Banking

  • Equity Bank (Kenya) Limited (EBKL), has completed the acquisition of certain assets and liabilities of teachers-owned Spire Bank Limited following regulatory approvals. 
  • With completion of the transaction, customers holding deposits in Spire Bank, other than the remaining deposits from Spire Bank’s controlling shareholder, and specified loan customers will now transition to become EBKL customers, having new Equity Bank accounts. 
  • The decision to acquire Spire Bank’s certain assets and liabilities was inspired largely by the banks’ history with teachers who have continued to support the Bank over the years.

Equity Bank Kenya Limited (EBKL) has completed the acquisition of certain assets and liabilities of Kenyan teachers’ owned Spire Bank Limited following receipt of regulatory approvals. 

The bank had to get approvals from the Cabinet Secretary Treasury and Planning under Section 9 (1) of the Banking Act, the Central Bank of Kenya under Section 9, ( 5) of the Banking Act, the

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  • Union Bank of Nigeria Plc has received a $30 million loan facility from the International Finance Corporation (IFC) to help the bank expand lending. 
  • The facility will allow Union Bank to increase trade financing and working capital lending to Nigerian businesses.
  • The loan facility to Union Bank is being made through IFC’s COVID-19 Emergency Response Working Capital Solutions Envelope, which was launched in 2020. 

Union Bank of Nigeria Plc has received a $30 million loan facility from the International Finance Corporation (IFC) to help the bank expand lending to hundreds of businesses operating in critical sectors in the country that  include food, healthcare, manufacturing, and services.

The facility will allow Union Bank to increase trade financing and working capital lending to Nigerian businesses, including those whose cashflows have been strained by recent disruptions in global and local markets.

“As a bank, we are deeply committed to enabling success for

  • South African Banks topped the list of the world’s top 500 most valuable banking brands in Africa according to Brand Finance Banking 2023 report.  
  • South Africa scooped the first top five spots in Africa headlined by First National Bank ranking at number 155 worldwide albeit a drop from 146 the previous year. 
  • Kenya’s Equity bank came in 6th position followed by National Bank of Egypt in 7th position while Nigeria’s Access Bank and Zenith Bank followed at 8th and 9th position respectively as Egypt’s Banque Misr closed the regional to ten list. 

South African Banks topped the list of the world’s top 500 most valuable banking brands in Africa according to Brand Finance Banking 2023 report. 

The report shows South Africa scooped the first top five spots in Africa headlined by First National Bank ranking at number 155 worldwide albeit a drop from 146 the previous year. 

Other banks who

  • KCB Kenya has entered a deal with the Kenya National Chambers of Commerce and Industries (KNCCI) to offer loans to over 50,000 members of the chambers
  • The two entities entered a three-year strategic partnership, opening a credit line for Small and Medium-Sized Enterprises (SMEs) across the country
  • Beyond the credit line, members of the KNCCI will also access non-financial solutions, including advisory, networking opportunities and training

KCB Kenya has entered a deal with the Kenya National Chambers of Commerce and Industries (KNCCI) to accelerate access to loans to over 50,000 members, mostly small and medium-sized enterprises (SMEs).

The two entities entered a three-year strategic partnership, opening a credit line for Small and Medium-Sized Enterprises (SMEs) across the country.

The partnership also involved KCB Foundation, which will offer financial capacity building to KNCCI members across the country.

KCB Chief Commercial Officer Samuel Makome said the partnership would enable the bank to …

Banking in Tanzania is taking a different shape and form as competitive banks such as CRDB Bank begin injecting serious resources to transform banking and businesses.

Banks are now offering a rather creative element of financial services. Agents, ATMs, mobile and internet banking are transforming how people exercise financial services while bringing the gap between the banked and unbanked population.

  • Global Finance has recently awarded CRDB Bank best bank in the country.
  • CRDB Bank is the first bank in Tanzania to be rated by Moody Investor Services.
  • CRDB Bank singlehandedly becomes the first bank in the country to have pulled a successful deal of raising funds from international markets.

From that standpoint, CRDB Bank is working tirelessly to play its part in improving the welfare of small and medium-sized businesses by offering them realistic and creative banking services that lead as an example for other banks in Tanzania.

Banking in

The transaction meant that Spire Bank’s deposit and loan customers would enjoy uninterrupted access to Equity Bank Kenya’s banking services.

After signing the agreement, Spire Bank Board Chairman William Rahedi said that the completion of the transaction would ensure that deposit and loan customers continued enjoying uninterrupted access to banking services through Equity Bank.

Mwalimu National Sacco Chairman Joel Gachari said that once the proposed transaction is completed on November 30, 2022, all Spire Bank depositors will become Equity Bank Kenya’s customers.…

The EasyEquities investment portfolios integrate directly into Discovery Bank’s Vitality Money programme, automatically counting towards the client’s Vitality Money status.

On September 30, 2022, Discovery Bank announced several new products and changes at its annual product update event with financial advisors. However, the CEO Hylton Kallner said that the new features will be made available from October and through the first quarter of 2022 on a phased basis.

According to Business Tech, Discovery Bank clients can use the Discovery Bank app to transact and trade in real-time in these currencies. With the Multicurrency FX Account, clients can also receive international payments and choose to pay in more than 60 currencies, Kallner said.…

Since the programme’s inception in 2020, Ecobank Group has extended US$208 million in loans and received US$337.7 million in deposits.

This financial assistance has created an average of 90,000 to 150,000 employment across Africa, primarily in education, agribusiness, hospitality, retail, and distribution.

The product has also received prestigious honours, including Best New Product Launch of the Year 2021 (the Middle East & Africa Retail Banking Innovation Awards), Impact Award 2021 (Financial Alliance for Women), and Outstanding Crisis Finance Innovation Award 2021. (Global Finance Innovators Awards).…

In the category of banks with the best case study, Standard Chartered Bank of Kenya took first place, followed by Absa Bank in second place and I&M Bank in third place, in the category of banks with the most nuanced case study in bank operations.

Through productivity programmes and the effective use of operational resources and energy like paper, water, and waste management, including electronic waste, the lenders were recognised in this category for their dedication and investment in ensuring the optimised management of both financial resources and natural capital.

KWFT won Promoting gender inclusivity

In a category that evaluated lenders’ efforts in encouraging women to be formally included in the financial services sector, creating opportunities for female employees to take leadership positions, and empowering female entrepreneurs,

KWFT was named the best bank for promoting gender inclusivity in the industry. Position two went to SBM Bank, and position three went …