Thursday, January 21We Break the News

Tag: Banking

BUSINESS: Bank customers to make payments at no extra cost

BUSINESS: Bank customers to make payments at no extra cost

Business, TECHNOLOGY, UGANDA
Uganda Bankers Association (UBA) has today launched the ‘No Merchant Surcharge’ Campaign dubbed “Pay with your Card @ No extra Cost”.   The campaign aims to raise awareness on the Card payment system. The campaign aims at eliminating the practice of merchants levying extra fees for electronic payments made using Point of Sale (POS) machines. Speaking at a Press Briefing this morning, UBA Executive Director Wilbrod Owor said, “In August last year, Bank of Uganda issued a directive that prohibits merchant surcharging at POS terminal and the fixing of minimum/maximum transaction amounts  on electronic  payment cards.  This was in a bid to drive the growth and uptake of Digital Financial Services. Through this campaign, UBA will educate consumers on the No Surc...
Equity Bank’s Group Executive talks philanthropy during Covid-19 at Africa.com Webinar

Equity Bank’s Group Executive talks philanthropy during Covid-19 at Africa.com Webinar

TECHNOLOGY
JOHANNESBURG, South Africa, July 21, 2020/ -- Dr. James Mwangi, Managing Director and CEO of Equity Group Holdings and Executive Chairman of the Equity Group Foundation will be featured in a fireside chat with Harvard Business School Professor Caroline Elkins on July 22, 2020 at 5pm EAT, as part of Africa.com’s webinar series Crisis Management for African Business Leaders. The webinar series draws the largest-ever gathering of African business leaders each week, with thousands of C-Suite participants from 123 countries around the world that includes 46 countries on the African continent, and 77 countries in the rest of the world. The session, Disruptions with Impact: The Intersection of Business and Philanthropy, will examine the COVID-19 crisis for Kenya and East Africa, and the chang...
Banks must resolve explainability and “black box” risk governance challenges to succeed with AI post-pandemic, says Economist Intelligence Unit report supported by Temenos

Banks must resolve explainability and “black box” risk governance challenges to succeed with AI post-pandemic, says Economist Intelligence Unit report supported by Temenos

AFRICA
GENEVA, Switzerland, July 17, 2020/ -- AI will separate winning banks from losers, say 77% of banking executives surveyed during COVID-19; COVID-19 will intensify the use of AI, making effective governance more urgent; The Economist Intelligence Unit report identifies data bias, “black box” risk and lack of human oversight as key concerns; This independent global review consolidates findings from 25 regulatory reports to provide deep insights and guidance on the use of AI in banking.Data bias, “black box” risk, and lack of human oversight are the main governance issues for banks using AI, according to the Economist Intelligence Unit (EIU) report “Overseeing AI: Governing artificial intelligence in banking” (https://bit.ly/3gY4OSm). The report is based on a review of global regulatory guid...
Ecobank Group named Africa’s Best Bank for Corporate Responsibility by Euromoney

Ecobank Group named Africa’s Best Bank for Corporate Responsibility by Euromoney

AFRICA
LOME, Togo, July 15, 2020/ -- The leading pan-African banking group, Ecobank, (www.Ecobank.com) has won the coveted prize of Africa’s Best Bank for Corporate Responsibility in the Euromoney Awards for Excellence 2020. Euromoney recognises Ecobank’s focus on sustainability and partnerships and its core capabilities in delivering positive social and environmental outcomes across Africa.Carl Manlan, Chief Operating Officer of the Ecobank Foundation said: “At Ecobank we leverage human capabilities and other core resources to partner for African transformation. We are passionate about co-designing partnerships to drive change at community levels across our pan-African footprint. The Euromoney Award for Excellence recognises our collaboration with African communities and like-minded partne...
Africa Road Builders Babacar Ndiaye Trophy 2020: Egyptian president to receive Great Road Builder Award

Africa Road Builders Babacar Ndiaye Trophy 2020: Egyptian president to receive Great Road Builder Award

AFRICA
ABIDJAN, Ivory Coast, July 15, 2020/ -- Egyptian president Abdel Fattah Al-Sisi was awarded the Babacar Ndiaye Great Road Builder Award it was announced Monday, a distinction for heads of state whose countries initiate outstanding projects or achievements in relation to the development of roads, transportation and mobility. Al Sisi was recognized for his “personal leadership” in the development and construction of projects in Cairo such as the Heliopolis metro station, as well as a suspension bridge project on the Nile, George Orido, a spokesman for the selection committee of the Africa Road Builders said during a virtual inaugural meeting of the group, which saw global participation. Each year, the Africa Road Builders Conference brings together representatives and stakeholders fro...
Ecobank Group appoints Alain Nkontchou as Chairman

Ecobank Group appoints Alain Nkontchou as Chairman

AFRICA
LOME, Togo, July 15, 2020/ -- The leading pan-African banking group, Ecobank (www.Ecobank.com), is delighted to announce the appointment of Mr Alain Nkontchou, a Cameroonian and Independent Non-Executive Director since 2015, as Board Chairman of its holding company, Ecobank Transnational Incorporated (ETI), with effect from 30 June 2020. In accordance with ETI’s Articles of Association, Mr Emmanuel Ikazoboh, a Nigerian, ended his six-year tenure as Chairman on 30 June 2020 having reached the retirement age of 70. Alain Nkontchou said: “I am honoured to be appointed as Chairman of Ecobank Transnational Incorporated. Having served on its Board since 2015, I have seen Ecobank’s resilience and its proud history, built on strong foundation to secure the Bank’s future success.  I loo...
African Development Bank Group Appoints Dr. Rabah Arezki as Chief Economist and Vice President, Economic Governance and Knowledge Management

African Development Bank Group Appoints Dr. Rabah Arezki as Chief Economist and Vice President, Economic Governance and Knowledge Management

AFRICA
ABIDJAN, Ivory Coast, July 15, 2020/ -- The African Development Bank Group (www.AfDB.org) is pleased to announce the appointment of Dr Rabah Arezki as Chief Economist and Vice President, Economic Governance and Knowledge Management, effective 1st October 2020. Dr Rabah Arezki, a citizen of Algeria, is currently the Chief Economist for Middle East and North Africa Region at the World Bank, a role he has held since 2017. At the World Bank, he led the development of the Bank’s “moonshot approach” for the Middle East and Africa which aims to achieve full internet and digital payment connectivity. He championed the agenda on fair competition, data and transparency to empower and unlock the potential of the region’s youth. Prior to joining the World Bank, Dr Arezki worked at the Intern...
African Development Bank Group Appoints Dr. Rabah Arezki as Chief Economist and Vice President, Economic Governance and Knowledge Management

African Development Bank Group Appoints Dr. Rabah Arezki as Chief Economist and Vice President, Economic Governance and Knowledge Management

AFRICA
ABIDJAN, Ivory Coast, July 14, 2020/ -- The African Development Bank Group (www.AfDB.org) is pleased to announce the appointment of Dr Rabah Arezki as Chief Economist and Vice President, Economic Governance and Knowledge Management, effective 1st October 2020. Dr Rabah Arezki, a citizen of Algeria, is currently the Chief Economist for Middle East and North Africa Region at the World Bank, a role he has held since 2017. At the World Bank, he led the development of the Bank’s “moonshot approach” for the Middle East and Africa which aims to achieve full internet and digital payment connectivity. He championed the agenda on fair competition, data and transparency to empower and unlock the potential of the region’s youth. Prior to joining the World Bank, Dr Arezki worked at the Intern...
Al Ain Finance selects Temenos SaaS to remotely deploy Corporate Banking Solution during Covid-19

Al Ain Finance selects Temenos SaaS to remotely deploy Corporate Banking Solution during Covid-19

Uncategorized
GENEVA, Switzerland, July 9, 2020/ -- UAE-based corporate finance institution selects Temenos Infinity and Temenos Transact on Temenos SaaS to address surge in digital banking for SMEs during Covid-19 and beyond ; Temenos’ front-to-back advanced AI and cloud technology will be remotely implemented to power rapid digital transformation; Temenos SaaS solution will replace Al Ain Finance’s in-house system, simplify its digital business model and drive operational efficiencies. Temenos (SIX: TEMN) (www.Temenos.com), the banking software company today announced that Al Ain Finance (www.AlainFinance.ae) will rapidly deploy Temenos Infinity and Temenos Transact on Temenos SaaS to replace its legacy in-house system and achieve end-to-end digital transformation. The front-to-back SaaS digi...
African Development Bank appoints new Acting Vice President- Agriculture, Human and Social Development

African Development Bank appoints new Acting Vice President- Agriculture, Human and Social Development

AFRICA
ABIDJAN, Ivory Coast, July 7, 2020/ -- The African Development Bank Group (www.AfDB.org) is pleased to announce the appointment of Wambui Gichuri as Acting Vice President- Agriculture, Human and Social Development, effective 5 July 2020. Wambui joined the African Development Bank Group in 2018 as Director, Water Development and Sanitation. She currently oversees the Bank’s water sector program of over $ 4.5 billion covering 44 countries and multinational projects. Wambui Gichuri, Acting Vice President- Agriculture, Human and Social Development at AFDB Wambui supervises two divisions: the Water Development, Coordination and Partnerships, and Water Security and Sanitation divisions, as well as the African Water Facility divisions, a project preparation facility. She also leads the ...
Islamic Development Bank Group to respond to COVID-19 with USD 2.3 Billion package and to launch three supportive and robust initiatives in partnership with UAE Ministry of Economy and AIM

Islamic Development Bank Group to respond to COVID-19 with USD 2.3 Billion package and to launch three supportive and robust initiatives in partnership with UAE Ministry of Economy and AIM

INTERNATIONAL
DUBAI, United Arab Emirates, July 7, 2020/ -- A crowd of over 1000+ engaged participants comprising of exceptional entities, seasonal practitioners, Government officials, individual investors, business associations, entrepreneurs, Multilateral and financial institutions, Chairmen, Presidents & CEOs of local/international companies, Chambers of Commerce & Industry and Investment promotion agencies, came together to celebrate in the IsDB Group (https://www.IsDB.org/) Private Sector Action Response to COVID-19 webinar and launching new online initiatives by Islamic Development Bank Group (IsDB Group ) Private Sector Entities in partnership with UAE Ministry of Economy and AIM. The webinar was inaugurated by H.E. Dr. Bandar Hajjar, President of Islamic Development Bank Group (IsDB Gro...
Ethiopia: African Development Fund approves $165 million grant for national COVID-19 emergency response

Ethiopia: African Development Fund approves $165 million grant for national COVID-19 emergency response

Uncategorized
ABIDJAN, Ivory Coast, July 4, 2020 -- The Board of Directors of the African Development Fund (ADF) on 3 July approved a grant of $165.08 million to support Ethiopia’s response to the health and economic impacts of the COVID-19 pandemic, including helping to ease fiscal pressures on the economy. The grant, awarded from the country’s ADF-15 Performance-Based Allocation, will help bolster Ethiopia’s COVID-19 National Emergency Response Plan (NERP). The NERP outlines a reliable, multi-sector approach to tackling the pandemic. It aims to expand social protection coverage for the most vulnerable, enhance capacity to contain the virus outbreak, and address macro-fiscal imbalances as well as cushioning the effects of the crisis on the private sector. “This Bank’s support will especiall...
African Development Bank to launch African Economic Outlook 2020 Supplement

African Development Bank to launch African Economic Outlook 2020 Supplement

AFRICA
The African Development Bank (www.AfDB.org) will launch its African Economic Outlook 2020 Supplement in a live Zoom event from 14.30 to 16.00 (Abidjan time) on Tuesday 7 July 2020. The COVID-19 pandemic has resulted in economic disruptions that have changed the strong growth projections the African Development Bank reported in January in the 2020 African Economic Outlook. The supplement revises the growth projections and outlook for Africa for 2020 and 2021 and highlights the impact of COVID–19 on Africa’s socio-economic landscape. It recommends workable policy responses to safely reopen economies and  accelerate growth recovery. This is the first supplement published in the 19-year history of the African Economic Outlook. The report will be presented by Dr. Hanan Morsy,&...
Communique of the Bureau of the Boards of Governors of the African Development Bank Group following its meeting of today 1 July 2020 regarding the Whistle-Blowers’ Complaint against the President of the Bank Group

Communique of the Bureau of the Boards of Governors of the African Development Bank Group following its meeting of today 1 July 2020 regarding the Whistle-Blowers’ Complaint against the President of the Bank Group

AFRICA
ABIDJAN, Ivory Coast, July 3, 2020/ -- The Bureau recalls its Communiqué issued on June 4th 2020 informing the general public of its decision to authorize an Independent Review of the Report of the Ethics Committee of the Boards of Directors relative to the allegations made by Whistle blowers against the President of the Bank Group.The Bureau agreed on the Terms of Reference for the Independent Review at its meetings of 18 June 2020 and 1st July 2020 and selectedthree persons namely, Mrs. Mary Robinson, Mr. Hassan B. Jallow and Mr. Leonard F. McCarthy to constitutea High-Level Panel of Independent Experts to conduct the said Review – individuals with unquestionable experience, high international reputation and professional integrity. The panel will be chaired by Mrs. Robinson. Mrs. Mar...
Ecobank Group spearheads new private sector initiative to end malaria

Ecobank Group spearheads new private sector initiative to end malaria

HEALTH
LOME, Togo, July 3, 2020/ -- Yesterday, Ecobank Group (www.Ecobank.com) confirms its commitment to support ending malaria, launching the first-of-its-kind Zero Malaria Business Leadership Initiative in partnership with Dakar-based not-for-profit strategic communications and advocacy organization, Speak Up Africa, and the UN-hosted RBM Partnership to End Malaria.The new programme is set out to drive private-sector engagement on the fight against malaria in Africa. It supports the Pan-African Zero Malaria Starts with Me Movement, led by the African Union and the RBM Partnership to End Malaria launched two years ago today by African Heads of States at the 31st African Union Summit in Nouakchott.The collaboration will support malaria affected countries across the continent, starting with Beni...
Joint Statement by heads of multilateral development banks and the World Trade Organization (WTO) on supporting trade finance during the COVID-19 crisis

Joint Statement by heads of multilateral development banks and the World Trade Organization (WTO) on supporting trade finance during the COVID-19 crisis

Uncategorized
GENEVA, Switzerland, July 2, 2020/ -- The COVID-19 pandemic has provoked the deepest economic downturn of our lifetimes. In addition to the ongoing shocks to supply and demand, international trade has been affected by a reduction in the supply of trade finance. Risk perceptions about non-payment in international trade are at the highest levels in a decade; banks are increasingly reluctant to take on payment risks in many countries where economic conditions are deteriorating. Insufficient trade finance threatens to compromise otherwise-viable trade transactions. We share the concerns being expressed in markets, and will work within our respective remits to make trade finance available through this difficult period, just as we did during the global financial crisis of 2008-10. In many...
Development Finance Institutions commit to support Sudan’s transformation

Development Finance Institutions commit to support Sudan’s transformation

AFRICA
ABIDJAN, Ivory Coast, July 1st, 2020/ -- Three leading international financial institutions, the African Development Bank (www.AfDB.org), the World Bank, and the International Monetary Fund (IMF), on Thursday pledged  multi-pronged support to Sudan as it opens a new chapter to overcome political and economic challenges. At a high-level Sudan Partnership Conference held virtually and hosted in Berlin on 25 June, the three multilateral organizations and several governments affirmed their strong support for the country’s Transitional Government and its economic recovery efforts. Over $1.8 billion dollars in pledges for Sudan poured in during the conference, which marked an important step in the African nation’s re-engagement with the international community. Sudanese Finance Mi...
African Development Fund approves $9.52 million to enhance coordinated COVID-19 response in East and Horn of Africa and the Comoros

African Development Fund approves $9.52 million to enhance coordinated COVID-19 response in East and Horn of Africa and the Comoros

Uncategorized
ABIDJAN, Ivory Coast, July 1, 2020/ -- The Board of Directors of the African Development Fund (ADF) have approved grants totaling $9.52 million to strengthen responses to the COVID-19 pandemic in East Africa and the Horn, and in the Comoros. The grant, approved on 26 June, is part of the $10 billion COVID-19 Rapid Response Facility (CRF) approved by the Board of Directors in April 2020 and complements the Bank’s direct support to regional member countries across the continent. The beneficiaries are Burundi, Comoros, Djibouti, Eritrea, Ethiopia, Somalia, Kenya, Rwanda, South Sudan, Sudan, Tanzania and Uganda. Funding will also go toward the procurement of essential medical supplies, including testing kits and to train health workers. The funds will be used to bolster health system...
Ecobank Transnational Incorporated holds its 32nd Annual General Meeting (AGM) and Shareholders approve resolutions

Ecobank Transnational Incorporated holds its 32nd Annual General Meeting (AGM) and Shareholders approve resolutions

AFRICA
LAGOS, Nigeria, July 1, 2020/ -- Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group (http://www.Ecobank.com), the leading pan-African bank with banking operations in 33 countries, concluded its 32nd Annual General Meeting (AGM) & Extraordinary General Meeting in Lagos, Nigeria, today. For the first time in the history of ETI and in line with preventive measures to curb the spread of COVID-19, attendance at the General Meetings was mainly by proxies in accordance with the Articles of Association of the Company. Ecobank Group Chairman Emmanuel Ikazoboh said: “We are in the final lap of our five-year ‘Roadmap to Leadership’, having laid and achieved much improved business and operational foundations, leadership in digital products with scalability, strong...
Islamic Development Bank Group in partnership with the UAE Ministry of Economy and Annual Investment Meeting to Host a Live Webinar

Islamic Development Bank Group in partnership with the UAE Ministry of Economy and Annual Investment Meeting to Host a Live Webinar

INTERNATIONAL
DUBAI, United Arab Emirates, June 30, 2020/ -- The Islamic Development Bank Group (www.IsDB.org) in partnership with the UAE Ministry of Economy and Annual Investment Meeting, will conduct a live webinar entitled “IsDB Group Private Sector Action Response to COVID-19” on the 6th of July at 01:00 PM (KSA Time) to discuss the challenges facing the private sector and global economy during the COVID-19 outbreak. The webinar will be inaugurated by H.E. Eng. Sultan Al Mansoori, Minister of Economy, UAE and H.E. Bandar Hajjar, President of Islamic Development Bank Group (IsDB Group).The live session will also present the immediate joint action response of the IsDB Group Private Sector Entities namely, the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), Islamic Corpor...