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Browsing: Central Bank of Kenya
Barclays Bank Kenya has successfully changed its name to Absa Bank Kenya marking an end to centuries of the domination of the banking sector by British banks. This follows the acquisition of Barclays Plc operations in Africa in 2017 by Absa Bank of South Africa in restructuring by the London-based lender.
These are some of the changes experienced in several countries across Africa as the Absa brand cements its presence in the continent, a market that was firmly held by Barclays brand for almost a century. Similar changes have happened in Ghana, Botswana, Seychelles and Tanzania.
With these changes, the bank is knocking doors in one of the biggest global lenders, the Multi Investment Guarantee Agency (MIGA) with an aim of creating a broader investment base for individual banks in several African countries.
Different Central Banks in the region require commercial banks to have a minimal investment base to enable …
Three years after the Banking (Amendment) Bill, 2016, became law, it is time now for Kenyans to brace themselves for expensive loans.
The law dictated that commercial lending rates could not be more than four per cent above the Central Bank of Kenya (CBK) benchmark rate.
But now, borrowers are at the mercy of the exploitative banking sector after regaining the freedom to vary lending rates.
MPs desert parliament for law to pass
On Tuesday, November 5, 2019, parliamentarians deserted Kenyans giving President Uhuru Kenyatta a victory in his decision to repeal the interest rates cap.
As is the tradition when important matters affecting Kenyans are being discussed, only 161 MPs were present to vote. It is a constitutional requirement that any law that needs amending has to have at least 233 MPs supporting it for it to pass.
By failing to overturn Kenyatta’s reservations on the Finance Bill, 2019, …
Stanbic Bank has been extensively named in a regional airline’s woes. South Sudan based Air Afrik says it will send home an estimated 200 employees home due to loss of business occasioned by the lenders’ faults.
The carrier hit major turbulence following the loss of a $20 million plane-leasing contract with the government of South Sudan.
Since the loss of the contract and court case against Stanbic Bank the company has been reviewing its process; fitting people into the right jobs and in the process, some roles have become redundant.
“We understand this is a challenging time for our team, but these steps were necessitated following Stanbic Bank’s negligent errors, oversight and unlawful actions,” the company said in a statement
The court case stems from a banking transaction gone awry. According to an official letter to the Central Bank of Kenya, the South African-owned bank admits to having regrettably made …
Credit Bank, a middle tier bank in Kenya is eagerly awaiting the Central Bank of Kenya approval to initiate a Ksh 1 Billion transaction signed last month.
The bank has made an expression of intent in capturing the Small and Medium Entreprises (SMEs) segment by partnering with Netherlands based social impact investor Oikocredit by signing the Ksh. 1bn equity investment.
The investment, which is subject to regulatory approvals, will see Oikocredit take a minority stake in Credit Bank. As an investor, Oikocredit will work with Credit Bank to mainstream social impact and impact measurement into Credit Bank’s lending activities.
Speaking at the signing ceremony held last month in Nairobi, Moses Mwendwa, Credit Bank’s Acting Chairman, said: “We welcome Oikocredit as a shareholder with extensive international investing experience and an emphasis on social impact. We look forward to a mutually beneficial relationship.
“Credit Bank’s shareholders approved a rights issue at its
The Kenya Shilling showed the first sign of loosing ground against major currencies since the Central Bank of Kenya introduced new notes and decided to recall the Ksh 1, 000 note in order to curb illicit flow.
Commercial banks have quoted the Shilling trading against the US dollar at Ksh 101.95/102.15 per dollar, compared with 101.80/102.00 at last week’s close. This weakening despite being marginal is the highest rate the currency has traded this year.
At the beginning of June, Central Bank of Kenya announced measures to introduce new currencies meeting a long overdue constitutional requirement to introduce new faces of the currency. In doing so, the CBK governor also announced that the Ksh 1,000 note in circulation was to be recalled and removed from the list of legal tender in Kenya due to illicit use in the country and the region.
Holders of the old 1000 note are …
Digital payments in Kenya have been ruled by Safaricom through its revolutionary MPesa services. This is despite there being other local players like Airtel Money and Telkom’s T-Kash competing for the local share of mobile money transfer.
Safaricom has gone global targeting international remittances and linking with global players like Western Union and Pay Pal to make trans-border transfers.
However, during the just concluded East Africa EuroMoney Conference locally hosted by Central Bank of Kenya, the CBK governor Dr Patrick Njoroge noted that these innovations though first tested and embraced in Kenya, must not sleep on their laurels.
Dr Njoroge noted that Kenya was able to enjoy the innovation and domesticate the technology, which has drawn the admiration of global players and replicated world over.
However, it is the entry of global players like WhatsApp, WeChat, Alipay and Apple Cash which have made it easier to transfer money, purchase items …