Browsing: NCBA Bank

Barely three months after opening its doors in, NCBA Bank Tanzania Limited has launched two new branches in Mwanza.
The move serves to take their banking and financial services closer to an area that is largely underserved.

Strategically situated on the shores of Lake Victoria, Mwanza City is home to 13 fish processing factories that process about 1,065 tonnes of fish per day, a great investment opportunity for a bank.

“We are all aware that the development of SMEs is the central component of economic growth, especially in the fishing, mining and agricultural sectors as they provide employment opportunities to the people and contributor to the country’s GDP. We hope that the bank’s presence in our region will impose itself as a credible partner that can effectively contribute to this economic and financial resilience in Mwanza,” commented Mwanza Regional Commissioner, John Mongela during the launch.

Newly appointed NCBA Managing Director …

Borrowers in Kenya should now expect interest rates as high as 30 per cent following the repeal of the interest rate cap law.

Parliament failed to raise the required quorum to defend the rate cap law which came into place in September 2016.

There has been a push by bankers, mainly through their lobby group-Kenya Bankers Association (KBA) to have controls on rate cap revised.

READ:Kenyan Banks begin feeling the interest rates cap effects

The law which has been in place for the last four years has controlled lending rates by commercial banks at four percentage points above the Central Bank of Kenya (CBK) Rate.

CBK has retained its benchmark lending rate at 9.0 per cent for the sixth straight time since bringing it down in July 30 2018.

This means banks could not charge loan at rates above 13 per cent, a move that was aimed at sparing …