Customers are still clinging to automated teller machines (ATMs) despite the entrance of agency, internet and mobile banking, making lenders indecisive on whether to shut or open more. In age of the smartphone, mobile banking has seen a considerable increase in use because account holders who once depended on brickContinue Reading
The government’s move to scrap the amount payable to get the credit reference bureau clearance certificate, an employment prerequisite for fresh university graduates, is welcome. But a lot more needs to be done to meaningfully quash the hustle-rustle that ordinary Kenyan graduates endure when applying for jobs. By reducing theContinue Reading
The value of loans classified as lost, doubtful and substandard increased by 16.5 percent to Sh314.6 billion in 2018 from Sh270 billion a year earlier, highlighting the daily struggle of Kenyans navigating the tough economic times. The value of loans classified as lost rose fastest by 45 percent from Sh42.3Continue Reading
The region’s largest lender KCB Group has sent its digital team to Singapore to boost the development of financial technological (fintech) products that improve services to customers. The lender’s acting digital financial services and mobile banking head Alex Siboe said the mission is to inform future engagements with customers via newlyContinue Reading
Requests by banks for loan repayment reports from credit reference bureaus (CRBs) jumped nearly three-fold to 12.40 million in the race to shield lenders from defaults, especially on short-term mobile phone-based credit. Central Bank of Kenya (CBK) data shows that requests for loan reports from the CRBs rose by 181.1Continue Reading
Money2020, the largest finance trade show in the world, takes place each year in the Venetian Hotel in Las Vegas. At a recent gathering, above the din of slot machines on the casino floor downstairs, cryptocurrency startups pitched their latest coin offerings, while on the main stage, PayPal President andContinue Reading
Startups have spent the past decade trying to reinvent everything from taxis (so far so good) to squeezing juice out of fruit and vegetables (facepalm). Lately, entrepreneurs have been giving consumer debt a digital makeover. Fintech upstarts have turbocharged personal loans, now the fastest growing category of consumer debt, according to Experian. ThisContinue Reading
The banking sector has come out to calm nerves in the financial markets over fears of possible skyrocketing in the price of money. This follows a move by members of parliament to adopt the president’s recommendation in the Finance Bill 2019 to scrap the interest rates cap law, which came into forceContinue Reading
The Capital Markets Authority of Kenya (CMA) and the Australian Securities and Investments Commission (ASIC) have signed a Co-operation Agreement which aims to promote innovation in financial services in their respective markets. The agreement was signed in the margins of the Board meeting of the International Organization of Securities Commissions (IOSCO)Continue Reading
A new report from Juniper Research has found that the use of unique mobile identifier services, which provide identity verification through SIMs, will generate over $7 billion for mobile operators in 2024. This is up from an expected $859 million in 2019; a growth of over 800%. The new research, Digital Identity: TechnologyContinue Reading
