Commercial banks in Kenya will begin disclosing to loan applicants the components that make up the total cost of credit as a percentage known as the Annual Percentage Rate (APR). This follows the launch of the “Credit Calculator Online” website and mobile application that were developed by Kenya Bankers Association (KBA) in conjunction with the
UCHUMI Commercial Bank (UCB) Ltd in Kilimanjaro Region has registered a 14.3 per cent profit rise as it targets to raise its capital from 2.5bn/- to 7bn/- by 2017. Speaking at the bank’s annual general meeting during the weekend, Chairman of Board of Directors, Mr Wilson Ndesanjo said that the level of capital will ensure
The management of Lebanese owned FBME Bank has been taken over by Bank of Tanzania (BoT), to secure local clients savings and smooth running of the troubled bank. In a statement issue in the city on Friday, BoT said following management takeover of FBME in Cyprus where it transacts about 90 per cent of its
KCB Bank Group is set to formally roll out Islamic banking services in Kenya next month as it expands its product offering in the East African region. The KCB Group Chief Executive Officer, Mr. Joshua Oigara said the bank has now received the necessary approvals to enable the launch of Islamic banking in all 182
EBI Investment Corporation Kenya Limited, a subsidiary of Ecobank Capital has been granted an investment bank license by the Capital Markets Authority in Kenya. Ecobank Capital (registered as Ecobank Development Corporation) is the investment banking arm of the Ecobank Group, with operating offices currently in Abidjan, Accra, Lagos and Douala, including dealing membership of five
Kenya’s fastest growing micro-lender, Jamii Bora Bank Limited (JBL), and the country’s premier savings bank, Postbank, have launched an agency banking relationship to enable JBL to reach more customers across the country. The relationship will se JBL use Postbank’s 9 branches spread across Kenya to provide banking and financial services to its customers in various
Banks and other financial institutions have been urged to expand delivery of services to ensure people from all walks of life are served well irrespective of their social status and religious beliefs. “More bankers should consider offering services without charging or paying interest to customers ….. such a system leaves out many muslims in the
The FNB Banking App turned three years old this weekend. The Banking App was the first of its kind in South Africa, when smartphones became available to FNB customers in 2011. FNB was also the first to launch the Banking App specifically designed for Tablets in April 2013. “From winning the title of MTN; App
In an ongoing process geared at setting the pace for the full scale rollout of the Equity 3.0 strategy aimed at facilitating a cash lite economy in East Africa, Equity Bank has now confirmed its partnership with some of the world’s leading merchant business and payment processing firms. The Bank, which reported a 58% growth
With EMV’s continued expansion overseas and impending adoption in the U.S., fraudsters are turning away from scamming physical credit and debit cards and instead setting their sights on the card-not-present space online. In an effort to further protect its customers from potential fraud online, South African-based Nedbank has partnered with Entersekt, to integrate the solution
