Commercial banks and microfinance deposit taking institutions have been advised to lower interest rates and other bank charges in a bid to allow Small and Medium Enterprises get credit to boost their businesses, Writes Felix Oketcho The State Minister for Cooperatives, Frederick Gume says current interest rates offered by banks
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Equity Bank Group has reported an 18 per cent rise in after-tax profit for the six months to June largely on increased interest earnings and cost management measures. Equity's net profit increased to KSh11 billion (UShs410bn) from KSh9.4 billion (UShs354.2bn) , the country's largest lender by market value said. The
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Kenya’s Director of Criminal Investigations (DCI) George Kinoti has warned banks and mobile service providers over financial fraud, saying cases are mostly perpetrated by their own employees, reports Daily Nation. Speaking in an event held at the Radisson Blu Hotel on Friday, Mr Kinoti urged financial institutions to conduct thorough
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Ecobank, the leading independent pan-African banking group, has announced the finalists for the 2nd edition of the annual Ecobank Fintech Challenge, a competition for Africa-focused technology start-ups. The list includes eleven (11) fintech start-ups from across the continent and beyond. An Innovation Fair & Awards ceremony will honour the start-ups
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Stanbic, Uganda’s leading bank recorded slow growth in the first half of 2018, according to the results released by the financial institution at Serena Hotel on Wednesday morning. The bank’s profit after tax increased by Shs1bn to Shs96bn in June 2018, slightly up from Shs95bn in June 2017. The bank’s
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Absa Group Limited, Barclays Bank of Uganda Limited’s parent company, today reported an increase in earnings and income for the first half of 2018 and underscored its commitment to growth in Africa. Absa Group, previously known as Barclays Africa Group, said headline earnings rose 3% to R8 billion (about US$608
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Stanbic Bank has launched a partnership with the Buganda Land Board (BLB) to provide an affordable financing solution to enable bibanja holders acquire land titles. The solution dubbed Kyapa Loans is aimed at simplifying land title acquisition by bibanja holders whose land has already been surveyed by the Buganda Land
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Uganda’s banking sector has been sluggish since 2011 due to high Non-Performing Loans (NPLs) and bad loans written. High interest rates and a sluggish economy have forced many borrowers to default on their loans, a thing that has seen some banks collapse. National Bank of Commerce, Global Trust Bank and
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Tanzanian authorities Thursday placed a local lender, Bank M Tanzania Plc, under administration after it fell insolvent, putting Kenyan regulators on high alert, reports the Daily Nation. The Bank of Tanzania said in a statement that Bank M, which recently launched operations in Kenya after it bought Oriental Commercial Bank,
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Equity Bank Uganda will play a key role in the final stages of Uganda’s oil and gas sector. Addressing the press at the launch of the bank’s new head office at Church Hose Building located along Kampala road on Friday , Dr. James Mwangi said contractors and suppliers in the
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