Nigerian experts commend BoG for strong Non-Interest Banking guidelines
Ghana’s journey towards establishing an alternative finance ecosystem, particularly in interest-free banking, has spanned several decades. The evolution of this system has been fueled by the efforts of various interest groups, which have led to the formation of clear policy frameworks. A significant milestone in this development occurred on December 9, 2024, when the Bank […]
Banking Groups Ask Congress to Oppose Credit Card Competition Act
Concerns Over Credit Card Competition Act Expansion Eleven banking and credit union organizations have urged lawmakers to dismiss any efforts to broaden the Credit Card Competition Act (CCCA) and the Durbin Amendment. In a statement released on January 22, the groups emphasized that “Payment card systems are convenient, secure, and essential to the American economy.” […]
UBS is exploring the option of providing crypto trading via its private banking services.
UBS to Launch Virtual Currency Trading Major Swiss bank UBS is reportedly gearing up to offer virtual currency trading, responding to increased interest from affluent clients. Bloomberg notes that UBS has been exploring potential partnerships for its cryptocurrency initiative for several months, although no final decisions have been made, according to anonymous sources cited on […]
Introducing Jim Ovia: the ex-Barclays employee who grew $5 million into a $3.3 billion banking empire
Zenith Bank’s Journey through Jim Ovia’s Vision When Jim Ovia established Zenith Bank in 1990, Nigeria was grappling with a frail banking system. Most banks lacked adequate capitalization and efficient management, often relying on short-term foreign transaction fees and rigid hierarchies. He stepped onto this stage following a financial liberalization program in 1986, which welcomed […]
Banking malware spreads automatically through WhatsApp Web contacts
A recent campaign is targeting WhatsApp Web with new malware that is spreading via chat messages. Security experts have identified banking Trojans associated with the Astaroth malware, which propagate automatically, making them particularly challenging to halt once an assault starts. This operation, dubbed Boto Cor-de-Rosa, illustrates the evolving tactics of cybercriminals as they exploit widely […]
US Senate Banking postpones cryptocurrency legislation following objections from Coinbase CEO
Senate Committee Delays Crypto Bill After Coinbase CEO’s Opposition On January 14, the U.S. Senate Banking Committee announced it would delay its review of a proposed cryptocurrency regulatory framework. This decision came just hours after Brian Armstrong, CEO of Coinbase, publicly opposed the bill. The legislation, introduced earlier in the week, seeks to clarify whether […]
Banking shares decline as investors grow uneasy about Trump’s suggestion for a one-year 10% limit on credit card interest.
Trump’s Credit Card Rate Cap Proposal Sends Banks into a Tailspin President Trump’s recent suggestion to limit credit card interest rates to 10% for a year shocked Wall Street, resulting in a decline in bank stocks as investors reacted to the threat to a key revenue source for the industry. By midday Monday, shares of […]
Ripple Supports Bank of New York’s Move Towards Tokenized Banking
BNY Mellon Introduces Tokenized Deposit Service for Institutions Bank of New York (BNY) Mellon has rolled out a new tokenized deposit service that enables institutional clients to swap cash for digital tokens. This move seeks to engage major players in the cryptocurrency realm, including Ripple and Circle, using a private blockchain to expedite cash transfers. […]
Bank of Palestine gets preliminary approval for complete banking license from ADGM
Bank of Palestine Expands Globally with Approval for Banking License The Bank of Palestine, with ambitions to reach the global Palestinian diaspora, has secured preliminary approval for a full banking license from the Abu Dhabi Global Market (ADGM), which is known as a financial hub in Abu Dhabi. According to a statement released by the […]
Russian official cautions that a banking crisis may occur due to nonpayments. ‘I hope we won’t have to consider a continuation of the war or an escalation.’
Strains on Russia’s Financial System Amid Ukrainian Conflict As the war between Russia and Ukraine seems to be nearing its end after four years, there are growing concerns about the stability of Russia’s financial system. This weekend, the White House is trying to initiate peace discussions with Ukrainian President Volodymyr Zelenskiy, who is expected to […]