The Central Bank of Nigeria (CBN) has announced banks have until November 30 to meet specified payment card security specifications, as the bank looks to combat card fraud in Nigeria’s financial system. The move will safeguard personal and account information conveyed in processing card payments. In a circular entitled “Circular on timeline for PCIDSS certification
International Banker held its annual awards for acknowledging the top banking institutions across the Middle East and Africa. The Co-operative Bank of Kenya received awards in two categories: Innovation in Retail Banking and Best CEO Africa. The International Banker magazine offers a global view of banking and brings in-depth analysis on the people and innovations
Kenyan president Uhuru Kenyatta has revealed the government will be negotiating with financial institutions to make remittances to the country easier and cheaper, and urged the adoption of technology to bring down costs. Kenyatta told Kenyans living and working in Doha, Qatar the government would look into issues affecting Kenyans working abroad, among them unscrupulous
The money transfer and remittance services industry is a big deal and it’s something we understand here in Africa because of the huge monetary inflows from the diaspora. At an annual figure of $64 billion for recorded inflows (this excludes well established informal channels) this industry has attracted a lot of investor attention. On the
Guaranty Trust Bank plc has announced the launch of its new loyalty scheme exclusively for GTBank credit card holders. The loyalty scheme is in partnership with Avios, the leading global travel rewards company. This initiative is part of GTBank’s overall strategy to bring the best in card products to its customers. It will reward international
Juniper Research has released a new report which projects that the total value of global payments via mobile device will reach $507 billion this year. This will be a rise of nearly 40% year-on-year. The report, titled ‘Mobile Payment Strategies: Remote, Contactless & Money Transfer 2014-2018’ found that growth would mainly be driven by increasing
The chairman of Nigeria’s Committee of e-Banking Industry Heads (CeBIH) Chuks Iku has announced all banks in Nigeria are taking steps to install anti-scheming devices on their ATMs nationwide, in order to protect them against fraud. “For us as an industry, what we agreed to do is that all banks should have anti-scheming device on
CRDB Bank is planning to have its international operations contribute between 3-5 per cent of the net income as one of the bank’s target position by the year 2017. The bank’s profit for the year under review jumped to 84.4bn/- compared to 80.5bn/- registered in the previous year despite the increment of expenses due to
DHL are seeing robust growth from their financial services customers in Africa and while the banking sector continues to play a significant role in economic development for the continent, the sector also fueled DHL’s expansion into Africa in 1978 when global banks needed to get documentation to Africa. This is according to Sumesh Rahavendra of
Exim Bank Tanzania Limited has embarked on implementing its Vision 2016 that seeks to double its balance sheet and increase market share in deposits by 2016. Being the sixth largest bank in the country in terms of total deposits and assets, Exim Bank has set its eyes on an ambitious target for the year 2016.
