The South African Reserve Bank (SARB) is aware of the assertions made by Africapacity of its intention to buy VBS Mutual Bank (VBS) or part thereof. The authorisation to conduct the business of a bank/mutual bank (banking licence) is not transferable and requires a formal new application for such authority to be submitted to the
The Prudential Authority (PA) has imposed an administrative sanction on Bank of Baroda, South Africa (Bank of Baroda) for non-compliance with certain provisions of the Financial Intelligence Centre Act 38 of 2001, as amended (FIC Act). The FIC Act mandates the PA, in terms of section 45, to supervise and enforce compliance with the provisions
Nigeria’s Access Bank has migrated its entire network of ATMs to CR2’s ATM driving and card switching solution. The project also includes the migration of the lender’s card management system, according to a company press release. As part of the deal, CR2, which is headquartered in Dublin, Ireland, will be responsible for the largest ATM
FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, said it recorded gross earnings of N294.2 billion for the six months ending June 30, 2019 (H1’19). This represents 0.3 percent growth when compared with the N293.3 billion recorded as gross earnings in the corresponding period of 2018 (H1’18). The company disclosed this
Boasting a share of about 40% of South Africa’s commercial, industrial and retail property finance market, Nedbank CIB Property Finance now has its vision firmly focused on the rest of Africa to expand its footprint and, in doing so, achieve the group’s main objective of becoming a transcontinental tour de force. To this end Nedbank
GCB Bank has paid a dividend of GHS16.9 million to the government for the 2018 Fiscal Year. The cheque was presented to Mr Ken Ofori-Atta, Minister of Finance by the Managing Director of GCB Bank, Mr Anselm Ray Sowah at a short ceremony held at the Ministry of Finance on Wednesday 24th of July 2019.
At its latest Rating Committee, Moody’s Investors Service (“Moody’s”) has upgraded the credit rating of MCB Ltd (“MCB” or “the Bank”), with the long-term deposit rating improving from Baa3 to Baa2. According to Moody’s, the rating upgrade reflects improvements in MCB’s profitability and asset quality metrics as well as its strong capital levels. Moreover, the
The payments, banking and financial sectors are currently at the height of change, defined by innovation and development in technology and regulation. Seamless West Africa is a multi-brand event, with 500+ attendees and a world leading strategic conference. The event will welcome market leading industry players from central banks, commercial banks, insurance, e-tailers, telcos, merchants,
PayPal launched Xoom—its international money transfer service—in 32 markets across Europe. People in these markets can now use Xoom to quickly send money, pay bills or top up phones to more than 130 markets internationally. Xoom’s expansion to Europe is a significant milestone and another example of PayPal fulfilling its mission to make the movement
Leading digital money transfer service WorldRemit continues its rapid expansion in Africa, launching new international mobile money services through a partnership with pan-African fintech MFS Africa. This launch brings WorldRemit’s mobile money service to 5 new countries via Airtel in Malawi and Niger, Orange in Madagascar, Vodacom in Mozambique, and MTN in Guinea. WorldRemit’s mobile-first,
