Search Results for: CBK
-
News
CBK Licenses 7 More Digital Credit Providers
The Central Bank of Kenya (CBK) has issued operating licenses to 7 new Digital Credit Providers (DCPs). This now brings…
Read More » -
News
CBK approves LemFi’s Remittance to Kenya in partnership with Flex Money Transfer
LemFi, the cross-border payment solution that enables the diaspora community to send and receive money back home has received additional…
Read More » -
News
CBK to launch DhowCSD, a digital platform for purchase of Treasury Bills and Bonds
Kenyans will from next month be able to buy government securities from a digital platform known as DhowCSD. The system…
Read More » -
News
Kenyan Senate is spearheading talks with CBK to legalize crypto
The Kenyan Senate has taken a proactive step to engage the Central Bank in discussions that could see the country…
Read More » -
News
CBK licenses 12 more digital lenders
The Central Bank of Kenya (CBK) has granted operating licenses to an additional 12 Digital Credit Providers (DCPs), bringing the…
Read More » -
News
Digital lenders claim CBK is delaying issuance of licenses
Digital lenders have raised concerns over delays in obtaining operational licences from the Central Bank of Kenya (CBK). Business Daily…
Read More » -
News
Google directs digital loan apps to obtain CBK license before appearing on Play Store
The new regulations by the Central Bank of Kenya (CBK) requiring proper registration of all digital loan apps has gotten…
Read More » -
News
CBK kick-starts process to remove 4.2 million digital borrowers from CRB
The Central Bank of Kenya (CBK) has directed financial institutions to work with more than four million Kenyans who have…
Read More » -
News
CBK announces split of Airtel Money from Airtel Networks
The Central Bank of Kenya (CBK) on Tuesday announced the successful separation and transfer of Airtel money from its mobile…
Read More » -
News
CBK releases list of companies licensed to offer digital loans in Kenya
The Central Bank of Kenya (CBK) has released a list of companies licensed to operate as Digital Credit Providers (DCPs)…
Read More » -
BUSINESS
CBK grants digital payments provider DPO Group a PSP license to operate in Kenya
African digital payments provider DPO Group Kenya has received official approval from the Central Bank of Kenya to operate as…
Read More » -
Startups
CBK grants Virtual Pay International a PSP License to operate in Kenya
The Central Bank of Kenya (CBK) has granted Virtual Pay International Limited a license to operate as a Payment Service…
Read More » -
News
CBK Governor Says Flutterwave is Not Licensed To Operate In Kenya
The Governor of the Central Bank Of Kenya (CBK), Dr Patrick Njoroge has said that fintech companies Flutterwave and Chipper…
Read More » -
News
Our position on cryptocurrencies has not changed, CBK Governor says
The Central Bank of Kenya (CBK) Governor Patrick Njoroge has insisted that the bank’s position on the use of cryptocurrencies…
Read More » -
BUSINESS
CBK Blocks over 300 Mobile Lenders from Listing Defaulters at CRBs
The Central Bank of Kenya (CBK) has barred over 337 unregulated digital and credit-only lenders from listing loan defaulters at…
Read More » -
BUSINESS
Banks to start blacklisting loan defaulters at CRBs after CBK’s Nod
Since Kenya reported the first case of Covid-19 in March, several measures were hastily put in place to cushion citizens…
Read More » -
News
Digital Lenders Oppose CBK’s Plans to Regulate Mobile Loan Interest Rates
As part of the Central Bank of Kenya (Amendment) Bill, 2020, the banking regulator is about to be given power…
Read More » -
BUSINESS
CBK Seeks to Regulate Digital Lenders in Kenya in new Proposed Bill
The Central Bank of Kenya (CBK) seeks to regulate mobile lending loan rates in a new bill proposed to parliament.…
Read More » -
News
Safaricom Wanted CBK To Limit Free M-PESA Transfers To 5 Per Day After Massive Losses
Free M-PESA cash transfers for transactions less than Ksh 1000 is very helpful. It’s a measure put forward by the…
Read More » -
News
dLocal secures remittance services partnership with KCB Bank
dLocal KCB Partnership: More than a year after securing payment service provider licences from the Central Bank of Kenya (CBK)…
Read More » -
Startups
LemFi receives regulatory approval to offer remittance services in Kenya in partnership with Wapi Pay
LemFi, the cross-border payment solution that enables the diaspora community to send and receive money back home has received approval…
Read More » -
News
Airtel removes withdrawal code when receiving money in Kenya
Airtel Money customers can now receive money directly into their mobile money wallet from any network without the withdrawal code…
Read More » -
News
Kenya Takes Step Towards Regulating Cryptocurrencies
Kenyan parliament has directed the Blockchain Association of Kenya (BAK) to prepare the first draft of the Crypto Bill, also…
Read More » -
News
Financial Literacy Among Kenyan Gen Z and Millennials Could Lead to More Growth in Online Trading
In a previous article, we featured an interview with Eva Ngigi-Sarwari, Visa’s acting General Manager and Country Manager for Kenya,…
Read More » -
BUSINESS
A Step-by-Step Guide: How to Buy Safaricom Shares in Kenya
Safaricom PLC is a publicly traded company whose headquarters are in Nairobi, Kenya and which provides mobile network services. Safaricom…
Read More » -
News
Fintech startup Sendwave targets Kenyans in the US with new banking product
Fintech startup Sendwave has unveiled a new product that will allow users to earn interest and pay reduced fees on…
Read More » -
BUSINESS
Airtel Money Per Transaction Limit Increased to KES 250,000.
Mobile money service provider Airtel Money has revised its per transaction limit to KES 250,000 from the previous KES 150,000…
Read More » -
News
[Kenya] Visa working with local banks to roll out Tap To Pay payment services
Tap To Pay is a concept that Kenyans have not really been accustomed to. As much as customers are gradually…
Read More » -
News
Airtel Money transaction limits also increased
Kenya’s second-largest telco Airtel has also announced that it has received approval from the Central Bank of Kenya (CBK) to…
Read More » -
News
Safaricom’s interest-free M-Pesa credit service goes live
Safaricom has finally rolled out Faraja, the interest-free service targeting customers who purchase goods via Lipa Na M-pesa. Faraja will…
Read More » -
News
KCB Bank bets on Tap To Pay to deepen uptake of cashless payments in Kenya
Tap To Pay is a concept that Kenyans have not really been accustomed to. As much as customers are gradually…
Read More » -
News
Uruguayan fintech firm dLocal receives regulatory approval to operate in Kenya
Uruguayan fintech dLocal on Tuesday announced that the Central Bank of Kenya (CBK) had granted it a payment service license…
Read More » -
News
Kenya rolls out a QR code standard for facilitating digital payments
The Central Bank of Kenya (CBK) on Wednesday unveiled the Kenya Quick Response (QR) Code Standard 2023. The QR code…
Read More » -
News
Two firms fined Ksh.5 million by ODPC for abusing customers personal data
The Office of the Data Protection Commissioner (ODPC) has issued a penalty notice against two companies, digital credit provider, Whitepath…
Read More » -
News
Google now prohibits personal loan apps from accessing user data
Google has recently made great efforts to protect consumer interests on Play Store, in an effort to comply with emerging…
Read More » -
News
Google takes down hundreds of Kenyan loan apps from Play Store
Google has removed hundreds of Kenyan-focused loan apps from Play Store, in compliance with the new digital lenders policy which…
Read More » -
News
Tala loan disbursement hit Sh240 billion in eight years
Tala, one of Kenya’s most popular digital credit providers has revealed that it disbursed 3.5 million loans worth Sh240 billion…
Read More » -
News
I&M Bank suspends bank to M-PESA transaction charges
I&M Bank has today announced that it will not be charging its customers for transferring money from its digital banking platform…
Read More » -
News
[Kenya] Government drops fraud charges against Nigerian fintech Flutterwave
The Kenyan government has dropped charges of financial impropriety against Flutterwave Inc. This is according to a new report by…
Read More » -
News
Bank to mobile charges are back as High Court declines to extend order
Safaricom will continue to charge its customers transfer fees for transactions between banks and mobile wallets after the High Court…
Read More » -
News
Mikhail Marchenko: Major fintech trends that will affect online businesses in 2023
Digitalization and technological achievements, which have been observed in the African region for the past decade, have sped up the…
Read More » -
News
Nigeria is working on a law recognizing cryptocurrency as legal tender
Nigeria’s House of Representatives is working on a law that may soon recognize cryptocurrency as legal tender, alongside other forms…
Read More » -
News
Digital Lending App Zenka Has Written Off Sh166 Million Defaulted Loans
Just a week after the Central Bank of Kenya(CBK) directed digital lenders to work with loan defaulters in helping them…
Read More » -
News
KRA seeks to tax those who trade cryptocurrencies in a new Bill
The Kenya Revenue Authority (KRA) is seeking to introduce taxation on cryptocurrencies and digital wallets. Through the Capital Markets (Amendment)…
Read More » -
News
40 digital lenders in Kenya being probed over misuse of personal data
The Office of Data Protection Commission (ODPC) is investigating 40 digital lenders over allegations of abuse of personal data. The…
Read More » -
BUSINESS
Unregulated digital lenders in Kenya directed to cease operations
Kenya is home to more than 200 digital lenders that are providing people with easy access to loans of various…
Read More » -
News
Kenyan Court Freezes Another Sh400.6 Million Belonging to Flutterwave
Nigerian fintech Flutterwave is once again in the Kenyan courts for the wrong reasons. Early Tuesday, the High Court of…
Read More » -
News
American fintech UMBA acquires majority stake in Kenya’s Daraja Microfinance
UMBA, a U.S-based fintech whose investments spread to emerging markets has acquired a majority stake in Daraja, a Kenyan deposit-taking…
Read More » -
News
Flutterwave responds to accusations of operating without a license in Kenya
After reports emerged that Nigerian fintech startup Flutterwave was operating without a license in Kenya, the company has sent out…
Read More » -
News
Kenya’s digital insurer mTek hits 65k registered users since launching in 2020
The level of insurance penetration in Kenya is way below the global average. According to a 2020 report by the…
Read More » -
Startups
Kenyan Court Freezes Flutterwave’s Bank Accounts Over Money Laundering Allegations
Nigerian unicorn fintech Flutterwave has lately been in the news for both good and bad reasons, but the unflattering reasons…
Read More » -
News
4.8 million people in Kenya own cryptocurrency, report
Cryptocurrency adoption has been growing rapidly in Kenya over the past few years. In fact, the country is one of…
Read More » -
COLUMNS
LEON KIPTUM: Kenya’s economy could benefit from fintech growth and innovation
Financial technology (Fintech) has been a key driver of growth in the financial services sector in the face of the…
Read More » -
BUSINESS
Banking Sector Contributed 27% of All Corporate Taxes Paid in Kenya in 2020 and 2019
The banking industry contributed 27 percent of all corporate taxes paid in Kenya in 2020 and 2019 even as the…
Read More » -
News
98% of Equity’s transactions in Q1 were on digital platforms
98% of all Equity Bank’s transactions are on digital platforms according to the bank’s 2021 Q1 results released recently. EazzyNet,…
Read More » -
News
Digital lenders in Kenya are still abusing data protection laws
Digital lenders continued to harass defaulters and violate their consumer data rights. This is according to Ajua’s Quarter 1 2021…
Read More » -
News
Telkom Kenya to develop youth focused e-wallet for financial inclusion
Telkom Kenya has partnered with The National Youth Council of Kenya (NYCK) to develop a youth-focused e-wallet to boost financial…
Read More » -
BUSINESS
Sending Ksh.100 on T-kash is now free as Telkom Kenya reviews tariffs
Telkom Kenya has today reviewed tariffs for its mobile money service T-Kash. Starting today the company says all Person-to-Person transactions…
Read More » -
News
Safaricom M-PESA Charges Effective January 2021
The year began with the return of transaction charges for money transfer between Ksh 101 up to Ksh 1000. The…
Read More » -
News
Free M-Pesa Transfers will Soon Come to an End
The CBK took a hard stance in March, at the onset of covid19 in Kenya, allowing Kenyans to send cash…
Read More » -
News
Safaricom Contemplates Reducing M-PESA Transaction Costs
Safaricom has hinted at plans to cut M-PESA transaction costs to retain increased cash transfers on the mobile money platform.…
Read More » -
BUSINESS
Safaricom Half-year Profit Falls 6 Percent to Ksh 33 Billion as M-PESA Revenue Declines
Kenya’s largest telco, Safaricom, just announced its half-year financial report for the period ended 30th September 2020. The company’s half-year…
Read More » -
News
Safaricom Adds Daily Transaction Limit Counter on MPESA Messages
Back in April, the Central Bank of Kenya increased the daily transaction limit on mobile money transfer services in the…
Read More » -
BUSINESS
Kenyans To Continue Sending Up to Ksh 1000 Via Mobile Money for Free till December 31st
In March, the Central Bank of Kenya rolled out several measures to cushion locals from the adverse effects presented by…
Read More » -
BUSINESS
[Updated] Okash and Opesa Criticized Over Debt Collection Malpractices by The Digital Lenders Association
The Digital Lenders Kenya Association (DLKA) has called out two digital lenders – Okash and Opesa – over their debt…
Read More » -
BUSINESS
NTSA Wants To Ban Cash Payments On Matatu Fares
The National Transport and Safety Authority (NTSA), wants to ban the use of cash for matatu fares across the country.…
Read More » -
BUSINESS
Free Cash Transfers Cost Safaricom Ksh.650 Million In losses In March
The removal of transaction charges for M-PESA transactions below Kshs,1,000 over coronavirus outbreak has seen Safaricom lose Ksh.650 million in…
Read More » -
BUSINESS
Egypt’s Largest Private Lender Acquires 51% Stake in Kenya’s Mayfair Bank
Egypt’s Commercial International Bank (CIB) is acquiring a 51 percent of the shareholding of Kenya’s Mayfair Bank Limited (MBL). Commercial…
Read More » -
News
Coronavirus: You Can Now Pay Your Matatu Fares Through M-PESA
Safaricom today announced that it has partnered with public transport sector players to accept cashless payments through M-PESA in the…
Read More » -
BUSINESS
Airtel Waives Transaction Fees On Its Mobile Payment Service Across all Bands
After the CBK met with Payment Service Providers and other financial industry players. Safaricom was the first telco to announce…
Read More » -
News
Safaricom Waives Fees For M-PESA Transactions Below Ksh 1000 Over Coronavirus Outbreak
Safaricom has announced that they have waived off all the transaction fees for M-PESA transactions below Ksh 1000. In a…
Read More » -
BUSINESS
Safaricom Doubles Daily M-PESA Transaction Limit To Ksh 150,000
In a meeting held today, Kenya’s largest telco, Safaricom, has scrapped off charges for all transactions below Ksh 1000. Also,…
Read More » -
BUSINESS
Standard Chartered Bank launches mobile traded bond
Standard Chartered Bank Kenya has become the first commercial bank in Kenya to launch bond traded exclusively through mobile phone,…
Read More » -
BUSINESS
Four ways fintech is changing international money transfer space
According to recent data from the Central Bank of Kenya (CBK), diaspora inflows in the country rose to Ksh30.4 billion…
Read More » -
BUSINESS
Consumer benefits of using fintech for diaspora remittance
For most Kenyans living abroad, sending money back home can at times be a costly and a complicated ordeal. Traditionally,…
Read More » -
BUSINESS
Equity Bank’s diaspora remittance volumes hit Sh100 billion in just nine months
Equity Bank’s diaspora remittance volumes hit Sh100 billion in the nine months to September. This helped boost the lender’s forex…
Read More » -
BUSINESS
[Column] Fintechs are disrupting the local traditional remittance market
Data from the Central Bank of Kenya (CBK) shows that diaspora inflows in the country rose to Ksh30.4 billion ($295.3…
Read More » -
BUSINESS
SwitchLink Africa – Leveraging technology to drive efficient remittance
Latest data from the Central Bank of Kenya (CBK) indicates that Kenyans living and working abroad sent home Sh67.16 billion…
Read More » -
Gadgets
Top smartphones with high battery capacity for heavy users in Kenya
Battery endurance is one thing we all want when it comes to our favorite gadgets. There are a ton of…
Read More » -
BUSINESS
Equity Bank lowers lending rates to 13 percent
Equity Bank has lowered the interest rate charged on loans to a maximum of 13 percent p. a with effect…
Read More » -
Blockchain
Treasury Given Two Weeks Parliament Notice to Decide Fate of Cryptocurrencies in Kenya
National Treasury Cabinet Secretary Henry Rotich on Tuesday addressed the national assembly on the existence of cryptocurrencies in Kenya particularly…
Read More » -
BUSINESS
CMA Grants HFC License to provide custodial services
HFC, the banking subsidiary of HF Group, has received approval by the Capital Markets Authority (CMA) and Central Bank of…
Read More » -
BUSINESS
SBM bank acquires 75% Chase Bank deposits and assets
SBM bank Kenya has officially acquired 75 percent of Chase Bank assets and deposits. This is after the Central Bank…
Read More » -
News
Google is banning Cryptocurrency related ads from its advertising network.
Google has announced that it is banning cryptocurrency related ads from its vast advertising network, effective in June 2018. The…
Read More » -
BUSINESS
Equity Bank reduces interest rate on credit facilities to 14.5% p.a
In line with the new regulation, Equity Bank has today announced that it has adjusted its interest rates to 14.5%…
Read More » -
INSURANCE
Lack of education on ICT to blame for growing cyber attacks on Insurance and banking sectors in Kenya.
Insurance and banking services sectors in the country need to enhance the pace of deployment of secure Information Communication Technology…
Read More » -
BUSINESS
KBA launches new firm to contend with M-PESA on mobile money dominance
The Kenya Bankers Association (KBA) has unveiled Integrated Payments Service Limited (IPSL) that will see them compete with Safaricom’s mobile…
Read More » -
BUSINESS
NetGuardians brings anti-fraud software solutions to Kenyan banks
Recent times have seen Kenyan banks being hit by several high profile fraud cases despite the Central Bank pledging tougher…
Read More » -
News
High Court to rule on thin SIM in January
The High Court will determine in January whether a mobile operator associated with Equity Bank should roll out the thin…
Read More »