Patrick Njoroge, the governor of Kenya’s Central Bank explained that the financial problems associated with the native system are the major drawback for the country’s economy. He also added that they intend to use Bitcoin to reduce the country’s national debt and save the economy from a gross decline.
The Saudi Central Bank (SAMA) announced the launch date for a new electronic instant payments system designed to make the Kingdom less dependent on cash.
The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) has decided to keep the overnight deposit rate, the overnight lending rate, and the rate of the main operation unchanged at 8.25 percent, 9.25 percent, and 8.75 percent, respectively. The discount rate was also kept unchanged at 8.75 percent.
The Central Bank of the UAE has issued a 'Consumer Protection Regulation', as the foundation of its new Financial Consumer Protection Regulatory Framework (FCPRF) to ensure fair treatment and protection of consumers.
The United Arab Emirates’ central bank imposed financial sanctions on 11 banks operating in the country for their failure to reach appropriate levels of compliance on anti-money laundering and sanctions. The sanctions imposed on January 24 amounted to a total of AED45.76 million ($12.5m), the regulator said in a statement. It didn’t identify the banks.
Saudi Arabia’s king appointed Fahad al-Mubarak as central bank governor, his second stint in one of the most sensitive positions in the kingdom replacing Ahmed al-Kholifey, a decree carried on state media on January 24 said.
The International Monetary Fund (IMF) and Kenyan government have reached an agreement for an additional $2.4 billion financing to help stabilise the operations of an economy battered by mounting debts and the devastating Covid-19 pandemic.
The project is financed through the African Climate Technology and Finance Center and Network (ACTFCN), an AfDB-managed initiative that draws on funds from the GEF Trust Fund and the Special Climate Change Fund. The project will be implemented by a consortium led by Triple E Systems.
The World Bank has announced the approval of $500 million to support the Nigerian government in strengthening its electricity distribution sector. “The project will help boost electricity access by improving the performance of the Electricity Distribution Companies (DISCOs) through a large-scale metering program desired by Nigerians for a long time,” the World Bank said in a statement.
The European Bank for Reconstruction and Development (EBRD) is providing a €300 million financing package to Société Tunisienne de l’Electricité et du Gaz (STEG) to support the stability of Tunisia’s energy sector during the coronavirus pandemic in the medium term.
During a virtual meeting on the Africa COVID-19 Vaccine Financing and Deployment Strategy, the World Bank informed that the emergency vaccine financing projects in Africa, including Ghana, Democratic Republic of Congo, Ethiopia, Niger, Mozambique, Tunisia, Eswatini and Cabo Verde.
African Development Bank President Akinwumi A. Adesina announced the launch on Monday of the Africa Adaptation Acceleration Program (AAAP) to mobilize $25 billion to scale up and accelerate climate change adaptation actions across Africa.
This is the "KLIK Visa e-card", a dematerialized bank card offering new payment solutions. This service will now enable customers to pay for their Internet purchases via a bank card number that can only be consulted on the Barid Bank Mobile application.
One of the companies listed in the Saudi stock market announced that it would be a founding shareholder as part of a consortium of several commercial entities to establish a digital bank in Saudi Arabia. The new bank’s operations will be compatible with the Islamic Shariah regulations.
The government’s interdepartmental Fintech Working Group (IFWG) has announced the launch of ‘Project Khokha 2’ which aims to explore the use of tokenized money, blockchains, and digital currency in South Africa.
Under the terms of the agreement, Johannesburg-headquartered Ukheshe’s bank identification number (BIN) will be sponsored by KCB Bank Kenya, enabling Ukheshe to immediately distribute both physical and virtual payment cards across East Africa.
Spot Money has officially launched in South Africa, offering locals a mobile open banking platform that integrates with various bank and payment services.
The Central Bank of the UAE (CBUAE) conducted the first-of-its-kind cyberattack simulation exercise that is designed to test the resilience of the UAE’s banking sector against any potential cyber threats.
After months of necessary WFH implementation, business executives as well as workers are assessing its long-term potential and shaping their opinions on it. Will it last, once the public health emergency is over?
INFOMINEO, Value added business research, Casablanca - Barcelona - Cairo -, Dubai, UAE
Infomineo is a data and research outsourcing company, dedicated to supporting global companies in getting access to information that power their business decisions. Infomineo provides a quick access to market data on key questions such as: market and product prioritization, partner identification, commercial due diligence, route to market, supply chain mapping and competitive analysis among others. Along with conducting Custom Research for clients, Infomineo also delivers Graphic Design and Business Translation as a service.