Central Bank of Kenya approves LemFi remittance to Kenya in partnership with Wapi Pay
RightCard Payment Services Limited, trading as LemFi, is pleased to announce that it has received approval from the Central Bank of Kenya (CBK) to operate remittances into Kenya. This move continues RightCard’s dedication to providing secure and efficient services while complying with the set regulatory framework by the Central Bank of Kenya. It is a […]
How banks plan to evaluate borrowers post rate cap era
Kenya Bankers Association (KBA) has unveiled how it intends to roll out a risk-based credit pricing mechanism for borrowers if loan capping law is reviewed by Parliament. A memorandum presented to National Assembly Finance committee yesterday and seen by Business Hub, one’s risk profile will not change should interest rate caps be modified. “Banks are […]
How banks plan to evaluate borrowers post rate cap era
Kenya Bankers Association (KBA) has unveiled how it intends to roll out a risk-based credit pricing mechanism for borrowers if loan capping law is reviewed by Parliament. A memorandum presented to National Assembly Finance committee yesterday and seen by Business Hub, one’s risk profile will not change should interest rate caps be modified. “Banks are […]
Banks exploit policy gap to inflate short-term loan rates
Peter Okong’o Higher rates of default by borrowers are pushing up the cost of short-term debts that include credit cards and mobile loans. A top tier bank has already written to its customers alerting them of an increase in the interest it charges on credit cards. “Due to the increase in cost of credit, we […]
New bank notes row: Judges visit KICC in Omtatah case
By Lennox Sengre A three-judge bench on Thursday visited the Kenyatta International Convention Centre in Nairobi to find out where Mzee Jomo Kenyatta’s statute forms part of the building. This is after activist Okiya Omtatah contested the inclusion of the image of Kenya’s founding president on the new currency notes. Justices Anthony Mrima, Kimondo Kanyi […]
National Treasury: Shilling’s dip touches new low to US dollar
Fred Aminga @faminga The shilling continued to weaken against the US dollar yesterday to hit 104.05/20 causing market ripples. It is the lowest level in almost two years, a streak that has continued, having hit a 20-month low against the dollar on Monday. This is even as foreign-listed Eurobonds plunged Monday following the arrest of […]
NGATIA: Demonetisation plan to reinvigorate economy
Richard Ngatia The Central Bank of Kenya’s bold move to introduce new generation currency and withdraw Sh1,000 banknotes from circulation in the next four months is commendable. The decision will help in the war on corruption, money laundering and illicit trade, which threaten to cripple the economy. Demonetisation has been used in many countries to […]