Legal & Regulatory Environment News

Nigeria: Finance Companies Seek CBN's Support On Cheap Funds


 | Source: Vanguard; All Africa

Finance Houses Association of Nigeria (FHAN) has called on the Central Bank of Nigeria (CBN) to facilitate access to cheap funds for finance companies.

Kenya: CBK Could Soon Abolish 18-Month Old Law On Interest Rates Capping


 | Source: The EastAfrican; All Africa

Kenya's 18-month-old cap on commercial interest rates could be repealed in the next two months as it emerged that it may have cut last year's estimated economic growth rate by 0.4 percentage points, and starved small and medium enterprises of cash.

Rwanda: Central Bank Sets June Deadline for Forex Bureaus to Fix Gaps


 | Source: The New Times; All Africa

Local forex bureau operators have until June to ensure that their operations are within the provisions of the Central Bank or risk being out of business.

Ethiopia: DBE Provides First Ever Loan to Financial Institutions


 | Source: Addis Fortune; All Africa

Development Bank of Ethiopia (DBE), the state policy bank, has for the first time financed a quarter of a billion Birr to four private commercial banks and four microfinance institutions.

Nigeria: CBN Introduces Regulation to Protect Stakeholders On Bills Payments


 | Source: Vanguard; All Africa

The Central Bank of Nigeria (CBN) has introduced guidelines for the regulation of bills payments aimed at protecting stakeholders in the system.

Kenya: Rate Cap, Liquidity Crunch Hit Banks' Revenues


 | Source: The EastAfrican; All Africa

Kenyan banks are struggling to mobilise deposits, which could further dent their profitability amid declining income from loans and advances.

Sudan: 'Liquidity Returning' After Banks Raise Withdrawal Limit


 | Source: All Africa- Radio Dabanga


People in Sudan began to withdraw their deposits and savings again after commercial banks raised the withdrawal limits. Importers protest the policies of the Central Bank of Sudan.According to commercial bank agents in Sudan, liquidity is slowly returning in the country after it collapsed two weeks ago due to restrictions intended to reduce the circulation of money in the country.The measures were taken in a new bid to halt the Sudanese currency's downward slide against the US Dollar....

Nigeria: No Legal Backing for Virtual Currencies, CBN Warns


 | Source: Premium Times - All Africa


The Central Bank of Nigeria (CBN) on Wednesday cautioned Nigerians to be wary of investments in cryptocurrency, stressing that virtual currencies are not legal tender in Nigeria.

A statement issued by the bank on Wednesday, said cryptocurrencies such as bitcoin, ripples, monero, litecoin, dogecoin, onecoin and exchanges such as NairaEx were not licensed or regulated by the CBN.

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography (the art of...

Mozambique: Commercial Banks Can Be Fined for Mistreating Clients


 | Source: All Africa


The governor of the Bank of Mozambique, Rogerio Zandamela, warned on Monday that commercial banks who continue to behave in an extortionate way towards their clients could be fined.His warning arose from the recent increase in the fees for withdrawing money from ATMs. Up until January, the withdrawal fee was seven meticais (about 11.5 US cents), regardless of the sum withdrawn.But in late January the withdrawal fee jumped to 9.5 meticais (an increase of over 35 per cent). Thus every time a...

Tanzania: BOT's New Measures to Boost Lending


 | Source: The Citizen - All Africa

The Bank of Tanzania (BoT) has published new measures intended to improve access to credit.

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