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Browsing: Banking
- Faulu Bank, a microfinance firm in Kenya, unveils a digital platform for real time cash transfer between banks and their clients.
- It complements its recent innovations such as the Faulu DigiCash App, and the tap-and-pay digital cards.
- The bank has so far invested over $1.42 million in digitizing services.
Kenya’s Faulu Bank has unveiled a new banking solution offering large enterprises and corporations seamless, real-time, and cost-effective transfers between banks and their corporate clients.
The solution is one of the digital offerings Faulu Bank is rolling out this year as it turns into a digital-first lender.
Faulu Bank’s DigiCash App
It complements its recent innovations such as the Faulu DigiCash App, and the tap-and-pay digital cards that allow users to transact on the go.
With the introduction of the Host-to-Host solution, Faulu Bank has so far invested over $1.42 million in digitizing services.
Speaking during the official launch of the …
- New standard to guide how Payment Service Providers and institutions regulated by the CBK issue quick response (QR) codes.
- Merchants will be able to receive payments from multiple channels such as banks or mobile wallets.
- CBK says long-term use of standardized QR codes will facilitate the launch of innovative products.
Consumers in Kenya can now make digital payments in an easy, fast, and convenient way through quick response codes. This week, the Central Bank issued the Kenya Quick Response Code Standard 2023, also shortened as KE-QR Code Standard 2023.
The service seeks to boost digital payments, which are offered by multiple financial institutions in the country. Normally, many companies use in-house payments solutions meaning customers can only use vendor-specific channels. Kenya’s financial industry regulator now wants to eliminate that friction through deployment of the new standard.
The regulator said the standard will guide how Payment Service Providers and institutions …
As his banking operation grew Vingirai became the target of what has been called deliberate skullduggery against successful businesspeople in Zimbabwe. In 2004 after the banking crisis that claimed the scalps of most of the indigenous banks in Zimbabwe Nicholas Vingirai had to leave the country and spent seven years in self-imposed exile after he was charged with contravening the country’s exchange control laws.
He was absolved in 2011 of the charges of externalization of foreign currency however, the government had expropriated his firm Intermarket Holdings in 2006. Since that time Vingirai has been on a crusade to recover his assets which are now in the centre of the dispute. ZB Financial Holdings comprises of assets that belong to Transnational Holdings Limited. For the assets that were annexed from Vingirai, the government duly transferred 22.7% of the shares in ZB Financial Holdings to the veteran banker.
More shares are due …
- Banking industry in South Africa staged a strong come back in 2021 in report by PWC.
- Banks enjoyed supportive credit conditions in the economy of South Africa.
- Banking industry is widely seen as a proxy of the general economy in South Africa
- South African economy has returned to pre-pandemic levels as evidenced by the financial performance of banks according to PWC
The banking industry in South Africa is in for good times according to a report by PWC. The banking industry sector analysis and report by the global management consulting firm published in March 2022 reports that the major South African banks delivered strong financial performance against what PWC described as “supportive conditions”.
The banking industry had combined headline earnings of ZAR 86.8 billion which represented a 99% increase from 2020 financial year levels. Banks had a combined return on equity (ROE) of 15.9% compared to 8.3% achieved in 2020, …
The president announced in a May 7 televised speech that banks had been banned from lending in a bid to stem the precipitous decline of the local currency inter alia increasing capital holding tax, banning third party transactions on the local bourse, and increasing Intermediated Money Transfer Tax (IMTT).
The move came as the local currency had been depreciated against the United States dollar. This is amid high demand for the greenback which is seen as a store of value.
An executive at an agro-processing firm, name with-held, told NewZimbabwe that his company can’t borrow what it needs to pay 500 farmers for the soy and sugar beans. It contracted them to grow, or fund the purchase of inputs such as fertilizer for the next season’s crop.…