East African countries introduced various reforms including liberalization of the financial sector about two decades to sustain their economic growth. The countries namely, Tanzania, Uganda and Rwanda have seen huge gains but are paying a price at the expense of banking ethics and professionalism. Before the liberalisation, central banks in the region were custodian of
Kenyan merchant services company Kopo Kopo is celebrating four years of existence, having managed to register more than 10,000 businesses on the platform. The startup was launched with only a few thousand point of sale terminals and a handful of merchants accepting mobile money in the entire country. In a blog post, the company said
EthSwitch selected BPC Banking Technologies to create a national retail payments infrastructure BPC Banking Technologies, the leading provider of Open System payment solutions, announces that EthSwitch has chosen SmartVista to power its national switching operations in Ethiopia. SmartVista was selected because of its comprehensive functionality, advanced technology and proven track record in helping payment businesses worldwide
Regional banking solutions provider, Equity Bank Group, has engaged global management strategy firm McKinsey to play a business advisory role in the implementation of the Bank’s 3.0 strategy. On hand to close the partnership agreement at Equity Bank headquarters was Dominic Barton, McKinsey & Company Global Managing Director and Equity Bank Group Managing Director Dr
MTN Uganda the leading Mobile Money network has partnered with Centenary Bank Uganda to advance their ATM Cash out footprint by allowing customers to cash out at all Centenary bank ATMs across the country. “At MTN we listen to our customers’ needs and wants and with this background we continuously strive to exploit opportunities that
Standard Chartered Zimbabwe, together with Commerzbank Aktiengesellschaft and Investec Asset Management Proprietary Limited acted as Joint Mandated Lead Arrangers in the recently concluded USD60 million, three year syndicated term loan facility for FBC Bank Limited . The facility carries a comprehensive guarantee from African Export-Import Bank, the regional development bank established to finance and support
Agents of Kenya’s M-Pesa mobile money service received KSh.10.6 billion in total commissions for the year to March 2014, up almost 25 per cent on the previous year, although individual agents earn less as more agents join the network. According to a report by Business Daily, Safaricom spends KSh.40 out of every KSh.100 generated from
Equity Bank Tanzania, has unveiled its latest innovation dubbed EAZZY 24/7, mobile phone banking platform. Eazzy 24/7 allows the Bank’s customers to access banking services using their mobile phone. The service is accessible through Vodacom, Airtel, Tigo, and Zantel. The platform allows customers to carry out various transactions such as Airtime top up, Transfer funds,
Airtel Tanzania and Tigo Tanzania have partnered for a cross-network money transfer service that will make it possible for subscribers from both networks to send and receive money between their mobile money wallets. HumanIPO reported in June three mobile operators in Tanzania Tigo, Airtel and Zantel announced they would launch interoperability for mobile money services,
Bitcoin exchange BitX has launched in Kenya, integrating preferred local financial systems such as M-Pesa and bank transfers to enable efficient international payments. In an interview with HumanIPO, Timothy Stranex of BitX said the company always customizes its service for the local audience when launching in new markets to ensure the service can be used
