Collaboration between microfinance banks and telcos in rolling out products and services that boost financing of micro small and medium Enterprises (MSMEs) is imminent, financial sector players say.Microfinanciers are being considered to have an important role to play in financing MSMEs that will power Kenya’s take off and improve the quality of lives through creation of goods and employment.There are about 13 microfinance banks, which are licensed by the Central Bank of Kenya (CBK).Considering the trends of mobile phone penetration in Kenya, the market is expecting more exciting products t
DATE: 27 Sep 2017SOURCE: BBCGoogle has launched a mobile payments app in India that will work on both Android and Apple smartphones.Tez allows users to make money transfers to each other and to buy goods from physical stores and mobile websites.
Before he cofounded Morakot, a banking and loan management platform for microfinance institutions (MFIs) in Cambodia, Sophorth Khuon worked in microfinance himself. So he knew firsthand the challenges MFIs face when it comes to loan distribution and management.“Less than 5% of microfinance institutions in Cambodia could afford standard microfinance software, and most of the software was designed for a bank and not for microfinance institutions,” Khuon said.
KARACHI: The State Bank of Pakistan (SBP) on Monday asked microfinance banks to improve automation of their compliance processes in a bid to minimise money laundering/terrorist financing and other related risks, a circular said. The central bank said that microfinance lenders must make use of biometric technology at the branch level for instant verification of particulars of prospective customers.
The management of Eko Electricity Distribution Company (EKEDC) on Thursday warned residents under its network to stay away from falling electric poles and equipment as the rainy season begins. Mr Godwin Idemudia, the General Manager, Corporate Communications Unit of the company, gave the warning in an interview in Lagos. According to him, cases of fallen poles and cables are rampant during the rainy season and residents need to caution their children and wards against touching any electricity cables.
Call for National Broadband Fibre providerWith 18 months left for the realisation of the Federal Government’s 2018 broadband target, which hopes to deepen penetration by 30 per cent, and make Internet access available by as much as 80 per cent in Nigeria, operators have expressed pessimism about this projection coming to pass.In an interview with The Guardian, last month, the Senior Special Assistant to the President on ICT, and Senior Personal Assistant to the Vice President, Lanre Osibona, put broadband penetration at 21 per cent.However, telecoms operators noted that not