Browsing: African Banks

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.…

• 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 …

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 …

The top 10 banks in 2020 in Kenya accounted for 77.7 percent of industry assets, 80.7 percent of loans and 78.6 percent of deposits, with the proportions largely unchanged from their 2019 levels.

This is according to a new report by Kenya Bankers Association which reveals that over the same period, the bottom 10 banks accounted for 2.5 percent, 2.2 percent and 2.0 percent of industry assets, loans, and deposits, respectively.

During the period under review, banking sector total assets expanded in 2020 by 12.4 percent, ending the year at Sh5.4 trillion from Sh4.8 trillion in 2019, data from the Kenya Bankers Association has shown.

The 12.4 percent strong growth in assets, compared with 9.4 percent in 2019, was driven by a faster expansion in non-loan assets, mainly investments in government securities, which grew by 18.5 percent, compared to 6.7 percent growth in gross loans and advances.

Bankers: Poor financing …