A strategic meeting on banking innovation taking place from 29-30 June at the Kempinski Hotel in Nairobi, Kenya.
[Nigeria] FirstBank Re-elected to the Board of Advisors of PCI SSC: Remains the only African Bank on the Board
First Bank of Nigeria Limited has been re-elected into the Board of Advisors of the Payment Card Industry Security Standards Council (PCI SSC) for the third consecutive time.
Cooperation among Africa’s development financial institutions (DFIs) is crucial for the achievement of the industrialisation of the continent, the African Export-Import Bank has said.
Xpress Money, a global money transfer brand, has seen a 14 per cent increase in remittances from the UAE that culminate onto mobile wallets in Kenya in the last two years.
Total customers can now make cash withdrawals in select Total Service Stations without an Automated Teller Machine (ATM).
Standard Chartered Bank has announced its intent to join Thomson Reuters Org ID regional managed service solution for Know Your Customer (KYC) due diligence in South Africa.
Vice President, Dr. Mahamudu Bawumia, has disclosed that Government is working to meet its November 2017 timeline for the implementation of mobile money interoperability.
Through frequent borrowing from the Central Bank of Nigeria (CBN) by commercial banks, the regulator recorded N3.29 billion as interest income in February 2017.
United Bank for Africa (UBA) has announced the roll out of the Debit MasterCard card in Cameroon in support of financially empowering all citizens.
Leading banks in Nigeria have reported a significant rise in income from fees they charge customers for use of their various electronic banking services.
The International Islamic Trade Finance Corporation (ITFC) has signed two Murabaha agreements between the Republic of Tunisia and the Tunisian Company of the Refining Industries.
Standard Chartered Bank has unveiled Video and Chat Banking service in Kenya following the successful roll-out of the service in Asia. The service allows clients to connect with banking agents via a secure video connection – or through chat or audio channels. Following the launch, the service is now available to more than five million clients across Africa, Asia and the Middle East.
The World Bank has unveiled a $350 million program to support wide-ranging reforms of financial intermediation in Morocco. The operation supports new sources of financing for small and medium enterprises (SMEs) while improving the regulatory oversight of the banking sector.
The Islamic Corporation for the Development of the Private Sector, ICDC, the private sector arm of IDB Group, and Afriland First Bank Guinea have entered into a joint strategic collaboration to establish an Islamic window in Guinea.
The African Export-Import Bank (Afreximbank) will provide financial support to assist Guinea in the implementation of its national development plan and related investment programme, Dr. Benedict Oramah, President of the Bank, has said in Conakry.
FBME Bank has been placed under further sanctions from international courts as part of a long list of problems caused by money laundering.
The Board of Directors of SBM Holdings Ltd (SBM Group) has announced the official takeover of Fidelity Commercial Bank in Kenya through its subsidiary SBM Africa Holdings Ltd.
African Development Bank approves $226.5m loan to boost economic governance and competitiveness in Namibia
The Board of Directors of the African Development Bank has approved a loan of US$ 226.5 million (ZAR 3 billion) to finance the Namibia Economic Governance and Competitiveness Support Program.
Britam Asset Managers has lowered its money market fund investment amount to Ksh 1,000 in a bid to encourage Kenyans to save more. The Britam Money Market Fund will allow investors to invest from as low as Kshs 1,000 with subsequent top ups of Ksh 1,000.
Terrapay, an international payment company has launched an international money transfer service in Tanzania. The company received approval from the Bank of Tanzania (BoT) to send cross-border remittances to mobile wallets in Tanzania.
Ghana, in collaboration with Switzerland, on Friday launched a Remittance Grant Facility (RGF) of $2.6 million to provide financial assistance to companies to develop innovative remittance products and services at a relatively low cost.
The Government of Rwanda and Mastercard have reaffirmed their shared commitment to the development of strong digital platforms to meet the needs of the country's citizens and work towards Rwanda's goal of promoting a cashless society.
African financial institution, United Bank for Africa, has introduced a full-fledged banking platform, tagged UBA Magic Banking and enabled by dialling *919# within Nigeria.
National Microfinance Bank Plc. (“NMB”) has posted a 4 per cent increase in net profit. The bank’s profit after tax (PAT) for the three months ending March 31, 2017 grew to TZS 40.9 billion from TZS 39.3 billion recorded for the same period in 2016.
The Kenyan Government has provided a vote of confidence in the implementation of the Huduma Card in the country, and its role in driving financial inclusion.
In order to try and achieve their shared goal of a Nigeria which offers financial inclusion for all, Paga and the Nigerian Postal Service (NIPOST) recently announced a partnership which is aimed at doing just that.
Islamic Corporation for the Development of the Private Sector and SunTrust Bank Nigeria to establish a new non-interest banking window
The Islamic Corporation for the Development of the Private Sector (ICD), the private arm of Islamic Development Bank Group (IDBG), and Suntrust Bank Nigeria Limited (SBN), signed an agreement to establish a new non-interest banking window in SBN in Nigeria.
TerraPay, a mobile-first international payment network has announced that it has successfully obtained regulatory approval from the Bank of Tanzania to launch International Money transfer services to mobile wallets in Tanzania.
Stakeholders in the mobile money ecosystem have called for a review of the prevailing mobile money regulatory framework, so that the country can achieve the target growth rate in the system.
HFC Bank Ghana, a subsidiary of Republic Financial Holdings Limited, has appointed Mr. Charles William Zwennes as the new Chairman of the bank’s Board. This follows the resignation of Professor Joshua Alabi from the position.
The African Development Bank is pleased to announce the appointment of Mr. Charles O. Boamah as Senior Vice-President of the African Development Bank Group, effective immediately.
The African Export-Import Bank (Afreximbank) has granted a $300-million financing facility to the National Bank of Egypt (NBE) to support Egypt’s industrialisation efforts.
Stanbic Bank has launched a training and mentoring programme for small and medium enterprises (SMEs) in partnership with Strathmore Business School.
Guaranty Trust Bank plc has released its unaudited financial results for the quarter ended March 31, 2017 to the Nigerian and London Stock Exchanges.
Large scale datacentre investment opportunities are increasing in Sub-Saharan Africa as key commercial hubs benefit from the critical combination of high quality international backbone infrastructure (subsea cable) connectivity and mushrooming local demand for data, say investment leaders.
The Central Bank of Nigeria (CBN) has suspended its earlier directive on the implementation of cashless policy. In a circular released on Friday, the apex bank instructed banks to revert to old charges and refund customers who had been debited.
Increased earnings from certain commodity exports have helped Uganda to record a surplus on its balance of payments of $222 million (Shs790b) during the quarter ended February 2017.
The African Export-Import Bank (Afreximbank) has announced the appointment of Samallie Kiyingi as Director of Legal Services.
Africa50, the pan-African infrastructure investment platform capitalized by the African Development Bank, 23 African countries, and two African Central Banks, is pleased to announce the appointment of Carole Wamuyu Wainaina as Chief Operating Officer.
As part of activities to mark its 100th anniversary this year, Nigerian financial institution, Union Bank, has announced a partnership with Co-Creation Hub (CCHub) to launch its Centenary Innovation Challenge.
A seasoned banker and lawyer, Mr Anselm Raymond Sowah, has been appointed by the Board of Directors of GCB Bank Limited (GCB) as Managing Director of the bank.
The African Export-Import Bank (Afreximbank) has selected Nigeria as the preferred country to host the first of its Centres of Excellence for Healthcare Services in Africa.
Economic growth in Sub-Saharan Africa is rebounding in 2017 after registering the worst decline in more than two decades in 2016, according to the new Africa’s Pulse, a bi-annual analysis of the state of African economies conducted by the World Bank.
Access Bank Plc has announced the appointment of Mr. Roosevelt Michael Ogbonna, as Group Deputy Managing Director to replace Mr. Obinna Nwosu who recently resigned his appointment to pursue other personal endeavours.
The African Development Bank Group (AfDB) Director-General for the West African Region, Janvier Litse visited the Republic of Benin from 10 to 12 April 2017 as part of a dialogue mission with the country's authorities.
The Central Bank of Nigeria (CBN) yesterday carried out wholesale interventions in the interbank FOREX market by offering a total sum of $100m to authorized dealers to meet the 7 to 15-day forwards requests of customers.
TPB Bank has posted a profit increase by slightly over 30 per cent to cement its bid to list at Dar es Salaam Stock Exchange (DSE) main market.
When Vodacom introduced the mobile money transfer service, M-Pesa, in 2008 financial inclusion in the country was below 16 per cent.
Ghana’s Leading Telecommunications Giant , MTN Ghana has relinquished power to its cherished mobile money customers to unsubscribe interest on their deposits.
The Kenya Commercial Bank Group is the most attractive bank in Kenya according to a banking sector report from Cytonn Investments.
The World Bank’s Board has approved a $150 million credit to enhance the contribution of the mining sector to the Nigerian economy.
AfDB approves $18.15m to support South Sudan’s membership in the African Trade Insurance Agency and Trade & Development Bank
The African Development Bank Group has approved a US $18.15 million facility to the Government of South Sudan (GRSS), to assist the country with the required resources for its African Trade Insurance and Trade & Development Bank membership application.
Zimbabwe is hoping to enlist cows, goats and sheep in an attempt to revive its credit-starved economy after President Robert Mugabe’s ruling party proposed a law to make livestock eligible for backing bank loans.
AfDB provides $10.61m supplementary loan to rehabilitate and expand electricity distribution networks in Juba, South Sudan
The Board of Directors of the African Development Bank Group (AfDB) approved an African Development Fund (ADF) supplementary loan of US $14.57 million to rehabilitate and expand the distribution networks in Juba, South Sudan.
Nigeria's central bank has increased the limit on banks' foreign currency borrowings to 125 percent of shareholders' fund after some lenders breached its regulatory limit due to the recent fall in the naira, according to a circular seen by Reuters.
A total of 28,667,139 users of deposit money bank (DBM) accounts in the Nigerian banking system now have their Bank Verification Numbers (BVN) issued by the system.
Leading Financial Service Provider, Bank Windhoek, has embraced mobile technology to launch the first mobile fuel payment system in Namibia.
The African Development Bank Group announced today the departure of Dr. Frannie A. Léautier, its Senior Vice-President. Dr. Léautier’s decision to move on was for personal family reasons.
SunTrust Bank Nigeria Limited has released its financial performance for the year ended December 31, 2016 with the results pointing to impressive growth one year after it was licensed to operate as a commercial bank.
Fidelity Bank Plc grossed N152.0bn in earnings for the financial year ended December 31, 2016 and is proposing to pay a dividend of 14kobo per share to shareholders.
South African fintech company, Entersekt has won Best Mobile Security Technology in the 2017 Banker Africa Southern Africa Banking Awards.
Egyptian billionaire businessman and the Chairman of Orascom Telecom, Media and Technology, Naguib Sawiris, has launched a new bank that operates in several European countries.
The shareholders of the pan-African financial institution, the United Bank for Africa applauded the Board, Management and Staff at the 55th Annual General Meeting of the Bank, held in Lagos on Friday April, 7, 2017.
Following the success of the campaign to reward its customers last year, Zenith Bank Plc has returned with another *966# Eazybanking airtime giveaway for the Easter season.
The World Bank’s Vice President for the Africa Region, Mr. Makhtar Diop, will visit Benin from April 6 to 8, 2017. This will be Mr. Diop’s first visit to Benin since his appointment.
United Bank for Africa (UBA), Africa’s Global Bank operating in 19 African countries, has announced the promotion of 3,000 staff members.
Halotel has partnered with NMB to allow five Million Halotel and NMB customers enjoy cash deposit and withdraw services from HaloPesa.
Two million customers have signed up for PesaLink less than two months after the digital bank-to-bank payments platform was launched by the Kenya Bankers Association.
Money transfer firm WorldRemit says that it will set up an office in Kenya this year as it seeks to diversify its business to intra-African remittances.
Sterling Bank has launched a new five-year strategic plan that will enable the bank optimise its potential and generate better returns for stakeholders.
The African Export-Import Bank has successfully signed a JPY11 billion equivalent Samurai Syndicated Term Loan Facility comprising two tranches of JPY4 billion and USD70 million.
The European Investment Bank has signed two new credit lines for East-Africa for a total of approximately $100 million to be made available through Equity Bank and HFC Limited to support smaller local projects in Kenya, Tanzania, DRC and Uganda.
Intelsat S.A, operator of the world’s first Globalized Network, powered by its leading satellite backbone, announced today that eProcess International SA, an affiliate of pan-African banking conglomerate Ecobank Group, has signed an agreement to use the Intelsat Epic
The International Monetary Fund (IMF) welcomed the Plan for Restructuring and Recapitalization of the Angolan Savings and Credit Bank (BPC), which must be based on solid bases, to contribute to the country's development.
Financial services group Sanlam is set to announce further investment in Zimbabwe’s Masawara Insurance, increasing its stake in the company beyond the 40 percent it holds.
Africa Finance Corporation announces that Dr Sarah Alade, its Chairman, representing the Central Bank of Nigeria, from which she officially retired on 22 March, 2017, has also stepped down from her position as Chairman of the AFC Board of Directors with effect from today.
South Sudan, Africa’s youngest country, has become the latest country to join theAfrican Export-Import Bank (Afreximbank) as a participating state.
Barclays has received a firm offer for one of the African operations it intends to sell.
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.