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)
CRDB Bank in Tanzania has launched a Visa/MasterCard – enabled prepaid card for the Kilimanjaro Christian Medical Centre (KCMC) to reduce cash transactions at the referral hospital in Moshi, Kilimanjaro Region. The Visa/MasterCard dubbed Tembocard KCMC card launched in Moshi are aimed at streamlining payments made by patients to further optimize revenues for the hospital.
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
MasterCard has announced its expansion into seven new markets across Central and West Africa, increasing its acceptance footprint across the continent and securing a number of strategic agreements. The addition of Chad, Central African Republic, Guinea-Bissau, Liberia, Sierra Leone, Rwanda and The Gambia to the MasterCard network extends the company’s presence to 48 of the
The Tanzania Postal Bank (TPB) net income for the quarter ending December last year increased to 606m/-, up from 579m/- registered in similar period a year before. Cumulatively, the Bank profit increased to 4.23bn/- in the year ended December compared to 4.07bn/- recorded in the previous period. According to the TPB statement of financial position,
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
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
Equity Bank Group’s investments in IT, growth in the number of customers and branch upgrades to cater for the growing SME segment have boosted 2013 profit before tax by 11 percent to Kshs 19.15 billion up from Kshs 17.29 billion the previous year. Cost to income ratio reduced to 48.5% in 2013 and NPLs reduced
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
