A new bank, China Commercial Bank, has been granted a provisional banking license to operate in the country. According to the Bank of Tanzania , the new bank has no banking affiliation with another bank in China or Tanzania. The BoT Governor, Prof. Beno Ndullu said the CCB has been formed by Chinese and Tanzanian
Barclays Bank Tanzania has launched service guarantee product, an initiative geared to improve customers’ experience at the bank in the country. Speaking at the launch in Dar es Salaam, Barclays Head of Products, Segments and Retail Strategy & Acting Retail Director, Mr Musa Kitoi, said with the service guarantee initiative, the bank commits to provide
Presence of Habib Mohamed D. Habib as board member of London based Habib Bank Limited and Dar es Salaam based Habib African Bank Limited, has no legal problem. Bank of Tanzania Governor, Professor Benno Ndulu said Mr Habib who is board chairman of the local bank and director of the London based bank in which
First launched in Kenya in 2007, m-pesa is now used by more than 18 million people across 13 countries to perform banking and money transfer services via mobile phone. Vodacom introduced m-pesa to South Africa in 2010 and while the initial take up was strong with more than one million people signing up, it hasn’t
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
