks in Ghana to 34.
Curve Group has acquired Paperless Software Solutions, a developer of integrated solutions that cut down paper-based admin in virtually any business process.
African countries must implement strong legislation to foster the growth of factoring in order to enhance access of the continent's small and medium-sized enterprises (SMEs) to much-needed finance, participants at a sensitization seminar discussing Afreximbank's Model Law on Factoring in Nairobi Kenya heard.
A finance and banking team from pan-African law firm Bowmans represented and advised long standing client Standard Bank and Stanbic Bank Botswana Limited in connection with a senior secured $30 million multi-currency term, revolving and overdraft financing made available to Wilderness Holdings Limited and a number of its subsidiaries in various jurisdiction
MicroSave and The MasterCard Foundation collaborate to Advance Digital Finance Services in Francophone Africa
MicroSave, in partnership with The MasterCard Foundation, today launched a new program to develop tailored training courses in digital financial services (DFS) in francophone markets of Africa.