Tag Archives: banks

Launched in 2021, PAPSS processes, clears and settles cross-border trade payments on behalf of banks and other service providers ANALYSIS | AGENCIES | The African Export-Import Bank (Afreximbank) is advancing plans to establish a single electronic window for importers and exporters on the continent, signing up dozens of commercial banks to …

  A Nairobi-designed digital wallet service is nipping at the heels of Eswatini’s mainstream banks and telcos, proving that African expansion can be a gainful strategy for Fintech startups. SPECIAL REPORT | BIRD AGENCY | Instacash, a mobile money platform, has begun to break the decades-long hold of traditional banks …

Kampala, Uganda | THE INDEPENDENT |  The banking industry registered some strength towards the end of the financial year 2024, despite the closure of two Tier II lenders in the last half of the year. EFC Uganda Limited was closed in January and Mercantile Credit Bank Uganda in June 2024, …

Maintaining and servicing ATMs in remote or low-traffic areas is becoming less cost-effective for banks ANALYSIS | AGENCIES | Absa, Standard Bank, and FNB have been closing ATMs over the last five years, while Capitec has significantly increased its ATM footprint. Banks in South Africa are closing ATMs due to a …

There’s a dramatic rise in loan fraud, which surged to 46.5% as of June, up from 23.3% in March 2024 Kampala, Uganda | PATRICIA AKANKWATSA | Uganda’s banking sector is confronting a significant increase in fraud incidents, prompting experts to call for more stringent measures to address the escalating threat. Julius …

From green bonds to women in business programs, banks are now betting on a new approach  Kampala, Uganda | IAN KATUSIIME | The seventh annual bankers’ conference, held at the Kampala Serena Hotel, was abuzz with pitches and plans on Environmental Social and Governance (ESG), a new agenda sweeping through businesses …

Six banks adjust growth strategies, as Equity Bank dips into a loss territory Kampala, Uganda | JULIUS BUSINGE | Uganda’s biggest banks recorded bumper profits in 2023 amidst industry turmoil that forced smaller banks to either divest their shares or voluntarily downgrade to credit institutions in response to the regulator’s revised …

Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has refuted claims that its tough regulatory requirements are leading its regulated financial institutions to downgrade to ease the regulatory pressures on them. This comes as the regulator (BoU) notified the public that three commercial banks (Tier I) had been downgraded …

Kampala, Uganda | THE INDENPENDENT | ActionAid International  is urging countries including Uganda to impose taxes on surplus profits earned by fossil and the banking sectors. ActionAid International says a surplus profit technically known as a Windfall profit tax could generate as much as US$382 billion in revenue, an amount that …

Demand for goods and services expected to surge as continent’s middle class spend hits US$2.5 trillion by 2030 COMMENT | MARGARET SOI | The purchasing power of Africa’s middle class is expected to grow significantly in the coming years: the continent’s middle class is expected to spend US$2.1 trillion by …