Uganda's Central Bank Hikes Lending Rates to 9%
The Bank of Uganda has raised interest rates for a third time to 9% from 8.5% in June, seeking to curb rising inflation. The increase takes the increase in borrowing [...]
Q1 Private Sector Credit Growth Hits 5 Year High CBK
For the first time since 2017, private sector credit growth recorded double-digit growth in quarter one of this year according to the latest data from the Central Bank of Kenya. [...]TymeBank Announces Plans to Acquire Retail Capital
South Africa-headquartered TymeBank has announced plans to acquire Retail Capital, an SME-focused organisation providing alternatives to traditional business loans in the form of funding and asset finance. Launched in 2011, [...]Banking Sector Tax Contribution Hits a 5-Year High of Ksh 129.52 Billion in 2021
The Kenyan banking sector registered the highest tax contribution in five years, a survey byPrice Waterhouse Coopers(PWC) Limited shows. The survey which was prepared in conjunction with Kenya Bankers Association [...]
KCB Group to Acquire DRC Lender Trust Merchant Bank
KCB Group has signed an agreement to acquire 85% stake in the Democratic Republic of Congo (DRC)-based lender Trust Merchant Bank (TMB). The two lenders said in a joint statement [...]Kenya’s Banking Industry Assets Hit Record Ksh 6.0 Trillion
Kenya's banking industry total assets grew in 2021 by 11.4% to Ksh 6.0 Trillion from Ksh 5.4 trillion in 2020, driven mainly by growth in investments in government securities and [...]Central Bank of Kenya steps up crackdown on Fintech firms Flutterwave and Chipper Cash
Kenya's banking regulator has barred financial institutions from dealing with Fintech firms Flutterwave and Chipper Cash with immediate effect. In a letter sent to all CEOs of regulated financial institutions [...]Central Bank says Flutterwave Not Licensed to Operate in Kenya
Kenya's Central Bank has clarified that Africa-focused payments giant and Africa's highest valued startup Flutterwave is not licensed and should not be operating in Kenya. Flutterwave is not licensed to [...]KCB Bank Raises Interest on its Savings Account to 7.5%
KCB Bank has revised the annual interest rates for its savings accounts in a move that seeks to attract and retain its customers. In the realm of online betting and [...]Equity Bank Partners With NALA to facilitate diaspora remittances into Kenya
Equity Bank Kenya has signed a partnership with NALA Payments Limited, a remittance payment processing platform licensed in the UK and United States, to facilitate diaspora remittances into Kenya. The [...]Equity Bank Signs MoU with EAC for SME Financing
Equity Bank has signed a Memorandum of Understanding (MoU) with the East African Community (EAC) to help fast-track its Africa resilience and recovery plan that largely targets small and medium [...]Exim Bank Acquires First National Bank Tanzania
Exim Bank Tanzania has completed the acquisition of assets and liabilities of First National Bank (FNB) Tanzania Limited as it ups its expansion plan domestically and regionally. The move comes [...]
