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Fri,24Nov2017

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Banking: Kenyan president approves law capping commercial bank lending rates

Kenya's President Uhuru Kenyatta. Photo©Noor Khamis/ReutersKenya's President Uhuru Kenyatta signed into law on Wednesday a bill capping commercial bank lending rates, saying banks had in the past failed to live up to pledges to lower their rates when parliament tried to introduce caps.

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Investors dump shares of Nigerian banks after foreign exchange trade suspension

Photo©Victor R. Caivano/AP/SIPAInvestors sold shares in Nigerian banks on Wednesday, a day after the central bank suspended nine lenders from foreign exchange transactions for failing to remit money owed to the government.

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Nigeria central bank suspends nine banks from foreign exchange market

Photo©Sunday Alamba/AP/SIPANigeria's central bank has suspended nine banks from the interbank currency market for failing to remit money owed to the government, according to banking sources.

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Nigeria central bank says Skye Bank safe, no need for panic withdrawals

Photo©Sunday Alamba/AP/SIPANigeria's central bank is seeking to reassure Skye Bank depositors that the lender is safe and there is no need for them to rush to withdraw their funds in response to speculation that it has liquidated the bank, it said late on Wednesday.

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Kenya's central bank warns lenders over misuse of credit bureaus

Kenya Central Bank Governor Patrick Njoroge. Photo©ReutersKenya's central bank threatened commercial banks with legal action if they submit inaccurate or incomplete data to credit reference bureaus. Kenyan banks have come under fire in recent weeks for the high costs they impose on borrowers.

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Mobile banking growth boosts Co-op Bank Kenya's earnings

Kenya is renowned for M-Pesa. Photo© Sayyid Abdul Azim/AP/SIPAIncreased mobile and internet banking helped Co-operative Bank of Kenya increase its pretax profit in the first half of 2016 by 19 percent to 10.45 billion shillings ($103.08 million), the lender said on Wednesday.

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Egypt's EFG Hermes posts loss due to tax on Credit Libanais sale

New headquarters of Egypt-based investment bank EFG-Hermes. Photo©Asmaa WaguihEgypt's EFG Hermes, the country's largest investment bank, posted a second quarter net loss of 67.55 million Egyptian pounds ($7.6 million) due to extraordinary tax charges linked to its sale of shares in Crédit Libanais.

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Banking: Kenyan banks pledge to cut lending rates

Photo©Thomas Mukoya/ReutersKenyan lenders promised on Wednesday to cut loan rates by 100 basis points immediately, part of measures to lower borrowing costs and see off the threat of a legislative cap on rates.

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Uganda central bank warns of "debt distress" if oil revenues delayed

Uganda could face "debt distress" in as little as two years if a start to oil production is delayed further, after ramping up its foreign borrowing in recent years.

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Moroccan and Dubai banks interested in Barclays Egypt sale - sources

Photo©Reuters/Suzanne Plunkett/File PhotoBarclays has begun a formal process to sell its Egyptian unit, with at least two banks from the Middle East and North Africa region expressing interest in the business, sources familiar with the matter said on Tuesday.

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Zimbabwe battles cash woes as people reject alternative currencies

Photo©Victor R. Caivano/AP/SIPAThe Reserve Bank of Zimbabwe (RBZ) has commissioned a survey to quantify the usage of currencies under the multi-currency regime a the country continues to battle a liquidity crunch seven years after it abandoned its own currency.

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Ghana: Barclays pledges $93 million for African youth development

File photo©Kirsty Wigglesworth/AP/SIPABarclays Africa has expressed commitment to drive Africa's economic growth agenda through a shared growth strategy by pledging to spend $93 million to improve education access and skills development of the youth.

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Nigeria monitoring "one or two" other lenders after Skye Bank's capital problem

A road safety officer stands in front of a Central Bank of Nigeria building, following an explosion that killed some workers and injured many, in Calabar, Nigeria March 11, 2016. REUTERS/StringerNigeria's central bank is monitoring one or two commercial lenders for liquidity after Skye Bank failed to meet prudential ratios, prompting it to replace its top executives this week, the director of banking supervision said on Friday.

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Nigeria: Banking industry remains 'strong' - Central Bank

Photo©Sunday Alamba/AP/SIPANigeria's central bank said on Wednesday the country's banking industry is "strong", a statement aimed at calming fears about the sector just days after it replaced the chairman and chief executive of one of the country's financial institutions.

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Seychelles to set up company ownership registry in transparency drive

The Financial Action Task Force, a global body that recommends policies to combat money laundering and corruption, has called for nations to make it easier to trace beneficial owners. File photo©Wietske Visser/AP/SIPASeychelles will legislate this year for a central registry to record ownership of offshore companies, a move to meet new international standards that seek to counter money laundering, the finance minister said.

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Egypt bans use of debit cards abroad amid hard currency shortage

Photo©Gene J. Puskar/AP/SIPAEgypt has ordered banks to stop clients from using their Egyptian pound account debit cards abroad, a central bank official said on Wednesday, a move to combat the country's acute foreign currency shortage.

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Angola's central bank sanctions seven banks for breach of forex rules

Photo©AP/SIPAAngola's central bank said on Tuesday it will sanction seven financial institutions for failing to comply with foreign exchange rules, but did not state the specific breaches or the sanctions it would take.

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Pan-African lender Ecobank may close some operations

Photo©Emanuel Ekra/AP/SIPAEcobank is reviewing its expansion strategy following a decline in profits and may pull out of some African countries to focus on its most promising markets, chairman Emmanuel Ikazoboh told Reuters.

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Nigeria's launches market-driven interbank trading system: cenbank governor

Photo©Wietske Visser/AP/SIPANigeria's central bank will launch a foreign exchange interbank trading window on Monday to boost the supply of hard currency in Africa's biggest economy, its governor said on Wednesday.

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Nigerian banks bleed jobs amid govt outcry

Central Bank of Nigeria (CBN) governor Godwin EmefieleNigerian banks reeling from a worsening economic crisis have retrenched at least 1 415 employees in recent months, a development that has alarmed the country's central bank.

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