Egyptian Agricultural Bank (EAB), a financial institution that provides farmers with banking services, intends to expand activities out of Egypt. For the time being, the bank eyes Côte d’Ivoire and Kenya.
“We are targeting two countries, Côte d’Ivoire and Kenya. Both countries offer significant opportunities and we are currently thinking of how we can get the most of them by settling and expanding our activities there,” Sayed Al-Quseir, EAB’s chairman told local media.
Local forex bureau operators have until June to ensure that their operations are within the provisions of the Central Bank or risk being out of business.
Operators in the sector were in March last year given a list of regulations and requirements to comply with, accompanied by a moratorium barring new players from entering the sector.
Central Bank Governor John Rwangombwa said the regulator was yet to crack down on forex operators despite issuing the new regulations.
Islamic lender Gulf African Bank has started paperless banking as it pushes to cut operational costs.
Customers depositing cash and cheques at the bank will go straight to the point of service without filling any forms.
Several other lenders including Co-operative Bank of Kenya, Family Bank, Barclays Bank of Kenya, Chase Which is under receivership, Diamond Trust and KCB have installed the paperless system.
The prospects for Tanzania to reap huge benefits from insurance firms are high, given its exceptionally favourable regulatory system and economic diversity.
The remarks by sector stakeholders emerged in Dar es Salaam yesterday, during the on-going two-day African Digital Banking Summit held at Mlimani City Hall.