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
Exim Bank Tanzania has launched a special branch stimulation training for its staff in a move aimed at enhancing efficiency in delivery of services. New members of staff are scheduled to get an average of 56 hours of training, while others would have a minimum of 160 hours of ongoing classroom exposure. Speaking at the
The Central Bank of Kenya (CBK) has reported KSh6.2 billion (US$71 million) is transacted every day via mobile money, up from a daily average of KSh5.2 billion (US$59 million) last year. The Business Daily reports CBK data revealed that KSh543 billion (US$6.2 billion) changed hands in 206 million transactions conducted through mobile phones in the
Telecel has introduced a debit card for Telecash subscribers, the Telecash gold card, which they can use to pay for goods and services at any of the more than 5 000 ZimSwitch points of sale across the country. It is the first mobile phone network to have issued debit cards for its mobile electronic wallet
Rwanda’s banking sector recorded increased profits in the first quarter of 2014, thanks to a cash-hungry economy recovering from the 2013 slump. The sector recorded Rwf700m in total profits during the first three months to hit Rwf8.8 billion (approx. $10m) measured against last year’s Rwf8.1b, Rwanda’s central bank announced two weeks ago. While there was
The Bank of Tanzania (BoT) is considering the use of Short Message Service (SMS) to educate the public on legal tender security features, being part of strategies to prevent fabrication and distribution of counterfeit notes. Commenting on the seriousness of the matter, Senior Clerical Officer from the BoT, Directorate of Banking, Ms Rehema Zongo admitted
KCB Group and Safaricom Limited, two of East Africa’s most successful companies have announced a far-reaching strategic partnership that is expected to reshape how tens of millions of consumers in Kenya access financial and telecommunication services. The partnership is expected to be a game-changer, bringing together the region’s leading mobile operator and bank, who both
