Cyprus’s central bank has suspended efforts to find a buyer for branches of a Tanzania-based bank, pending the outcome of legal action seeking to block the sale, it said on Saturday. Cypriot regulators seized control of two branches of the FBME bank in July, after a department of the U.S. Treasury alleged the bank engaged
The Communications Authority of Kenya has cleared Equity Bank to start operations of its mobile phone and cash transfer service before it resolves a petition filed by leading telecommunications provider Safaricom, which is was opposed to the bank using ultra-thin SIM cards. According to the Business Daily, the CAK maintains Equity will only be able
Econet Wireless has predicted that Zimbabweans will stop using “paper money” by the end of next year as people adopt cards to transact. Econet, which is at the forefront of introducing plastic money in the country, has already invested in more than 5 000 point-of-sale (POS) devices in businesses throughout the country to ensure that
The Communications Authority of Kenya (CAK) has ruled in favour of Airtel after the company accused its rival Safaricom of anti-competitive practice, a move coming weeks after Safaricom had decided to open up the network. The CAK has also prohibited the mobile operator from levying extra charges on competitors using its network. This brings to
Econet’s Mobile Money service,EcoCash, has announced a landmark agreement with MasterCard that will significantly assist in reducing cash dependence and increase financial inclusion through the provision of electronic payments in Zimbabwe. The collaboration will result in more than three million MasterCard debit cards being issued to mobile money provider EcoCash’s customers in the next five
The bank’s regional expansion and diversification strategies have been successful and all the subsidiaries contributed positively to the performance. Profit before tax increased to Kshs.10.8 billion up from Ksh. 8.9 billion recorded for the same period last year. Profit after tax also increased by 21% to Kshs.7.6 billion. During the period under review, the Bank
Nairobi residents will no longer have to contend with long queues when paying for services after the county government launched an e-payment platform to ease payments and streamline revenue collection. Among the services targeted are matatu seasonal ticketing, rent collection and market stalls. In his speech during the launch Governor Evans Kidero said the e-payment
Commercial banks in Kenya will begin disclosing to loan applicants the components that make up the total cost of credit as a percentage known as the Annual Percentage Rate (APR). This follows the launch of the “Credit Calculator Online” website and mobile application that were developed by Kenya Bankers Association (KBA) in conjunction with the
UCHUMI Commercial Bank (UCB) Ltd in Kilimanjaro Region has registered a 14.3 per cent profit rise as it targets to raise its capital from 2.5bn/- to 7bn/- by 2017. Speaking at the bank’s annual general meeting during the weekend, Chairman of Board of Directors, Mr Wilson Ndesanjo said that the level of capital will ensure
Leading Kenyan operator Safaricom will not have to cut fees on making M-Pesa transactions across networks after the Competition Authority declined to order a reduction as petitioned by rival Airtel. HumanIPO reported earlier this month the Competition Authority of Kenya was reviewing a case brought by Airtel, with the country’s second operator asking the authority
