Banking

  • 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

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The Central Bank of Kenya (CBK) has retained the base lending rate in the country at 8.75 per cent, citing easing inflationary pressure and positive macroeconomics outlook.

CBK’s decision making orga­­­­­n –­­­­­­­­ Monetary Policy Committee (MPC) met on Monday  against a backdrop of a weak global growth outlook, decline in global commodity prices, easing inflationary pressures, geopolitical tensions, persistent uncertainties, and measures taken by authorities around the world in response to these developments.

This includes the back-to-back fed rate hikes witnessed in the US as the country navigated high inflation which hit a peak last year.

Kenya’s overall inflation decreased to 9.1 per cent in December 2022 from 9.5 per cent in November, mainly due to lower food prices.

Food inflation declined to 13.8 per cent in December from 15.4 per cent in November, largely driven by a decrease in prices of maize and milk products.

This is pegged on …

  • Nigeria’s central bank has awarded the startup a PSSP licence, enabling it to operate as a payment solutions service provider within the country.
  • This serves as a demonstration of the Nigerian central bank’s commitment to supporting fintech startups in the country.

Nigeria’s central bank, the Central Bank of Nigeria (CBN), has recently shown its commitment to supporting fintech startups in the country through its decision to award a Payment Solutions Service Provider (PSSP) license to fintech startup, Fincra.

This comes six months after the bank issued Fincra an approval-in-principle. This licence falls within the relatively new categorization of licences introduced by the apex bank in December 2020, which confers financial institutions the legal right to “engage in payment processing gateway and portals, develop payment solutions or merchant service aggregation and collections services”.

Founded in 2021 by Wole Ayodele, multiple-time founder and co-founder of the crypto exchange platform Quidax, Fincra was …

The University Scholarship Programme will facilitate a smooth transition for the top performers who attain a mean grade of A and A- and the best 2 students living with disabilities each year, from the KCB Foundation High School programme.

“The laptops are part of a deliberate effort by the Foundation to enable the scholars to effectively undertake their schoolwork as well as access their virtual class lessons” said Rosalind.

“We want our Scholars to have an equitable opportunity by continuing to access their class courses and complete their assignments on time. With many of them coming from marginalized communities, access to a laptop for purposes of following the classroom lessons or undertaking assignments was going to be a big challenge,” she added.…

The service is now available to many people, including first-time borrowers, who can reap the benefits of a safe and regulated lending solution.

When the transaction is complete, the funds are transferred immediately into the user’s VodaPay Wallet. It can be used directly for in-app purchases, such as buying pre-paid electricity and water, paying bills, using scan-to-pay technology in stores, and sending money to friends and family members.

Because its fees are lower than those charged by traditional providers of short-term cash advances, this cutting-edge product has the potential to revolutionise the industry.…

Phishing is a strong attack method because it is done on a large scale. It stressed that by sending massive waves of emails under the name of legitimate institutions or promoting fake pages, malicious users increase their chances of success in their hunt for innocent people’s credentials.

The article explained that phishers deploy a variety of tricks to bypass email blocking and lure as many users as possible to their fraudulent sites, adding that a common technique is HTML attachments with partially or fully obfuscated code. It stressed that HTML files allow attackers to use scripts, and obfuscate malicious content to make it harder to detect and send phishing pages as attachments instead of links.

According to a recent Interpol report, about 90 per cent of African businesses are operating without the necessary cybersecurity protocols and, therefore, are exposed to cyberattacks. The report also noted that there were more than …

  • The regulator noted that the two companies were not licensed to operate in Kenya, so they should not provide remittance or payment services to buyers and sellers
  • On July 7, the High Court froze more than US$50 million in 62 bank accounts belonging to Flutterwave and four Kenyans
  • It was suspected that the millions were proceeds of fraud and money laundering
  • Chipper Cash was founded in 2018 by Ham Serunjogi and Maijid Moujaled. Serunjogi is a Ugandan, while Maijid is a Ghanaian
The Central Bank of Kenya (CBK) has warned consumers against engaging with fintech payments Flutterwave and Chipper Cash.
The regulator noted that the two companies were not licensed to operate in Kenya, so they should not provide remittance or payment services to buyers and sellers.
CBK governor Patrick Njoroge said the two companies’ operations remain suspended in Kenya.
“Flutter wave is not licensed to operate remittance provider

As part of its ongoing, I&M Bank intends to broaden its engagement with micro, small, and medium-sized enterprises (MSMEs); therefore, the risk-sharing facility will be used for the MSME portfolio.

More than one-third of Kenya’s gross domestic product is generated by micro, small, and medium-sized enterprises (MSMEs), most of which are held by women and young people. However, many business owners continue to have difficulty gaining access to various forms of financial assistance.

Traditional business customers have been the primary focus of the bank’s attention as of late. Following the plan laid out by the bank, I&M Bank will broaden the availability of financial services to micro, small, and medium-sized enterprises (MSMEs) all over the nation while simultaneously offering digital solutions, such as partnerships with fintech companies, to facilitate a seamless transition.…

  • In recent years, Islamic banking has grown on average two to three times faster than conventional banks.
  • No interest clause and bank-client partnership attracts investors to Islamic banking.
  • AlHuda Centre of Islamic Banking and Economic (CIBE) to hold Islamic banking summit in Tanzania (August)

Over the course of the last decade, Islamic banking has grown on average two to three times faster than conventional banks. Even in the middle of the global financial crisis, assets of Islamic banks grew at an average rate of 17% per year’ reports Ernst and Young (E&Y), in their latest World Islamic Banking Competitiveness report.

Notably, Islamic banks differ from conventional banks because they operate under the principles of Islamic law or sharia. These laws prohibit banks from collecting usury and so Islamic banks do not charge interest on loans.

The Islamic finance market can be divided into Islamic Banking, Islamic Insurance or what