MasterCard has announced the licensing of Guaranty Trust Bank (GTBank) to issue MasterCard debit, credit and prepaid cards in Kenya. The collaboration is expected to increase the adoption of electronic payments in the country, especially in the retail banking sector. James Wainaina, Vice President and Area Business Head, MasterCard East Africa said: “MasterCard’s vision for
Nairobi county governor Dr Evans Kidero has signed an agreement with online payment platform JamboPay in a move to stamp out corruption in revenue collection in Kenya’s capital. The e-payment platform will be accessible through mobile phones, online, and physical agents. In the agreement signed at City Hall with Danson Muchemi, JamboPay chief executive officer
GSMA Intelligence recently released a case study of Kopo Kopo in Kenya where they set out to provide tools to small and medium businesses to enable them to accept mobile money payments and to take advantage of related value added services that would allow them to grow. Kenya is home to the most advanced mobile
Sybrin has partnered with the Kenya Bankers Association (KBA) and the Central Bank of Kenya (CBK) for paperless IT solutions designed to lead to efficient operations, lower costs, improved compliance and better knowledge management. Speaking during a one-day conference for its customers in Nairobi, Daniel Parreira, sales director of Sybrin Systems Africa, said the paperless
Equity Bank Group in Kenya and VFX Financial PLC in the UK have partnered to launch Equity Direct a real-time, cross border, multicurrency money transfer service from the UK to Kenya. The service will enable individuals and corporates in the UK to send money to any account at Equity Bank in the region. The service
KCB Group has commenced the process of rolling out Islamic Banking solutions in the country as part of its financial inclusion agenda. The innovative products and services will be in consistent with the principles of Islamic Sharia Law. “The bank is in advanced stages to make this a reality and Sharia Compliant Board or Sharia
Kenyan leading mobile money transfer service M-Pesa has marked its seventh anniversary since its launch in March 2007, with Safaricom saying the service has touched the lives of many Kenyans. “M-Pesa has given Kenya something to be proud of, and made a difference in the lives of ordinary people,” said Safaricom chief executive officer (CEO)
Residents of Kenya, Rwanda, Uganda, Burundi and Tanzania will now be able to travel with their respective national currencies in other East African Community (EAC) countries and make digital cross-border cash transactions in real time. The new development comes through the just launched East African Community project on Payment and Settlement Systems Integration Programme (PSSIP)
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
NIC Bank Group Ltd. has reported a Shs 3.4 billion Profit Before Tax for the 9 months ended September 30, 2012 representing an increase of 33% from Shs 2.6 billion registered during the same period last year. Announcing the results, the Group Managing Director, Mr. James Macharia, said: “The financial results demonstrate the resilience of
