Commercial banks which take up to five working days to clear cheques are violating central bank rules in which the exercise is supposed to be completed within three days. Bank of Tanzania Governor, Professor Benno Ndulu, has ordered the Director of Banking Supervision, Mr Agapiti Kobello, to conduct an investigation on the complaints. “I have
Vodafone announced Nigeria’s commercial bank United Bank for Africa (UBA) has become the first multinational Nigerian company to join its Global Enterprise which is simplifying the management of global communications for the world’s largest multinational companies. Vodafone in a statement revealed there are presently more than 1,700 enterprises on the Vodafone Global Enterprise which it
Azimo, the digital money transfer service, announced that customers can now send money to the Philippines for instant cash pick-up at over 5,000 locations as new research showed that more and more customers are opting to receive cash over bank transfers. According to The World Bank, The Philippines is the fourth largest recipient of official
The Bankers Association of Zimbabwe, which represents all banking institutions in Zimbabwe, welcomes the introduction of the new Bond coins, which were unveiled by the Reserve Bank of Zimbabwe and will come into circulation on the 18th of December 2014. The Bond coins, which have been issued on a one-to-one equivalence to the United States
The Central Bank of Kenya (CBK) has granted authority to the Mauritius Commercial Bank to open a Representative Office in Kenya. The authority was granted pursuant to Section 43 of the Banking Act. Representative Offices of foreign banks only serve as marketing and liaison offices for their foreign parent banks and affiliates and are not
FirstBank Holding Company, the highly successful bank with 15 branches in the Phoenix area, announced a person-to-person (P2P) payments system as the newest tool in its robust mobile banking application. With this addition, FirstBank becomes the most recent bank to offer P2P payments through the clearXchange network, providing customers with an easy way to send
Boubyan Bank, the fastest growing bank in Kuwait, continues to change the concepts of traditional banking services with the launch of its “Mini Bank” concept for the first time in Kuwait. The Mini Bank, launched in cooperation with NCR Corporation, the global leader in consumer transaction technologies, is powered by NCR Interactive Teller, which enables
Global payment gateway BlueSnap released new Coupon and Bank Transfer APIs that will help merchants increase sales and convert shoppers this holiday season. The Coupon API allows merchants to manage their own coupon library while the Bank Transfer API will allow shoppers to pay for online goods by transferring funds directly from their bank accounts.
Entrepreneurs from Somalia, South Somaliland and South Sudan were in the country for training on banking industry operations. The training provided by the Tanzania Women Bank (TWB) was aimed at helping them to learn about operations of the banking industry so as to be able to establish financial institutions in their countries. Speaking during the
ABC Holdings Limited announces that Doug T. Munatsi, Group CEO, Beki Moyo, Group CFO, and Francis M. Dzanya, Group COO, will be stepping down from their roles at BancABC at the end of the year. This follows Atlas Mara Co-Nvest Ltd’s (“Atlas Mara”) successful completion of its acquisition of BancABC in August 2014. Since the
