THE National Bank of Commerce (NBC) announced the appointment of Dr Kassim Hussein, as interim chairman of the bank’s board of directors. Dr Hussein fills the position left vacant by Professor Mussa Assad who was recently appointed Controller and Auditor General (CAG). NBC Interim Managing Director, Mr Pius Tibazarwa, said in a statement that Dr
EXIM Bank Tanzania has introduced Faida EMV Debit Card to replace the existing Magnetic Stripe Card, in a move designed to enhance the bank’s transactions. Faida EMV Debit Card provides enhanced security through an embedded chip that processes the customer’s data with unparallel security and hence making it virtually impossible to copy or tamper with.
Commercial banks which take up to five working days to clear cheques are violating central bank rules in which the exercise is supposed to be completed within three days. Bank of Tanzania Governor, Professor Benno Ndulu, has ordered the Director of Banking Supervision, Mr Agapiti Kobello, to conduct an investigation on the complaints. “I have
The Central Bank of Kenya (CBK) has granted authority to the Mauritius Commercial Bank to open a Representative Office in Kenya. The authority was granted pursuant to Section 43 of the Banking Act. Representative Offices of foreign banks only serve as marketing and liaison offices for their foreign parent banks and affiliates and are not
Safaricom has announced an instant rewards system to incentivize customers who pay for fuel using Lipa Na M-PESA. With over 134,000 motorists having already received free talk time on the Safaricom network for every purchase of fuel worth Sh500 or more, the consumer incentive plan highlights the growing use of M-PESA as a payment channel.
In its efforts to escalate its suite of mobile services, Exim Bank Tanzania has launched an application designed for smart phones. The application is currently available for Android, Windows, Black Berry and IOS Operating Systems. Exim Bank Group Head of Operations, Mr Eugen Massawe, said in a statement that the mobile app offers secure banking
University students can now acquire knowledge on e-commerce and how to open virtual shops and boost their sales thanks to an initiative from a local online shopping platform, Kaymu. According to a statement made available to the ‘Daily News,’ the initiative dubbed ‘Kaym University’ comprises six sessions which cover the basics of Kaymu, account and
Kenya and East Africa are actively transitioning to cashless payments systems. East Africa’s economies are largely cash based informal economies with its associated costs. Challenges in aggregating national transaction data, consumer spending patterns, tax administration – there is really no shortage of incentives. “With no means to track sales, little data is available, and channels
Entrepreneurs from Somalia, South Somaliland and South Sudan were in the country for training on banking industry operations. The training provided by the Tanzania Women Bank (TWB) was aimed at helping them to learn about operations of the banking industry so as to be able to establish financial institutions in their countries. Speaking during the
NCR Corporation continues to deliver consumer transaction technologies and financial services around the world by installing Somalia’s first-ever automated teller machine (ATM) in Mogadishu, the East African country’s capital, with Salaam Somali Bank. “We are excited to bring the first ATM to Mogadishu. The installation serves as a sign of hope for the city as
