Orange Money has hit the 10 million subscriber mark, with the company celebrating the potential of the service as a “growth engine” for Africa and the Middle East. The Orange Money mobile money service is currently available across 12 African markets as well as in Jordan, with the 10 millionth user signing up in Dakar,
The South African Reserve Bank (SARB) conducted AML/CFT (Anti-money laundering and combating the financing of terrorism) inspections at Absa Bank Limited (Absa), FirstRand Bank Limited (FirstRand), Nedbank Limited (Nedbank), and The Standard Bank of South Africa Limited (Standard Bank). In terms of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the SARB is
Pick n Pay announced a 27% increase in their online food delivery business when they released their annual results for the year ending March 2014. According to Pick n Pay they now serve more than 2000 customers per week and have extended the service in the Western Cape, KwaZulu-Natal and the Free State. This shows
FICO, a leading predictive analytics and decision management software company, has announced that First National Bank (FNB), is the first bank in the country to use FICO Fraud Resolution Manager to communicate with customers when a potentially fraudulent transaction takes place. Using the FICO application, FNB can automatically contact a customer through voice calls and
Regional financial services provider Equity Bank Group has returned to its traditional growth path by recording a 21% growth in its first quarter performance amidst a challenging operating environment. Emerging from a depressed operating economic environment as well as challenges posed by the recent political skirmishes in South Sudan, Equity Bank pre-tax profits for the
Nigeria’s leading payment card company Verve International has announced the launch of a programme called Verve Rewards for cardholders that make purchases on more than 100 online merchant platforms with their Verve cards. The reward programme covers both online and in-store purchases in which buyers can earn instant discounts and cashback. “An Instant Discount enables
The Central Bank of Kenya conducts a survey on remittance inflows every month through the formal channels that include commercial banks and other authorized international remittances service providers in Kenya. In February 2014, remittances to Kenya increased by 8 percent from USD 102.4 million in February 2013 to USD 110.42 million. The 12 month cumulative
MasterCard has partnered the Grameen Foundation on AppLab Money, an initiative designed to create mobile financial services products for the unbanked and underbanked in Kenya. The collaboration is aimed at enabling low income communities in Kenya to access innovative financial products, with AppLab Money aiming to take appropriate mobile financial services to communities most in
The South African Reserve Bank has taken a closer look at whether South Africa’s have the right administration controls in place to effectively fight money laundering and combat the financing of terrorism. These controls are laid down in the Financial Intelligence Centre Act, No. 38 of 2001, better known as FICA. While a number of
The Tanzania Postal Bank (TPB) has posted robust growth of about 18 per cent in the year ended 2013, with its net profit jumping to 4.73bn/-, up from 4.07bn/- registered in the previous period. The bank has recorded high profit for the year despite making heavy investments in improving its branches, TPB POPOTE, establishment of
