Connect with us

Business

Barclays CEO orders freeze on new safe deposit boxes

Published

on

Loading...

[ad_1]

Companies

Barclays CEO orders freeze on new safe deposit boxes

Jeremy Awori
Barclays Bank of Kenya (BBK) chief executive Jeremy Awori. FILE PHOTO | NMG 

Barclays Bank Kenya #ticker:BBK has put a freeze on new safe deposit boxes services as investigations into Sh2 billion worth of fake dollars found at its Queensway Branch in Nairobi continue.

In a statement Thursday, Barclays Kenya CEO Jeremy Awori said a review of the current safe deposit boxes is also under way following Tuesday’s raid by Directorate of Criminal Investigations (DCI) detectives.

“Whilst we have operated the safe deposit box service in line with local and global regulatory requirements, we recognise the emergence of new financial crime risks associated with the use of this service. Therefore, as an extra precaution, we have taken a decision not to take any new safe deposit boxes,” said Mr Awori.

The discovery of fake currency inside the bank’s vaults raised questions on the lenders’ oversight over the safe deposit boxes.

Loading...

Another box said to contain fake gold was impounded at the same Barclays branch on Wednesday, also registered under the name of Erick Adede, the main suspect in the scam.

He is accused alongside Mr Ahmed Shah, Ms Irene Wairimu Kimani and Ms Elizabeth Muthoni.

The four suspects, who were presented in court Thursday, were remanded in custody for a further five days to allow detectives to complete their investigations.

The police applied to detain the four for a further 10 days as they seek to crack the case.

Two Barclays staff who were on Tuesday arrested alongside the four have since been released and are assisting in the investigations, Mr Awori said in the statement.

“We have robust processes to ensure that all currency dispensed over our counters and ATMs is genuine and that items held in safe deposit boxes are separate from the bank deposits.”

The bank also called in sniffer dogs experts at its storage vaults to confirm that there is no threat posed by the items contained in the safe deposit boxes.

Banks do not normally check the contents of the boxes, which can only be accessed in the presence of the owners.

They are popular with people looking for safe custody of vital documents or valuables such as jewellery.

Banking regulations, however, criminalise keeping of illegal items such as counterfeit banknotes in a personal safe deposit box.

[ad_2]

Source link

Loading...
Continue Reading

Business

World Bank pushes G-20 to extend debt relief to 2021

Published

on

Loading...

World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

Loading...

People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

Loading...
Continue Reading

Business

Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

Published

on

Loading...

The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

Loading...

Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

Loading...
Continue Reading

Business

Scope Markets Kenya customers to have instant access to global financial markets

Published

on

Loading...

NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

Loading...

The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

Advertisement. Scroll to continue reading.

Loading...
Continue Reading

Trending