National Microfinance Bank (NMB) has been recognised by Euromoney, the global financial markets magazine as one of the best bank locally and internationally for three years in a row. The Dar es Salaam Stock Exchange (DSE) listed bank has won the global prize after registering significant achievements within its operating environments. The NMB counter had
Large banks continued to make impressive profits in this year’s second quarter, with some capitalizing heavily on the shilling fluctuation. However, on the other hand, Barclays Bank and National Bank of Commerce (NBC) registered losses as a result of bad loans. The figures for second quarter for Barclays and NBC show that the two banks
Xoom Corporation, a leading digital money transfer provider, announced the launch of its money transfer service to Hong Kong. This bank deposit service allows immigrants from Hong Kong and other individuals to conveniently send money online to bank accounts in Hong Kong with their U.S. bank accounts, credit cards, or debit cards. “We are thrilled
The Bank of Tanzania (BoT) said that the USA’s Financial Crime Enforcement Network (FinCEN) final ruling will have an effect for the future of FBME Bank. The FinCEN recently ruled that FBME was linked to money laundering and that prohibits the US financial institution from opening or maintaining correspondent accounts or payable on behalf of
Emerging Markets Payments (EMP), the leading electronic payments processing company in Africa and the Middle East, is pleased to announce that it is now working with Premier Bank, its first customer in Somalia. Working together, EMP will deliver debit and prepaid issuing services, as well as ATM aquiring throughout the Premier Bank network. As a
FBME, one of Tanzania’s largest commercial banks, has been cut off from accessing the US financial system on suspicions that the bank has facilitated money laundering, terrorist financing and organised crime. However, in an exclusive interview with the ‘Sunday News’ yesterday, the Treasury Registrar, Mr Lawrence Mafuru, allayed fears that the bank will cease to
CRDB Bank partners with Maxcom Africa to offer banking services to those left out of the financial band using the latter agents. Under the agreement signed in Dar es Salaam, CRDB announced Maxicom Africa as its agency bank super dealer under the FahariHuduma flagship. CRDB’s Managing Director, Dr Charles Kimei, said the move behind the
Ecobank Tanzania launched its annual customer service week, an opportunity for the bank’s senior management to interact with the customers. Ecobank’s Head of Domestic Banking, Mr Joyce Malai, said in Dar es Salaam that “Every decision that the bank makes revolves around customers, they are our biggest asset and therefore it is crucial to ensure
Standard Chartered Bank has partnered with Indosat to launch Straight2Bank Wallet in Indonesia. With the introduction of this new payment channel, Standard Chartered’s corporate clients in Indonesia – such as development organisations, multi-national corporations, non-bank financial institutions and fast-moving consumer goods (FMCG) companies – can now make cashless payments to banked and unbanked beneficiaries via
The Bank of Tanzania (BoT) has waived 80 per cent loan to deposit ratio restriction, a move aimed at enabling banks to extend more credit facilities to their clients. The BoT said the restriction was removed last year and banks allowed to lend without the previous ratio but control their liabilities versus assets. The BoT
