Banking | - Part 106

Kenyan Lawmakers Escalate Battle Against Banks to Cap Rates

NAIROBI, Kenya, Capital Markets in Africa: Kenyan lawmakers are threatening to overrule President Uhuru Kenyatta if needed to force the country’s banks to lower their lending rates. The country’s parliament on July 28 approved a bill that will limit the amount of interest banks can charge on loans, with the proposal only needing Kenyatta’s signature to become law. The proposals jolted lenders into signing a memorandum of understanding with the Central Bank of Kenya that commits them to…

Kenya Banks Commit to Cutting Rates After Lawmakers Threaten Cap

Posted on by The Editorial Team

NAIROBI, Kenya, Capital Markets in Africa: Kenyan banks committed to lowering commercial lending rates after lawmakers proposed imposing a limit on how much interest lenders can charge. Lenders in East Africa’s biggest economy signed a memorandum that sets out measures to boost lending, including allocating 30 billion shillings ($295 million) to small- and medium-sized enterprises and women at concessionary rates, Lamin Manjang, chairman of the Kenya Bankers Association said Wednesday. Banks will also enhance their business…

Nigerian Central Bank Gives Lenders Forbearance on Bad Loans

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LAGOS, Nigeria, Capital Markets in Africa: The Central Bank of Nigeria granted lenders permission to write off any fully provided non-performing loans without waiting for the full year required by regulations, as authorities seek ways to boost lending and avert a recession in Africa’s biggest economy. The decision follows a request by banks for an amendment to the rule that requires lenders to retain bad debt in their books for 12 months before they are…

Time Kenyan Banks Made ‘Down Payment’ on Rates, Njoroge Says

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NAIROBI, Kenya, Capital Markets in Africa: Kenyan banks need to lower their “remarkably high” interest rates and make a “credible down payment” to borrowers, central bank Governor Patrick Njoroge said. While a proposed law limiting how much lenders can charge for loans is misguided, banks still need to do more to cut their rates so the benefits of a well-functioning financial system reaches customers, he said in a statement published on the central bank’s website. Lawmakers in…

Egyptian Stocks Rise as Investors Prepare for Pound Devaluation

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CAIRO, Egypt, Capital Markets in Africa: Egyptian stocks rallied to the highest level in more than a year as investors increased their holdings on bets that a currency devaluation would lure foreigners to the nation’s assets. The EGX 30 Index advanced 1.9 percent, the most in the world among more than 90 indexes tracked by Bloomberg globally after Argentinian equities. Commercial International Bank Egypt, the country’s biggest listed company, climbed to a record and was the biggest contributor to the gauge’s gains….

Nigeria |FCMB Forecasts Weaker Second Half as Nigerian Economy Shrinks

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LAGOS, Nigeria, Capital Markets in Africa: FCMB Group Plc, a Nigerian lender, said earnings will come under pressure in the second half as it sets aside more money for loan losses to cope with a Nigerian economy headed toward a recession. Profit in the six months through December will probably be weaker than the first half “in view of operating environment challenges and our decision to step up impairment charges,’’ the Lagos-based lender said in…

Egypt’s $12 Billion IMF Talks: A Guide to What to Expect

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CAIRO, Egypt, Capital Markets in Africa: Egyptian officials are holding talks in Cairo with the International Monetary Fund over a loan to help finance the government’s economic program. Egypt is seeking $12 billion over three years. The most-populous Arab country has had a tumultuous relationship with the IMF since the 2011 uprising that ousted Hosni Mubarak, turning down two initial loan accords. Some of the topics likely to be discussed — new taxes, cuts to…

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