Browsing: African Banks

Government control in the adoption of CBDCs

Government control in the adoption of CBDCs in Africa

Business

Regionalising the power balance between central and commercial banks can address the risks associated with the adoption of CBDCs in Africa. Commercial bank digital wallets can thus reduce the costs underlying the correspondent banking channels. These wallets can also promote cross-border trade in Africa by restricting the focus of central banks to the B2B and interbank payment ecosystems. Central banks have traditionally managed this well while incorporating these systems across borders. In such a scenario, each actor—public and private—does what it does best.

Financial Services Firms negligent with clients risk reputational damage

Case against Visa warning to financial services firms over negligence

Tech & Business

Visa, for its part, has lodged an application seeking to dismiss the charges. In its defence, the payments platform company said that the people who posted the victims’ underage images and those who distributed and earned money from the material caused the alleged harm and not Visa, the Washington Post reports.

The company went on to argue that it had nothing to do with the operations of the websites run by Mind Geek which include adult entertainment websites where child sexual abuse videos have been featured. Since the news of child sexual abuse broke and the landmark ruling delivered by the California court, Visa has been at pains to distance itself from the lawsuit of which it is now a defendant. The company made a statement to the Washington Post where it condemned sex trafficking, exploitation, and child sexual abuse materials as “repugnant” to its values and purpose as a company.

The statement reads: “This pretrial ruling is disappointing and mischaracterizes Visa’s role and its policies and practices… Visa will not tolerate the use of our network for illegal activity. We continue to believe that Visa is an improper defendant in this case.” The application filed with the California court to be dismissed from the lawsuit on the grounds that Visa was an improper defendant was dismissed by Judge Carney. It is now alleged that Visa helped users on the internet to make money from illegal images.