banking-and-insurance

News

Nigeria: CBN Directs Banks to Restructure 'Bad Loans'
In a bid to stem the meltdown in the capital market, the Central Bank of Nigeria (CBN) has granted reprieve to banks with large portfolio of margin facilities by approving their request to restructure such facilities for a longer period.
Source : AllAfrica | 06-Oct-2008 16:02

East Africa: $8 Million Grant From the Bill & Melinda Gates Foundation to Fund 14,000 New Community-Managed Savings Groups
An $8 million grant from the Bill & Melinda Gates Foundation is enabling Catholic Relief Services (CRS) and local partners to help rural families in Kenya, Tanzania and Uganda increase their savings and gain access to small loans. Based on CRS? Savings and Internal Lending Communities (SILC) methodology, the three-year project will help form more than 14,000 savings and lending groups comprised of almost 300,000 members, with the ultimate aim of improving participants? incomes and quality of life.
Source : AllAfrica | 06-Oct-2008 16:01

ABC Rights Offer Gets Nod
AFRICAN Banking Corporation Holdings shareholders last week gave the bank the green light to proceed with the US$150 million rights offer.
Source : AllAfrica | 06-Oct-2008 15:30

Nigeria: Afribank Re-Organises for Better Value, Growth
Two years ago, under the present management, Afribank Nigeria Plc embarked on a wholesale transformation programme to retake her pride of place in the financial services industry. The bank initiated and commenced the implementation of a five-year strategic plan crafted to fully maximise its potentials, grow holistically and to offer superior returns to investors.
Source : AllAfrica | 06-Oct-2008 15:29

Bank Customers Lament Poor ATM Services
Again, users of Automated Teller Machines (ATM), across the country, had reasons to complain of poor services, following heavy demands from holidaymakers. Mostly affected were customers who travelled to their country homes and had relied on the ATM to withdraw money during the long holidays.
Source : AllAfrica | 06-Oct-2008 13:13

East Africa: Shock $8.9 Million Loss - EADB Top Managers Purged
A management shake-up is underway at the East African Development Bank after the institution posted a shocking $8.9 million loss for 2007 on the back of three successive years of profitability.
Source : AllAfrica | 06-Oct-2008 13:13

PTA Bank to Shun Venture Capital And SME Financing
The PTA Bank will keep away from venture capital as well as financing of small and medium enterprises, officials said at the bank's 24th board of governors annual general meeting, hosted by Kampala.
Source : AllAfrica | 06-Oct-2008 13:13

Kenya: KCB Launches Teachers' Loans Scheme
A bank has launched a teachers loans scheme in south Nyanza to enable them advance their education.
Source : AllAfrica | 06-Oct-2008 13:02

Africa: Bush Signs $700 Billion Bail-Out for Wall Street
President George W. Bush yesterday signed the controversial $700 billion bail-out bill for Wall Street after it was passed into law by the House of Representatives.
Source : AllAfrica | 06-Oct-2008 12:45

Botswana: BBS Launches Loan Consolidation Scheme
The Botswana Building Society (BBS) has launched a loan consolidation scheme to improve its services to customers.
Source : AllAfrica | 06-Oct-2008 12:28

Kenya: Equity Seeks Staff for Regional Foray
Equity Bank has started recruiting key staff to spearhead its expansion to Southern Sudan, a month after it announced that it had secured the necessary approvals to start operating.
Source : AllAfrica | 06-Oct-2008 11:23

Zimbabwe: Central Bank Suspends RTGS
THE Real Time Gross Settlement payment system has been suspended for almost all transactions from today to stop it from being used by currency speculators and businesses pricing according to the "transfer exchange rate".
Source : AllAfrica | 06-Oct-2008 11:16

Kenya: How the U.S. Credit Crunch Could Come Home to Haunt Us
Q How is the economic downturn likely to affect Kenya and Africa in general?
Source : AllAfrica | 06-Oct-2008 11:13

Nigeria: Napep to Share N113 Million Among 85 Cooperatives
Yobe Savings and Loans Limited and the Gashua Community Bank Limited have received over N113 million from the Yobe State office of the National Agency for Poverty Eradication Programme (NAPEP) for onward distribution to 85 cooperative societies.
Source : AllAfrica | 06-Oct-2008 11:06

Zimbabwe: 'Case Not Urgent'
THE High Court has refused to hear as a matter of urgency an application by four depositors seeking to prohibit the Reserve Bank of Zimbabwe from limiting cash withdrawals after finding that the matter was not, after all, urgent.
Source : AllAfrica | 06-Oct-2008 10:55

Zimbabwe: Economic Crisis Worsens as Reserve Bank Suspends RTGS
Just hours after Zimbabwe's dollar crashed to record lows in the face of the cabinet deadlock, the Reserve Bank announced on Thursday it was suspending the use of Real Time Gross Settlement (RTGS) with immediate effect.
Source : AllAfrica | 06-Oct-2008 10:08

Zambia: Equinox Secures Extra $80 Million for Lumwana Project
EQUINOX Minerals Limited has announced it has secured a new loan facility of about US$80m for completion of its Lumwana project in Solwezi.
Source : AllAfrica | 06-Oct-2008 09:53

Zambia: We Commend Mining Loan
WE commend Equinox Minerals Limited for arranging the US$80 million loan facility for the completion of the Lumwana project in Solwezi.
Source : AllAfrica | 06-Oct-2008 09:53

Africa: Bank of Africa Goes to Mbale
BANK of Africa has launched its ninth branch in Mbale.
Source : AllAfrica | 06-Oct-2008 09:41

Africa: China Could Usher in a New Era of Banking in Africa
THE dramatic events of the past few weeks, starting with one of the world's most powerful investment banks - Lehman Brothers - going to the wall and insurer AIG teetering on the brink, has left a wounded western financial world licking its wounds and looking anew at its model of global finance.
Source : AllAfrica | 06-Oct-2008 09:30

South Africa: Bank Likely to Keep Rates Steady
THE Reserve Bank is expected to hold interest rates steady when its policy meeting ends this week, but is also likely to warn markets not to take anything for granted in the months ahead.
Source : AllAfrica | 06-Oct-2008 09:30

Zimbabwe: Another Banking Crisis on the Way?
THE global financial crisis has left bankers and economists wondering if the local banking industry can withstand a similar shock in the current macro-economic environment, if interest rates are hiked or liquidity conditions tightened.
Source : AllAfrica | 06-Oct-2008 08:45

Zimbabwe: Gono's Complex Mind
RESERVE Bank governor Gideon Gono is reported to have said he is ready to leave office if anyone wants his job.
Source : AllAfrica | 06-Oct-2008 08:45

Zimbabwe: RBZ Suspends RTGS Payment System
THE Reserve Bank yesterday suspended the use of Real Time Gross Settlement (RTGS) system as a form of customer payment until further notice.
Source : AllAfrica | 06-Oct-2008 08:45

Zimbabwe: Erich Bloch - Parastatal Privatisation
WITH an allegedly "unified" government hopefully becoming functional shortly, Zimbabweans and the world at large have an increasingly great expectation of major policy changes to bring about an economic recovery, gravely needed and very long overdue.
Source : AllAfrica | 06-Oct-2008 08:45

Zimbabwe: No End in Sight as Cash Queues Lengthen
THE scene outside banks does not inspire confidence. Depositors have this week been pushing and shoving in dense queues outside banking halls in a bid to withdraw cash.
Source : AllAfrica | 06-Oct-2008 08:45

Zimbabwe: Suspension of RTGS Commendable
The sudden suspension of the RTGS, potentially allowing almost instant transfers between accounts at different banks, will not hurt legitimate business much so long as the banks do not try and take advantage of the change to milk their customers.
Source : AllAfrica | 04-Oct-2008 12:22

Uganda: Electronic Banking Fraud Taking Root
The three Stanbic Bank officials who are suspected of having connived with city businessman Justus Kashoma to defraud the bank of billions of shillings. We all have to watch out for e-fraud
Source : AllAfrica | 04-Oct-2008 10:19

Killer Loans for Cocoa Farmers
A number of small-holder cocoa farmers are being crippled by unsustainable debt arising out of colossal interests (mostly 100%) put on loans they secure from wealthier individuals.
Source : AllAfrica | 03-Oct-2008 15:12

Namibia: Bank Windhoek Rewards Outstanding Performers
On September 24, Bank Windhoek took its staff to the Heroes Acre to bestow them with honours for their contribution to the growth and performance of the bank during the financial year ended June 30, 2008.
Source : AllAfrica | 03-Oct-2008 14:58

Uganda: Centenary Bank to Renovate Branches
Centenary Bank is to embark on renovate all its branches countrywide, a top bank official, has said.
Source : AllAfrica | 03-Oct-2008 10:58

Ghana: UT Financial Services Launches Share Offer in Kumasi
UT FINANCIAL Services Limited (UFSL), Ghana's most dynamic financial institution, has given the general public the opportunity to be rich, by way of investment through shares, with the launching of its initial public offer of 90,293,000 ordinary shares at 30Gp per share, to raise GH¢27,087,900 to expand its operations.
Source : AllAfrica | 03-Oct-2008 10:45

Nigeria: CIBN Says Banks Are Safe
The Chartered Institute of Bankers of Nigeria (CIBN) has assured of Nigerian banks' safety amidst the current global financial crisis.
Source : AllAfrica | 03-Oct-2008 10:22

Nigeria: Promoting Immorality in the Name of Banking!
In times past, banking was regarded and treated as a serious profession. It was, by all ramifications, a decent profession which automatically conferred respect and dignity on those who worked in that sector. It did not matter whether a banker was a male or a female, young or old.
Source : AllAfrica | 03-Oct-2008 10:16

Nigeria: UBA Begins 'U Can' Product Campaign
United Bank for Africa (UBA) Plc, Africa 's global bank, is set to unveil a new marketing and advertising campaign for its array of products and services. The bank said the campaign which is personal, functional and comprehensive, would be deployed in the local media and is designed to drive the bank's unique bouquets of financial solutions for every lifestyle or business need.
Source : AllAfrica | 03-Oct-2008 10:16

Is the Country in Financial Danger?
Hours after the United States Senate approved a $700 billion emergency bailout plan for the crisis-ridden American financial system, some stockbrokers in Lagos said the American financial meltdown portends grave danger for Nigeria's ailing stock market.
Source : AllAfrica | 03-Oct-2008 10:06

Nigeria: Other Finance Houses to Get New Capital Base Bench Mark Soon - CBN
The Central Bank of Nigeria (CBN) is likely to up the present capital base of N20 million required to operate other financial service institutions (OFI) other than a bank, insurance company or pension fund administrator.
Source : AllAfrica | 03-Oct-2008 09:40

South Africa: Tau Wants Xingwana Fired Over Bank Mess
THE Transvaal Agricultural Union (TAU) has called on President Kgalema Motlanthe to sack Agriculture and Land Affairs Minister Lulu Xingwana following this week's revelations of a breakdown of governance at the Land Bank .
Source : AllAfrica | 03-Oct-2008 08:23

South Africa: Median House Price Jump 'Not a Trend Signal Yet'
STANDARD Bank's median house price jumped by a surprising 3,6% year on year in September, following a decline of 1,8% the previous month.
Source : AllAfrica | 03-Oct-2008 08:21

South Africa: M&F Sale on Cards 'By Christmas'
THERE were about 12 bidders in the auction for short-term insurer Mutual & Federal, which could see a buyer paying about R5bn, according to Keith Kennedy, MD of the company.
Source : AllAfrica | 03-Oct-2008 08:07

Zimbabwe: ZimRe Focuses On Regional Operations to Meet Growth Targets
ZIMRE Holdings has said it would use its regional operations in countries such as South Africa and Malawi to achieve growth targets set out for this year.
Source : AllAfrica | 02-Oct-2008 15:50

South African Bank Skirts Country in Continental Push
SOUTH African investment banking and asset management group Rand Merchant Bank (RMB), is likely to pass Zimbabwe on its continental expansion drive, despite the country's "interesting" investment opportunities, an executive revealed.
Source : AllAfrica | 02-Oct-2008 15:49

Bank Windhoek Serves Banking Cuisine at Show
Instead of setting up a conventional bank stall at the Windhoek Show, Bank Windhoek opted to offer an array of mouth-watering cuisines in the form of services.
Source : AllAfrica | 02-Oct-2008 14:58

Rukoro Justifies His Comments
The Chief Executive Officer (CEO) of the First National Bank (FNB) Group of Companies, Vekuii Rukoro, says it is within his mandate as a business leader to comment on political developments, which affect the economy of the country.
Source : AllAfrica | 02-Oct-2008 14:34

Country Clamours for Stock Exchange
Documents made available by the Bank of Sierra Leone said the country was working towards the establishment of a formal Capital Market, an effort that was being spearheaded by the Stock Exchange Technical Committee, SETC.
Source : AllAfrica | 02-Oct-2008 13:12

South Africa: Wesbank Top of Pops
THERE's a new name to add to the Best Company to Work for list. SA's largest vehicle finance house, Wes Bank, was named as the best large company in the Deloitte survey.
Source : AllAfrica | 02-Oct-2008 12:42