Banking and Insurance

News : Banking and Insurance

Africa: Received Wisdom Says the State Should Stay Out of the Resource Sector

[African Arguments] The data suggests otherwise. (AllAfrica)

Liberia: House of Representatives Re-Summons CBL Over Increase of Mutilated Banknotes

[FrontPageAfrica] Monrovia -- The House of Representatives has reconsidered its decision and summoned top management of the Central Bank of Liberia to appear before its full plenary to address the current flow of mutilated banknotes on the Liberian market despite infusing L$4 billion banknotes of newly printed banknotes. (AllAfrica)

Sudan: IMF Board Endorses Staff-Monitored Program for Sudan

[IMF] Washington, DC: The Executive Board of the International Monetary Fund (IMF) endorsed the Staff-Monitored Program (SMP) approved by the Managing Director on September 9, 2020 as meeting the Upper Credit Tranche Conditionality (UCT) standard. [1] (AllAfrica)

Ethiopia: Economic and Political Implications of the Currency Note Change

[Ethiopian Herald] With a bid to curb and control contraband and corruption and desert support for illegal activities and illicit money trafficking, the government has introduced a new currency note to the economy. The government has unveiled a set of new banknotes as a part of its efforts to curb cash hoarding, illegal trade activities, and illicit financial flows in an already struggling economy. (AllAfrica)

Africa: Ethiopia Calls for Digital Financial Services Boost in Africa

[ENA] Addis Ababa -- Ethiopia calls for Africa to promote digital financial services to boost women's economic opportunities. (AllAfrica)

Namibia: Development Bank of Namibia Settles Its First Bond

[New Era] Development Bank of Namibia (DBN) has confirmed the settlement of DBN20, the first bond the bank issued under its N$2.5 billion Medium-Term Note Programme listed on the Namibian Stock Exchange. (AllAfrica)

Angola: Confronting the Covid-19 Pandemic and the Oil Price Shock

[IMF] The COVID-19 pandemic and the shock from the falling price of oil have put severe pressure on Angola since the country's second review under the Extended Fund Facility (EFF) in December 2019. (AllAfrica)

Ghana: Nana Akomea - Paying Depositors of Defunct Financial Institutions Is Prudent Decision

[Ghanaian Times] The New Patriotic Party (NPP) says payment of all depositors of banks, microfinance institutions, and savings and loans institutions, who suffered from the financial sector clean-up was borne out of the government's conviction to attend to the plight of Ghanaians. (AllAfrica)

Madagascar: Cash Transfers Support Madagascar's Poorest and Most Vulnerable Citizens During Covid-19 Restrictions

[World Bank] Antananarivo -- Ralaimoty, 70 years old, has difficulty moving towards the cash box with a piece of wood that he uses as a cane. On this Saturday morning he is at the Alarobia Professional Technical High School near his home in Soavimasoandro, to receive 100,000 ariary (the equivalent of $27) from the government through an unconditional cash transfer program. (AllAfrica)

Uganda: Bank of Uganda Wants Uniform ATM Charges

[Monitor] As part of the work plan that seeks to embrace digital transactions, the Central Bank wants commercial banks to harmonise fees charged at Automated Teller Machines (ATMs). (AllAfrica)

Kenya: Central Bank Loses Grip on the Kenyan Shilling

[Nation] Before taking stock of the performance of demonetisation, Dr Patrick Njoroge stood outside a packed conference room. (AllAfrica)

Nigeria: Ex-CBN Director Lauds CBN On Benchmark Interest Rate Reduction

[Vanguard] Dr Titus Okunrounmu, a former director, Budgetary Department of Central Bank of Nigeria (CBN), has commended the Monetary Policy Committee (MPC) of the Apex Bank for reducing Benchmark Interest Rate (BIR) from 12.5 per cent to 11.5 per cent. (AllAfrica)

Nigeria: Central Bank Cuts Lending Rate to 11.5% Amid Looming Recession

[Premium Times] At the end of its September meeting, the MPC said the majority of its members voted to reduce the monetary policy rate (MPR) by 100 basis points. (AllAfrica)

Ethiopia: Ethiopia's Demonetization - Possible Causes and Effects

[Ethiopian Herald] Governments, particularly in the least developing countries, take a step and demonetize their currencies for several economic and political reasons. Demonetization is an act of denying old banknotes of their legal tender status. Demonetizing process is then followed by introducing new banknotes as a replacement for the old ones. In short, demonetization is a process of wiping out old currency by introducing a new one. (AllAfrica)

Nigeria: Nigerian Banks Still Strong Despite Covid-19 Impact - CBN Governor

[Premium Times] Despite the ravages of the COVID-19 pandemic, the Nigerian banking industry is still resilient and strong to support the country's economy, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has said. (AllAfrica)

Ghana: Insurance for Cocoa Farmers - An Idea Whose Time Has Come

[Ghanaian Times] My father was a cocoa farmer all his life. He helped his father grow cocoa and then, when he became a man, he grew his own. I helped him do that, as a child. (AllAfrica)

Nigeria: CBN Cuts Monetary Rate to 11.5%

[Vanguard] The Central Bank of Nigeria (CBN) has cut the Monetary Policy Rate (MPR) from 12.5 per cent to 11.5 per cent, an indication of a reduction in the cost of funds by 100 basis points. (AllAfrica)

Africa: How 'Dirty Gold' Enables International Money Laundering

[International Consortium of Investigative Journalists] After three years of digging, investigators in the United States had accumulated a mountain of evidence that they believed sealed the case against Kaloti Jewellery Group, one of the largest gold traders and refiners in the world. (AllAfrica)

Mozambique: Bni Credit Line Greatly Over-Subscribed

[AIM] Maputo -- Mozambique's National Investment Bank (BNI) announced on Monday that it has received over 900 proposals for funds from a line of credit launched on 1 July to help companies cope with the impact of the Covid-19 pandemic. (AllAfrica)

Ethiopia: Premier Urges Diaspora Community to Join Hands in Money Laundering Preventive Efforts

[Ethiopian Herald] Prime Minister Abiy Ahmed called on Ethiopians and foreign nationals of Ethiopian origin to work with utmost synergy to meet the objective of the recent banknote change by remitting currency through formal channels. (AllAfrica)

Namibia: Declining Repo Rate Supports Domestic Activity

[New Era] The Bank of Namibia (BoN) and the South African Reserve Bank (SARB) have cut the repo rate several times since both countries announced states of emergency, closed borders and locked down schools and businesses to curb the spread of the coronavirus, bringing domestic interest rates to historic low levels. (AllAfrica)

Ethiopia: Banks Cease Local Money Transfer Services

[Addis Fortune] Without any formal communication and direction, commercial banks have entirely stopped local money transfer services following the ongoing currency demonetisation. A person who wants to transfer money has to open a bank account and transfer the money directly to the recipient's account. (AllAfrica)

Ethiopia: Ethiopia Introduces New Bank Notes in Fight Against Corruption

[East African] As Ethiopians welcome a new year, Prime Minister Abiy Ahmed has announced the release of new birr notes in efforts to fight financial crimes. (AllAfrica)

Ethiopia: Familiarizing the Low-Income Community With Insurance to Reduce Vulnerability

[Ethiopian Herald] Microinsurance is a type of insurance that is used to protect low-income people from disasters. This type of insurance has been neglected in Ethiopia. But now efforts are being made to revive the insurance industry. The National Bank of Ethiopia (NBE) recently held talks with representatives of financial institutions on the new rules for micro-insurance and mortgage lending. (AllAfrica)

Africa: Opening Remarks At the 2020 International Conference On Sustainable Development

[IMF] BY: Center for Sustainable Development, Columbia University (AllAfrica)

Tanzania: BoT Issues Clarification On Money Movement

[Daily News] THE Bank of Tanzania (BoT) said yesterday that bringing in and sending money outside the country is free for any individual, as long as laws and regulations are observed. (AllAfrica)

Zimbabwe: Toxic Risk Disinfected From Banking Sector

[The Herald] The Zimbabwe Asset Management Company (ZAMCO), says it has managed to eliminate potentially hazardous systemic risk from the banking sector after taking over $1,1 billion worth of non-performing loans (NPLs), giving debt ridden firms a new slate to make a fresh start. (AllAfrica)

Nigeria: Jaiz Bank Wins Global Islamic Bank Award

[Daily Trust] Jaiz Bank, Nigeria's premier non-interest bank, has clinched the Most Improved Islamic Bank award for 2020 by the Global Islamic Finance Awards (GIFA). (AllAfrica)

Liberia: Mobile Money Partners With Sendwave for International Remittances From the U.S.

[Observer] - (AllAfrica)

Tanzania: Crdb Plans to Make Tanzania Ever Green

[Daily News] CRDB Bank plans to plant 100,000 trees in the next three months through a new campaign to beautify Tanzania environmentally. (AllAfrica)

Zimbabwe: Inefficient Foreign Exchange Market Costing Country Billions

[Zimbabwe Independent] Since the relaunch of the interbank market in February 2019, Zimbabwe has experienced challenges in attracting foreign currency to the financial sector. (AllAfrica)