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Thursday, 26 February 2015 13:28

The Reserve Bank of Zimbabwe has cancelled AfrAsia Zimbabwe’s banking licence while at the same time temporarily closing MicroKing pending the finalization of its negotiations

The RBZ in a statement said the move to cancel the licence follows board resolutions by AfrAsia Zimbabwe Holdings Limited (the shareholder) and AfrAsia Bank Zimbabwe Limited to voluntarily surrender the banking licence.

Friday, 20 February 2015 11:58

FirstBank of Nigeria Limited have recently announced that it has achieved the recertification of the international Business Continuity Management – ISO22301 (Societal Security: Business Continuity Management System)

The feat, the bank explained in a statement accentuates its commitment to constantly delight its customers through excellent service delivery whilst ensuring the safety and protection of customers’ investments as well as its assets.

Wednesday, 18 February 2015 11:57

A survey conducted by Compass Plus, an international provider of innovative retail banking and electronic payments software to financial institutions and processors, has revealed that the age of the consumer plays a significant role when making financial decisions

The survey, in which 650 UK residents answered questions about their banking and payments habits, found that behaviours vary between age groups in both their preferences towards certain channels and the levels of trust around using these different payment types.

The figures highlights the below:

·       Internet banking - most popular method of banking

o   Under 45 years old – 73.1 percent

o   Under 21, 30 -45 years old – 57 percent

·       Mobile banking

o   Under 29 – 26 percent

o   30 – 45 years old – 1.4 percent

·       Branch Banking

o   Over 46-59 years old – the most popular place to carry out their banking activities – 43.9 percent

o   Over 60 – 65.7 percent

·       Telephone Banking

o   Over 60 years old – 20 percent

o   Under 21 years old – 0.8 percent

 

An interesting result was that despite the clear online payment habits for the younger respondents, when it came to shopping behaviours, the high street still won over the Internet at 57 percent to 40 percent respectively. This shows that whilst millennials are still actively visiting the high street, they would prefer to bank using the Internet or their mobile instead of popping in branch. With the older generation steadfastly sticking to the high street for both their shopping and banking needs (for over 60s – 94 percent and 66 percent respectively), it is evident that despite the hype around newer banking channels, habit is still the main driver of banking behaviour.

These ingrained repeat behaviours are also clear when analysing the respondents’ views on the most and least secure ways to pay, with the over 60 age group choosing cash (80 percent) and cheque (44 percent) as the most secure methods and 90 percent finding mobile the least secure. This is where things get interesting however, as whilst the payment methods the over 60s use directly correlate to how secure they perceive them, this is not so for the youngsters. Surprisingly enough, whilst the under 21s stated that 28 percent of them use mobile banking and 56 percent of them had used their mobile device to buy something over the last month, 55 percent of them found it to be the least secure way of paying. This suggests that consumer concerns around security and the effect this had on channel adoption is also age-related.

 

Grey Thomas - Staff Writer

Wednesday, 18 February 2015 11:52

The first Africa Best Practices Forum taken place on 26 and 27 February 2015 in Lome, the capital of Togo, was organised by Pan-African bank Ecobank, recruitment agency AfricSearch and company Ellipse Communication

In collaboratation with the support of the World Bank and the West African Development Bank (BOAD), the forum is dedicated exclusively to improving the business framework and environment in Africa.

Tuesday, 17 February 2015 14:19

MoneyGram, a leading global money transfer company, have announced that its agent network in Africa has now reached 25,000 locations in more than 50 African countries

Its achievement is to their recent contribution of technology advances and new agent and sub-agent signings, including an agreement with the Mauritius Post Office to offer money transfer services at more than 100 locations.

Tuesday, 17 February 2015 09:40

The African Export-Import Bank (Afreximbank) has received strong commendation for its strategy of providing support to African financial institutions to improve the trade finance services they offer to African businesses

Their recent $60 million syndicated loan facility for FBC Bank Limited, its commercial banking subsidiary, was the single largest transaction on the balance sheet of that Zimbabwean bank.

Wednesday, 11 February 2015 11:40

The acquisition of Mainstreet Bank Limited and the attendant synergies between the two institutions had given Skye Bank the competitive edge, which it would leverage to deliver quality customer service and high returns to shareholders

Group managing director, Skye Bank Plc, Mr. Timothy Oguntayo, disclosed this at the weekend at a forum with stockbrokers in Lagos.