02/22/2021
2020 might not be a good time to launch a state bank
In 2019, Parliament passed legislation allowing state businesses to apply for banking licenses.
Regulation,Tax & Compliance
02/19/2021
FOCUS: Corruption, conviction and red flags
The case involved two breaches of the 2008 Money Laundering Order
02/18/2021
Parliament advisory warns over digital loans
These loans typically solve short-term liquidity problems in households and small businesses but are not significant enough to facilitate long-term investments amongst borrowers.
02/17/2021
African Academics join forces to investigate African narratives under new fellowship program
The African fellows, who are based both on the continent and in the diaspora, will conduct research across more than 15 African countries.
02/17/2021
AfDB bans Kenyan company over fraud
The debarment renders the company and its affiliates ineligible to participate in AfDB-financed projects during the three-year period.
02/17/2021
Kenya to raise debt ceiling again as headroom reduces
“The formulation of this strategy has been on a background of public debt stock fast approaching the statutory ceiling of Sh9 trillion set out in the Public Finance Management Act, 2012,” Treasury officials wrote in the debt strategy paper fo
02/17/2021
African Development Bank debars Global Interjapan (Kenya) Limited for 36 months for fraudulent practices
Global Interjapan (Kenya) Limited engaged in fraudulent practices during a tender for the Bank-financed Small Scale Irrigation and Value Addition Project in Kenya
02/17/2021
Challenges in the LIBOR transition phase: ISDA fallback interest rates for transactions linked to bonds or loans
Parties may additionally elect to include certain non-ISDA documents as Protocol Covered Documents
02/16/2021
How credit bureaus are breaking the pot to kill a snake
According to the regulator, Central Bank of Kenya CRBs, “seek to enhance consumer protection for borrowers, expand the sources of information and ensure the sustainability of the credit information sharing as a key tool to bridge the information gap
02/16/2021
KPMG to pay ex-boss Sh379m for illegal sack
Justice Tuiyott knocked out Sh35.5 million on account of profit initially awarded to Mr Ndung’u by the arbitrator. The judge also reduced special damages by Sh661,430 and aggravated damages of Sh2.7 million.
02/14/2021
Debtors as Threat to Financial System
That was why the bank then was a dominant player in the retail segment of the industry.
02/12/2021
African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA), African Guarantee Fund, partner to unlock $1.3 - $2 billion in loans to women entrepreneurs
Financial institutions in Cameroon, Democratic Republic of Congo, Kenya, Rwanda, Tanzania and Uganda are signing on to the program
02/12/2021
Mauritius bank adopts AI to ensure compliance
Financial institutions in Mauritius and around the world are under increased pressure by both national and international compliance regulators to implement extensive due-diligence processes.
02/11/2021
Nigeria justifies war on cryptocurrencies, takes tougher actions
The risks, it said, include loss of investments, money laundering, terrorism financing, illicit fund flows and criminal activities.
02/11/2021
UBA in fresh bid to sell Uchumi land
The lender says Uchumi has been in default of its facility for close to four years, terming it a huge concern to both the bank and its regulators given the negative impact it has on its depositors’ funds.
02/11/2021
The make-or-break issue for Tito Mboweni and South Africa
The group estimates that the South African economy grew by 5.5% in Q4 2020 following the 66% q/q annualized rebound in Q3.
02/11/2021
It is time Treasury cut unnecessary spending
This inability to curb expenditure does not stand Kenya in good stead, especially in the eyes of international financiers to whom the country has turned for support in the past one year.
02/11/2021
Nigerian Court Ends Freeze on Accounts Linked to Protests
The 19 individuals and one company impacted were prominently involved in the largely leaderless demonstrations that began in October and swept through Africa’s most populous nation for several weeks.
02/10/2021
Digital lenders need to embrace CBK regulation
Commercial banks and microfinance institutions can attest to the benefits of legally backed loaning schemes, especially in an environment where borrowers are pressed by hard economic times.
02/10/2021
Financial experts laud CBN’s ban on cryptocurrency
The CBN acts of 2007 stated that the bank is the one in charge of monetary matters in Nigeria.