MTN Mobile Money users, who are also Ecobank customers in 12 African countries, will soon be able to withdraw cash from Ecobank ATMs. They will also be able to transfer money between their Mobile Money and Ecobank accounts. The service was piloted in Ghana last month, and will soon be launched in Benin, Cameroon, Ivory
European investment company Accel Partners has invested US$40 million in WorldRemit, an online money remittance service operating in Ghana and Somalia, providing the service’s first Series A investment. Founded in 2009, WorldRemit has partnerships with Safaricom’s M-Pesa, international banks and mobile operators, providing remittance transaction services to approximately 1.3 million people every year “We expect
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)
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
