Abdulhakim Muse Omar The year was 1991, and Somaliaʹs civil war, which has ravaged the country for decades, has left millions of people displaced and…
Posts published in “Banking”
The Inter-Governmental Authority for Development (Igad) has called upon its member countries to align diaspora transaction fees in an effort to increase remittance inflows. During a meeting with central bank governors from Igad member states in Nairobi, Igad executive secretary Workneh Gebeyehu highlighted that despite the region receiving substantial remittances from abroad, transaction rates remain significantly higher than the global average.
The World Bank has made the decision to suspend funding for humanitarian and development projects in the Democratic Republic of Congo (DR Congo), valued at over $1 billion. The suspension comes in response to the sudden dissolution of the project fund by the Congolese government, catching the lender off guard. The move will have a significant impact on more than 600,000 beneficiaries, including victims of sexual violence, according to a letter sent by the World Bank to Congo's finance minister.
In a shocking turn of events, I&M Bank Rwanda suffered a significant loss of $10.3 million (equivalent to Sh1.41 billion) due to fraudulent customer withdrawals in under three months. This revelation has sent shockwaves through the banking industry, triggering urgent investigations in an attempt to recover the staggering amount.
On Wednesday, the Central Bank of Kenya (CBK) announced the release of the Kenya Quick Response (QR) Code Standard 2023, which is a set of guidelines for Payment Service Providers, banks, and other regulated institutions on issuing QR codes for digital payments. The launch was done in collaboration with Safaricom, Equity Bank, ABSA, KCB, Co-operative Bank, Visa, Mastercard, PesaPal, and FSD Kenya.
Ahmed Hundubey, the Executive Director of Currency, Banking Operations: Central Bank of Somalia, outlines the priorities of the CBS. Ahmed Hundubey was born in Central…
Mohamed Sheikh Nor The Central Bank of Somalia’s top priority is to reestablish the nation’s currency, which will enable it to take full control of…
The Central Bank of Somalia (CBS) has taken another progressive step toward transforming the nation's financial sector by enforcing the use of International Bank Account Numbers (IBAN) by commercial lenders.
Kenya's President William Ruto has appointed Susan Koech, a career banker who has also worked in top government posts, to be the second deputy governor of the central bank, his spokesperson said.
Premier Bank, Somalia's largest commercial bank, has acquired a 62.5% stake in First Community Bank, Kenya's Islamic banking lender, for $21.6 million. The deal, which was approved by the Competitions Authority of Kenya last Friday, is expected to strengthen the struggling bank's capital base and improve its financial performance.