RainFin, a South African peer-to-peer lending platform, has announced that Absa Bank have acquired a 49% stake in their business. The investment, cited to be in the tens of millions, will be utilised to support working capital, credit and risk expertise and access to liquidity as well as to grow the business and improve offerings.
Bank of Africa subsidiaries in Kenya, Uganda and Tanzania will from now on use a new credit management system in a bid to curb losses that arise from defaulted loans. Known as CreditQuest, the software is from Swiss-based banking and IT consulting firm SOFGEN and will enable the bank to have a centralised view of
Exim Bank Tanzania has launched a corporate centre in Arusha to cater for its corporate clients needs within the region. Speaking during the launch of the centre, the Exim Bank Tanzania Board Chairman Yogesh Manek said the new corporate branch was another testimony of the commitment of the bank to offer service of highest level
With the approval of the Bank of Ghana, Fidelity Bank has contracted third party retail networks called Fidelity Smart Agents to provide services on its behalf. Fidelity Smart Agents are your local neighborhood convenience shops, pharmacies, supermarkets and utility payment vendors. Commenting on this revolutionary initiative, the Managing Director of Fidelity Bank, Mr. Edward Effah,
Kenya’s Equity Bank of Kenya has applied for a licence to start mobile phone operations, though it is yet to be approved by the Communications Commission of Kenya (CCK). The Daily Nation reports the bank is looking to become a Mobile Virtual Network Operator (MVNO), meaning it would operate using an existing Mobile Network Operator
Ecobank Transnational Incorporated and ProCredit Holding Germany (PCH) have announced that they are in discussions with the view to Ecobank acquiring a majority stake in PCH’s Mozambican subsidiary – Banco ProCredit Mozambique (PCM). Ecobank has formally expressed an interest in purchasing Banco ProCredit in Mozambique by acquiring the shares currently held by ProCredit Holding and
Guaranty Trust Bank Ghana has introduced a function on its Internet banking platform to enable customers to transfer money online to their account(s) or other beneficiaries’ accounts in other banks in the country. The Third Party Transfer service is the first fully-automated online transfer service in Ghana, which allows GTBank customers who are profiled on
The National Microfinance Bank (NMB) in Tanzania said its recently introduced internet banking system is showing positive results in reducing queuing at bank branches. NMB Head of Transactional Banking Mr Gerald Kamugisha, told reporters in Dar es Salaam that the internet system had become a significant in efficient provision of service to the customers. “The
FNB’s cashless branch, dotFNB, is the first bank in South Africa to launch interactive gesture technology in its flagship Canal Walk store. The introduction of this technology into the store front serves as yet another digital touch point for the bank to communicate with both FNB and non-FNB customers. This motion sensor technology recognises the
In Standard & Poor’s recent report, Islamic Finance Could make Inroads Into North Africa, they stated that following the success Islamic Banking has seen over the last decade, it is now set to make increasing headway into North Africa. They noted that Egypt, Tunisia and Morocco have all taken steps towards implementing policies to develop
