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Posts published in “Banking”

IGAD Urges Harmonization of Diaspora Transaction Fees to Boost Inflows

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.

World Bank Halts $1 Billion Funding for Projects in DR Congo

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.

Central Bank of Kenya Launches Standardized QR Code for Digital Payments

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.

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