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Kenya's top banks take up $4.7bn in fresh capital on new reporting standards

Lenders pump in $3.7 billion and $1 billion worth of core capital and tier-II capital respectively in efforts to sustain operations and remain resilient under the new reporting code demanding. ....

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East African Cables fights off insolvency tag, puts up Tanzania subsidiary for sale

East African Cables announced it had entered into an agreement to sell 51pc of its stake in the unit to Msufini Tanzania at undisclosed price. ....

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States review loan contracts as UK-based overnight credit facility phase-out looms

States review loan contracts ahead of Libor s end
Thursday July 08 2021
Summary
After the big “Libor scandal” of 2011, following widespread allegations of Libor manipulation, it became evident that the benchmark had been fiddled with for years.
This led to a full-blown inquiry, and the UK Financial Conduct Authority, which oversees global benchmarks, announced in 2017 that use of the Libor would end on December 31, 2021 for the sterling, the euro, Swiss franc, and the Japanese yen.
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After “scandal” of 2011, of widespread allegations of manipulation, it became evident the Libor global benchmark rate had been fiddled with for years.
Kenya is reviewing its loan contracts ahead of the cessation of the London Interbank Offered Rate (Libor) to align them with the new risk-free rates, ....

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Kenya banks lose $11m card payment revenues to telcos

The East African
Tuesday January 19 2021
An ATM booth. Most customers in Kenya opted to use mobile money over debit or credit cards in the wake of the pandemic. PHOTO | FILE | NMG
Summary
Customers stopped using debit, credit and prepaid charge cards in favour of mobile money payment platforms such as M-Pesa, whose transactions of up to $9.17 were free.
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Top banks in Kenya have raised a red flag over an expected significant drop in net earnings for the year 2020.
They cite deteriorating economic conditions and the Covid-19 containment measures, which have seen the entire banking industry lose over Ksh1.2 billion ($11 million) worth of revenues from card payments to telcos mobile payment platforms in nine months. ....

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Kenyan banks rattled as mobile payment platforms surge in 2020

Kenyan banks rattled as mobile payment platforms surge in 2020
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