African Financial Sector News

Kenya: Central Bank of Kenya Gives Lenders Time to Adopt New Accounting Rule


 | Source: The EastAfrican ; All Africa

Kenyan banks have been spared the aftershocks of new provisions for bad debts that come into effect with the New Year, ensuring riskier small borrowers and households can continue accessing credit.

Ethiopia: Abyssinia Flaunts Fastest Growth in Seven Years


 | Source: Addis Fortune; All Africa

Bank of Abyssinia (BoA) posted the fastest profit growth in seven years owing to the huge improvement in revenues from financial intermediation, making it the third most profitable private bank in the country.

Nigeria: Banks Spend N34.2 Billion On IT, E-Business Infrastructure


 | Source: The Guardian; All Africa

Given the drive to support the Central Bank of Nigeria (CBN) policy on cashless society and leverage on Information Technology, a total of eight deposit money banks have spent N34.2 billion on IT and electronic business infrastructure in nine months ended September 30, 2017, according to Leadership.

Kenyas' Mobile Money Deals Hit $16 Billion in Q3


 | Source: The EastAfrican; All Africa

Kenyans transacted Ksh1.7 trillion ($16,4 billion) over their phones in the quarter through September 2017, a 54.5 per cent increase from a similar period last year as subscribers increasingly used mobile money to pay for goods and services.

Uganda: Centenary Bank Signs Deal With Worldremit


 | Source: The Independent; All Africa

Ugandans living abroad can now send money home to their families and friends through Centenary Bank accounts countrywide following a partnership with the digital money transfer firm, WorldRemit.

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