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
Tigo, a subsidiary of Millicom, has announced the launch of a cross-border mobile money remittance service between Tanzania and Rwanda, allowing its subscribers to send money from one country to another via their Tigo mobile money accounts. The system integrates currency conversion, whereby money is sent in either Tanzanian shillings or Rwandan francs and delivered
Kenya’s PesaPal will be expanding to Nigeria, Ghana and Zambia over the next few months, while looking at possible expansion into Francophone and South Africa. The company has recently launched in Malawi and is currently activating in Zimbabwe. “Over the last three years, we have developed a product that was well received in our initial
Centenary Bank has joined the Interswitch East Africa network in Uganda adding yet another innovation in enhancing their customer service. Interswitch East Africa operates a network that links different banks to enable their customers share Automated Teller Machines (ATMs) and Points of Sale (POS) services. With the addition of Centenary Bank, the Interswitch network in
Bharti Airtel, a telecommunications services provider with operations in 20 countries across Asia and Africa has partnered with leading global payments technology company VISA and Chase Bank, an SME bank in Kenya, to provide its Airtel Money subscribers in Kenya with a new Airtel Money Visa card. The Airtel Money VISA card will allow Airtel
The National Microfinance Bank (NMB) in Tanzania said its recently introduced internet banking system is showing positive results in reducing queuing at bank branches. NMB Head of Transactional Banking Mr Gerald Kamugisha, told reporters in Dar es Salaam that the internet system had become a significant in efficient provision of service to the customers. “The
Centenary Bank and UMEME Limited today announced a partnership which will enable subscribers to the bank’s CenteMobile banking platform prepay their power bills instantly using their mobile phones and without any charges levied. Speaking about the partnership, Fabian Kasi, the Centenary Bank Managing Director commended UMEME Limited for complementing the Bank’s strategy of using technology
