The money transfer and remittance services industry is a big deal and it’s something we understand here in Africa because of the huge monetary inflows from the diaspora. At an annual figure of $64 billion for recorded inflows (this excludes well established informal channels) this industry has attracted a lot of investor attention. On the
CRDB Bank is planning to have its international operations contribute between 3-5 per cent of the net income as one of the bank’s target position by the year 2017. The bank’s profit for the year under review jumped to 84.4bn/- compared to 80.5bn/- registered in the previous year despite the increment of expenses due to
Exim Bank Tanzania Limited has embarked on implementing its Vision 2016 that seeks to double its balance sheet and increase market share in deposits by 2016. Being the sixth largest bank in the country in terms of total deposits and assets, Exim Bank has set its eyes on an ambitious target for the year 2016.
Regional financial services provider Equity Bank Group has returned to its traditional growth path by recording a 21% growth in its first quarter performance amidst a challenging operating environment. Emerging from a depressed operating economic environment as well as challenges posed by the recent political skirmishes in South Sudan, Equity Bank pre-tax profits for the
The Central Bank of Kenya conducts a survey on remittance inflows every month through the formal channels that include commercial banks and other authorized international remittances service providers in Kenya. In February 2014, remittances to Kenya increased by 8 percent from USD 102.4 million in February 2013 to USD 110.42 million. The 12 month cumulative
MasterCard has partnered the Grameen Foundation on AppLab Money, an initiative designed to create mobile financial services products for the unbanked and underbanked in Kenya. The collaboration is aimed at enabling low income communities in Kenya to access innovative financial products, with AppLab Money aiming to take appropriate mobile financial services to communities most in
The National Bank of Commerce (NBC) has announced a gross profit of 14.3bn/- from its operations in the 2013 financial year, up from 3.9bn/- recorded in 2012. The profit posted represents an increase of 10.4bn/- compared to the 2012 results, representing a rise of a whooping 267 per cent. NBC said its net interest margin
The Tanzania Postal Bank (TPB) has posted robust growth of about 18 per cent in the year ended 2013, with its net profit jumping to 4.73bn/-, up from 4.07bn/- registered in the previous period. The bank has recorded high profit for the year despite making heavy investments in improving its branches, TPB POPOTE, establishment of
Physical wallets across the world will disappear and be replaced with mobile solutions by 2019, according to Ondieki Obare, chief executive officer (CEO) of Kenyan mobile money and loyalty card startup Wallenje. Wallenje is working on moving the contents of a physical wallet – cash as well as loyalty cards – to mobile through the
Econet Wireless has pronounced a firm refusal to back down on it’s demand on banks to pay a tariff of 30 cents to gain access to its transaction messaging system. This is according to a report in The Herald that quotes Econet Chief Executive Douglas Mboweni reaffirming this stance. According to the article, Mboweni insists
