Five banks penalized by CBK for misconduct

The Central Bank of Kenya has penalized five banks a total of Sh392 million for violating financial transaction rules in respect to the handling of the National Youth Service scandal that was exposed this year. The Banks include Standard Chartered Bank (StanChart), Equity Group, KCB Group, Co-operative Bank of Kenya Ltd, and Diamond Trust Bank (DTB). The five banks handled a total of Sh3.5 billion from NYS with StanChart handling the largest transaction worth Sh1.6 billion followed by Equity Bank at Sh886 million, while KCB processes Sh639 million. The regulator…

DTB bank reassures its stakeholders all is well

Nasim Devji Group Chief Executive Officer and Managing Director DTB Group has emphasized in a statement that at the moment, no penalty has been imposed by the Central Bank of Kenya. The bank is currently reviewing the report with a view to providing a detailed response to the issues raised by the Central Bank of Kenya within the stipulated period. We wish to reassure our stakeholders as a responsible corporate citizen and a regulated entity, DTB respects and complies with all laws and applicable regulatory guidelines. We also wish to…

Interest cap law calls for innovation from housing developers

By Ian-Henderson Superior-Homes-Kenya Managing Director On the face of it, the recent rates cap legislation is good news for borrowers because reduced interest rates will result in lower repayment instalments for loans. The good news is dependent on loans being granted in the first place and, as banks come to terms with the new laws and begin to figure out their impact on business, there is no doubt about one of the key outcomes – for most of us loans will be harder to secure. The reasons for this are clear.…

Finserve releases mKey keyboard app to enrich lifestyle

The audacious app, mKey, is a case study of adapting technology to customer lifestyle needs. It has redefined how we communicate and transact by fusing social conversations with the best in financial services into a lifestyle defined by ultimate user experience.  Finserve has launched mKey, Africa’s first keyboard app to converge social, and financial services into an integrated lifestyle while rewarding users as they transact. mKey brings a differentiated user experience to the market by blending the best of social conversations with the full breadth of financial services as it…

RBA reaches out to Counties to enhance national wide coverage

  By Amos Njau Retirement Benefits Authority (RBA) has extended services to informal sector to gain national wide coverage, already there are 1,248 registered schemes with 3 million members in the Country. RBA and County governments are working in collaboration to formulate structures that will entice Kenyans to save for their retirements such as tax exemption, tax-free investment income, and tax-free pension at age 65 and above. Speaking in a media Workshop, RBA CEO Mr. Nzomo Mutuku said that the authority is planning to expand coverage through targeted awareness programmes…

OKash introduces facial security protection system to edge out Scammers

By Barbra Onkoba OKash, the microlending app developed by Opay has introduced a facial recognition security system to protect the identity of any OKash borrower from potential third-party fraud. Kenyan mobile financial technology providers face multiple challenges by scammers who use personal information such as a phone or ID number to get a loan using someone else identity. On 16 May 2018, President Uhuru Kenyatta assented to the Computer Misuse and Cybercrimes Bill, 2018. The Act contains some new provisions relating to the blockchain, mobile money, and offenses related to…

KCB announce plans to venture into mobile banking, close branches

KCB Group has announced plans to venture more into mobile and agent banking in the coming future following a reduction in the revenue generated by branches. According to The Groups Chief Executive, Joshua Oigara the group recorded improved performance from mobile and agent banking and will be looking to expand more into personal banking. “Branches continue to contribute less and less of our business, we will invest more in mobile and ensure ATMs remain stable. We will no longer need to have branches when we have these agents since they…

Ecobank Fintech Challenge 2018 finalists

Ecobank, the leading independent pan-African banking group, has announced the finalists for the 2nd edition of the annual Ecobank Fintech Challenge, a competition for Africa-focused technology start-ups. An Innovation Fair & Awards ceremony will honour the start-ups on August 30, 2018 at the global headquarters of Ecobank in Lomé, Togo. The list includes eleven (11) fintech start-ups from across the continent and beyond. At the ceremony, the start-ups will exhibit and pitch their products to a jury for the Ecobank Africa Fintech Prize, which will be awarded the top innovator…

Family Bank to offer Mobile Lending services to Non-customers 

  Family Bank customers, and non-customers to the Bank, will now access instant loans and also set investment goals for periods between 3 to 12 months, earning attractive interest. PesaPap, the very first full-service mobile banking application in the market, offers an incredible user interface, enhanced performance and an impeccable customer experience allowing consumers access to instant loan disbursements and repayments, as well as vanilla banking services such as funds transfer to accounts and mobile money wallets, bill payments, airtime purchase, scheduled payments, PesaLink, amongst others. “With 65 per cent…

Kenyan banks lose $0.86 million to hackers

Kenyan banks are believed to have lost at least $860,000 to hackers in the past one month, which has seen two lenders temporarily terminate their mobile and online banking services. The East African has learnt that one of the banks was last hit month hit as hackers, who attempted to move $1 million from its systems. The bank managed to recover $630,000. It was targeted again last week with a $120,000 hit, of which it has recovered only half. “These monies were moved out via the mobile money and the…