Co-op Bank Reduces Base Lending Rate by 2%
The Co-operative Bank of Kenya has reduced its Base Lending Rate, lowering it from 16.5% per annum (p.a.) to 14.5% p.a. The move, which took effect immediately upon the announcement today, is expected to boost access to credit and stimulate economic growth. The Coop Bank revised lending rate will be structured as the Base Lending […]
Why CBK’s New Sh10 Billion Core Capital Requirement May Hurt Bank Customers
The Central Bank of Kenya (CBK) has introduced new regulations that will considerably impact the banking sector, requiring banks to raise their minimum core capital from Sh1 billion to Sh10 billion by 2029. Under these regulations, banks must reach a minimum capital threshold of Sh3 billion by 2025 as an interim target, before ultimately attaining […]
NCBA Launches Sustainable Development Impact Disclosure (SDID) Document – Here’s What It Means
NCBA has officially launched its Sustainable Development Impact Disclosure (SDID) Document, making it the first African bank to adopt and publicly disclose its development impact. This is in line with NCBA’s commitment to fostering sustainable economic growth, environmental conservation, and community empowerment. A Collaborative Effort Towards Sustainability The SDID initiative was developed in collaboration with […]
Bank of Uganda Maintains CBR Rate at 9.75 Percent
The Bank of Uganda (BoU) has opted to maintain the Central Bank Rate (CBR) at 9.75%, citing stable inflation trends and a strengthening economy. Additionally, the rediscount rate and bank rate were also kept unchanged at 12.75% and 13.75%, respectively. This decision was made during the latest meeting of the Monetary Policy Committee (MPC). The […]
Safaricom Ethiopia Launches New International Remittance Service
Safaricom M-PESA, in partnership with Dashen Bank S.C. and CashGo, has officially launched a new international remittance service in Ethiopia, enabling customers to receive funds instantly from overseas. This collaboration aims to provide a seamless, secure, and efficient way for Ethiopians to receive money from abroad directly into their M-PESA mobile wallets. The launch marks […]
CBK Cuts Lending Rate for Fourth Consecutive Time
The Central Bank of Kenya (CBK) has lowered the lending rate by 50 basis points to 10.75 percent from 11.25 percent, a move aimed at stimulating economic activity by making credit more affordable. Additionally, the Cash Reserve Ratio (CRR) was reduced by 100 basis points to 3.25 percent from 4.25 percent. The decision was announced […]
How Banks in Kenya Are Losing Millions to Insider Fraud Schemes
Kenyan banks are grappling with a rising tide of insider fraud, with employees exploiting their positions to siphon millions from financial institutions. Recent cases involving major banks highlight the severity of the crisis, exposing weaknesses in internal controls and the sophisticated tactics used by rogue insiders. I&M and SBM Bank Scandals Uncovered Two Kenyan banks, […]
Bank of Uganda Appoints New Chiefs amid Probe into Missing Funds
The Bank of Uganda (BoU) has named Margaret Kasule as the new Legal Director and appointed Collin Babirukamu as the Executive Director of IT. These changes come amid an ongoing investigation into missing funds, raising concerns about transparency and governance within the central bank. These appointments are expected to play a crucial role in ensuring […]
EABX or NSE: Treasury and CBK Clash Over Preferred Bond Trading Platform
Kenya’s Treasury and the Central Bank of Kenya (CBK) are locked in a dispute over the establishment of the East African Bond Exchange (EABX), a new bond trading platform that received regulatory approval from the Capital Markets Authority (CMA) in February 2023. While the Treasury strongly backs the initiative, the CBK has blocked its launch […]
Why Safaricom Tops as the Most Inclusive Brand in Kenya
Safaricom has been recognized as Kenya’s most inclusive brand by Kantar, a huge milestone that highlights its commitment to Diversity, Equity, and Inclusion (DE&I). This recognition reflects the company’s dedication to integrating inclusivity across all aspects of its operations, from supply chain policies and product development to customer engagement. Consumers, particularly those from marginalized communities, […]