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Tanzania new financial inclusion goal 75 pc

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Tanzania has set a new financial inclusion goal of 75 per cent to be reached in 2016. Dr Charles Kimei The new target comes as the country surpassed the goal of 55 per cent in 2014, which was supposed to be reached in 2016, thanks to mobile phone mo [Read story...]

TIB takes top prize at DITF

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TIB Development Bank has emerged winner in the Financial Institutions category at the ongoing 39th Dar es Salaam International Trade Fair for two years in row. Having recently acquired their licences to operate as a development and commercial bank u [Read story...]

KRA loses tax demand case against Barclays

The Kenya Revenue Authority has lost a tax demand battle against Barclays Bank of Kenya after the High Court ruled that its classification of royalties is vague. The taxman will not demand withholding tax from the bank after a long drawn-out legal b [Read story...]

Current account deficit narrows further

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The current account balance deficit has narrowed by almost 16 per cent in March thanks to exports increase. Bank of Tanzania (BoT) The Bank of Tanzania (BoT) said in its latest monthly economic review that the current account balance narrowed to a d [Read story...]

Kenya National Bank, Defence Forces in banking pact

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National Bank has entered a strategic partnership with the Defence Forces Canteen Organisation (DEFCO), to provide agent banking facilities within the barracks as the institution seeks to enhance its distribution networks across the country. Nationa [Read story...]

Zigama CSS mulls slashing interest rate

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Zigama Co-operative and Savings Society (Zigama CSS) customers could soon start enjoying a low interest rate after the bank’s board expressed willingness to review the current interest rate, James Ndahiro, the board chairperson, has revealed. A cr [Read story...]

BoT records 195bn/- profit for 2014 business

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The Bank of Tanzania (BoT) has come out of red and registered good net operating profit of 194.83bn/- for 2014 business, thanks to foreign exchange revaluation gains. Bank of Tanzania (BoT) In the course of its operations, the BoT for financial year [Read story...]

Equity Bank to give 2,000 scholarships to needy pupils

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Equity Group Foundation will offer 2,000 scholarships for secondary education to poor pupils who excelled in the 2014 Kenya Certificate of Primary Education exams. Equity Bank CEO James Mwangi Equity Group Chief Executive Officer James Mwangi said t [Read story...]

Kenya’s National Bank third quarter profit up 40pc

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National Bank has recorded a profit-before-tax of Sh1.794 billion for the third quarter ended September 30, 2014. This is an increase of 40 per cent from the same  period in 2013. Managing Director and Chief Executive Officer of National Bank Munir [Read story...]

BoT reduces banks’ reserve ratios

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The Bank of Tanzania (BoT) intends to cut down the statutory minimum reserve that local commercial banks deposit with the central bank to allow the financial institutions extend more grants to peasants. Central Bank Governor Professor Benno Ndulu Th [Read story...]

Minister challenges banks on innovation

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Industry and Trade Minister Abdallah Kigoda has challenged banks and financial institutions to enhance competitiveness in delivery of their services. Minister Abdallah Kigoda Dr Kigoda said this when he officiated the launch of new Bank of Africa (B [Read story...]

Fidelity Bank unveils Sh400m coast branch

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Nairobi; Kenya: Fidelity Commercial Bank has unveiled its ultra-modern Sh400 million Coast Regional Headquarters at the heart of Mombasa’s Central Business District (CBD). The building now houses a new branch to serve the bank’s clientele in Mom [Read story...]

Tanzania: Seven-year Treasury bond auction flops

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Hiked yields in the sevenyear treasury bonds auctioned on Wednesday this week failed to attract investors in the long term papers ending up undersubscribed by 37.7 per cent. Bank of Tanzania The auction summary posted by the Bank of Tanzania (BoT) s [Read story...]