A bank customer, Future Trading Company Limited, has sued Ecobank Tanzania Limited, demanding over 166m/- in refund and damages for alleged wrongful withdrawal of money from its account, which was subsequently diverted to a South African third party. Through EA Attorneys, the company accuses the bank of making the money transaction through electronic banking without
Safaricom has announced that it has started final preparations for the launch of the second generation of its M-PESA platform as it prepares to perform a full scale system upgrade aimed at improving efficiencies and speed over the next week. Safaricom had first announced plans to replace its M-PESA platform last year, seeking to migrate
Tanzania Ports Authority (TPA) stakeholders want the Dar es Salaam port to operate as a one stop centre and banks serving port clients to operate on 24 hours and seven days a week to boost efficiency. The stakeholders who met in Dar es Salaam recently said their recommendations would help to clear backlog of customers
Bank M, the corporate and investment bank, has continued to shine after posting robust first quarter pre-tax profit increase of 48.4 per cent. The Bank M Deputy Chief Executive officer, Ms Jacqueline Woiso, said at the news conference that the bank generated a pretax profit of 6.13bn/- in the 2015 first quarter compared to 4.13bn/-
Steward Bank has launched the first MasterCard World Rewards Credit and Debit cards, giving cosmopolitan customers access to unique privileges and rewards not seen before in Zimbabwe. This affirms Steward Bank’s position as a leading innovator in the country’s growing financial services sector. The premium card programme was launched at an exclusive golf day at
CRDB Bank has reported impressive financial results after posting 13.4 per cent net profit growth that reached 95.64bn/- for the quarter ended December 31, 2014, up from 84.37bn/- for the similar period a year earlier. The period under review, according to the audited financial statements published on Tuesday, saw other key bank’s variables like assets,
Visa, an international electronic payment company, sponsored the Prepaid Summit Middle East event for the sixth consecutive year in 2015. The event was held in Dubai. Uniting over 150 leading participants, this conference is a regional standard for the electronic payments industry. On this occasion, various awards were presented during a ceremony to regional financial
Efforts to curb increased incidences of Cyber crime within Africa’s financial institutions, Government Agencies and private sector have received a boost with the planned Southern Africa Banking and ICT Summit set for April, 30th , 2015 at Intercontinental Hotel Lusaka Zambia. The one-day meeting, organized by Cyber Security Africa and industry stakeholders, is designed to
Simon Denny has been appointed Head of Investment Banking for Deutsche Bank South Africa. He will be based in Johannesburg and report locally to Peter Wharton-Hood, Chief Country Officer. Simon takes over as Head of Investment Banking succeeding Kevin Latter. Since joining Deutsche Bank in 2008, Simon has advised many South African blue chip corporate
Tanzania have been urged to capitalise on the fast changing technological innovations in the mobile money industry as a way to lift them from poverty. “We should no run away from challenges emerging from the technology revolution in the mobile money industry rather use them as an opportunity for improved livelihoods,” said Mr Mwigulu Nchemba,
