The management of Lebanese owned FBME Bank has been taken over by Bank of Tanzania (BoT), to secure local clients savings and smooth running of the troubled bank. In a statement issue in the city on Friday, BoT said following management takeover of FBME in Cyprus where it transacts about 90 per cent of its
KCB Bank Group is set to formally roll out Islamic banking services in Kenya next month as it expands its product offering in the East African region. The KCB Group Chief Executive Officer, Mr. Joshua Oigara said the bank has now received the necessary approvals to enable the launch of Islamic banking in all 182
EBI Investment Corporation Kenya Limited, a subsidiary of Ecobank Capital has been granted an investment bank license by the Capital Markets Authority in Kenya. Ecobank Capital (registered as Ecobank Development Corporation) is the investment banking arm of the Ecobank Group, with operating offices currently in Abidjan, Accra, Lagos and Douala, including dealing membership of five
Kenya’s fastest growing micro-lender, Jamii Bora Bank Limited (JBL), and the country’s premier savings bank, Postbank, have launched an agency banking relationship to enable JBL to reach more customers across the country. The relationship will se JBL use Postbank’s 9 branches spread across Kenya to provide banking and financial services to its customers in various
Banks and other financial institutions have been urged to expand delivery of services to ensure people from all walks of life are served well irrespective of their social status and religious beliefs. “More bankers should consider offering services without charging or paying interest to customers ….. such a system leaves out many muslims in the
The Kenya Bankers Association has launched its “Credit Calculator Online” website and mobile application informing loan applicants of the components that make up the total cost of credit as a percentage – known as the Annual Percentage Rate (APR). Both the site and the app were developed by the KBA in conjunction with the industry’s
In an ongoing process geared at setting the pace for the full scale rollout of the Equity 3.0 strategy aimed at facilitating a cash lite economy in East Africa, Equity Bank has now confirmed its partnership with some of the world’s leading merchant business and payment processing firms. The Bank, which reported a 58% growth
CfC Stanbic Bank in Kenya have opened the first ever digital experience bank branch in the country. The branch in Mombabsa’s Nyali Centre Mall is set to radically alter the way customers take care of their financial needs and conduct their daily banking business. CfC Stanbic Bank’s focus is on enhancing the way Kenyans engage
More than 500,000 Tanzanians have so far subscribed with M-Pawa banking service with deposits 4bn/- within less than three months since it was launched in Dar es Salaam. The service operated jointly by Vodacom Tanzania and the Commercial Bank of Africa (CBA). M-Pawa is mobile phone based bank in the sense that it make it
MTN Rwanda has partnered with Kenya Commercial Bank (KCB), RSwitch and I&M in an effort to allow MTN customers to transfer money between their Mobile Money and KCB accounts and withdraw money from their Mobile Money wallets using I&M ATMs and other RSwitch connected ATMs without the use of a bank card. The new service
