Bank of Uganda Closes Mercantile Credit Bank
The Bank of Uganda (BOU) has placed Mercantile Credit Bank Limited under liquidation, revoked its license and ordered for winding up of its operations after over 30 years of operation. [...]
Ethiopia Opens Banking Sector to Foreign Investment
The Council of Ministers in Ethiopia has approved two draft proclamations as an integral part of the National Bank of Ethiopia's (NBE) economic reform agenda. “These legislations represent a significant [...]Safaricom and Pezesha Introduce Mkopo Wa Pochi' to Lend Small Businesses
More than 600,000 users of the Pochi La Biashara' payment service can now borrow small loans with a one-time access fee of 2.76% on the principal amount, courtesy of a [...]Kenya to Raise Capital Threshold for Banks to KSh 10 Billion
Treasury Cabinet Secretary, Prof Njuguna Ndung’u has presented a plan to raise the minimum core capital requirement for banks from the KSh 1 billion to KSh 10 billion. “This is [...]Stakeholders Launch ‘Chora Plan’ Campaign to Boost Financial Literacy
The Kenya Bankers Association (KBA), in partnership with the Central Bank of Kenya (CBK) and other stakeholders, this week launched the Chora Plan' (Plan Your Money) financial literacy campaign aimed [...]
Nigeria's Access Bank Acquires Majority Stake in Tanzanian Bank
Access Bank PLC will consolidate its entry into the East African market after acquiring the African Banking Corporation of Tanzania (ABCT) bank, a subsidiary of Atlas Mara Ltd. This strategic [...]European Investment Bank's Partnership with Kenyan Banks Boosts Private Sector
The partnership between the European Investment Bank (EIB)- the European Union’s investment and lending arm and local banks in Kenya has been lauded by beneficiaries in the private sector [...]Cyber Risks Threaten Innovation in Kenya’s Banking Space
Kenya’s banking industry classifies cyber threats as the key risk slowing investment in innovation, even as most of their clients prefer services served through digital platforms. 96 percent of the [...]Rwanda's Central Bank Reveals Plans for Digital Currency by 2026
The National Bank of Rwanda (NBR) will join the list of other countries globally that have introduced digital currencies as alternatives to physical cash. The CBDC would be a digital [...]Bankers Fault Finance Bill 2024, Call for Consistency in Tax Policy
The Kenya Bankers Association (KBA) has faulted the new proposed tax measures in the Finance Bill 2024, arguing that it will raise the total tax on financial services, with far [...]StanChart Joins Digital Credit Fray with SC Juza Mobile Loan App
Standard Chartered Kenya has rolled out a new mobile loan app called SC Juza where Kenyans can borrow short-term loans repayable within 60 days, with its CEO calling it the [...]Bank of Uganda Maintains Benchmark Rate at 10.25%
The Bank of Uganda’s Monetary Policy Committee (MPC) maintained the Central Bank Rate (CBR) at 10.25% at its June meeting. The monetary authority said that considering upside risks to inflation, [...]
