Kenya: Collaboration Is Key to Battling Fraud in Banking Sector

Owing to the technological advancements the Kenya has made, the rise of fraud levels has escalated, leading to diverse initiatives being deployed to combat this recurring menace, says Mr. Lanre Bamisebi, Group CIO at Equity Bank limited. According to Bamisebi, one of the largest drawbacks towards the fourth industrial revolution is fraud. As the industry

Kenya: MPC Retains the 9 Percent Credit Lending Rate in Kenya

The Central Bank (CBK) lending rate of 9% has been retained as announced in a meeting held on September 23, 2019 by the Monetary Policy Committee ((MPC). MPC reported that month-on-month overall inflation remained within the target in July and August 2019 as it fell to 5 percent in August from 6.3 percent in July.

Kenya: MPC Retains the 9 Percent Credit Lending Rate in Kenya

The Central Bank (CBK) lending rate of 9% has been retained as announced in a meeting held on September 23, 2019 by the Monetary Policy Committee ((MPC). MPC reported that month-on-month overall inflation remained within the target in July and August 2019 as it fell to 5 percent in August from 6.3 percent in July.

Uganda: Bank of Uganda Gets IMF Resident Supervisor

Bank of Uganda has said the International Monetary Fund (IMF) has assigned a resident bank supervisor to assist the governor supervise activities in the banking sector. Speaking during a high level stakeholders’ engagement on building the 21st century economy and a resilient financial sector early this week, Mr Emmanuel Tumusiime Mutebile, the Bank of Uganda

Uganda: How Sudhir Outsmarted and Turned Tables On BoU

On Monday, Justice David Wangutusi dismissed a suit by Bank of Uganda against Sudhir Ruparelia for lack of legal basis to sue. What had began as a strong legal case following the Central bank’s closure of Crane bank in 2017 has ended up as a complete mess for the Central bank. DERRICK KIYONGA looks at

Tanzania: AfDB Embraces Kiswahili – allAfrica.com

… resolves to publish all documents in the widespread language AFRICAN Development Bank (AfDB) has resolved to use Kiswahili in all its documents to enable majority people to read and understand the bank operations. “We have decided in the bank that all our documents will now be produced in Kiswahili to give Kiswahili speakers an

Tanzania: Govt Told to Speed Up Plan for Agricultural Insurance

By Mosenda Jacob Dar es Salaam — While various governments across Africa are supporting crop insurance to cushion farmers in times of distress, the situation has been different in Tanzania where the majority of farmers remain exposed to losses resulting from natural disasters. Apparently, the government has paid very little attention to crop insurance, despite

Tanzania: Banks’ Lending Interest Rate Falls to 16pc in February

By Abduel Elinaza in Arusha BANKS credits continue to become more affordable as interest rates maintained a steady decline, thanks to Central Bank measures to improve efficiency in the banking sector. The average commercial banks year-on-year loan interest has gone down by 0.62 per cent to 16.38 per cent recorded at the end of February,

Kenya: CBK Window Boosts Top Banks’ Profits but Tough 2019 Signals

By James Anyanzwa Kenya’s top banks have posted impressive profits for 2018, benefiting from the Central Bank’s one-year earnings “protection” window in the implementation of the International Financial Reporting Standard (IFRS 9) which demands higher provisioning for bad loans. Analysts had predicted that the banks would report nearly flat revenue performance in the face of