South Africa Bank: ‘Crypto Is Not Currency’

Reactions to cryptocurrencies have been mixed across the world. While countries like El Salvador have embraced bitcoin and classified the marquee cryptocurrency as legal currency, others like India and China have been more measured in their approach — or downright hostile toward the virtual currencies.

Read more: Adults in El Salvador Get $30 in Crypto Ahead of Bitcoin Legalization

South Africa is one of the countries to recently affirm its national position on the fate of digital currencies, following remarks by the Governor of the South African Reserve Bank (SARB) Lesetja Kganyago, as reported on Monday (Aug. 30).


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Jury Convicts Two Former Wall Street Bank Traders of Wire Fraud | OPA

A federal jury convicted two men for engaging in a multi-year fraud scheme to manipulate U.S. commodities markets for publicly traded precious metals futures contracts.

According to court documents and evidence presented at trial, Edward Bases, 59, of New Canaan, Connecticut, a former senior trader employed at Deutsche Bank and Bank of America in New York, and John Pacilio, 57, of New York, New York, a former senior trader employed at Bank of America and Morgan Stanley in New York, fraudulently pushed market prices up or down by routinely placing large “spoof” orders in the precious metals futures markets that

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Biden to call for greater bank merger scrutiny, customer control of financial data

President BidenJoe BidenAlabama military base orders troops to show vaccination proof amid increased COVID-19 cases Arizona’s Maricopa County approves M for new vote-counting machines On The Money: Democrats reach deal on .5T target | Biden rallies Democrats: ‘We’re going to get this done’ MORE on Friday will ask bank regulators to adopt tighter standards for approving mergers and allow customers to download their financial transaction data from banks.

Biden is set to sign a sweeping executive order intended to boost competition within the U.S. economy, the White House announced Friday. The order includes two provisions intended to slow consolidation

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White House to target bank mergers, financial data with competition order

By Nandita Bose and Michelle Price 

  WASHINGTON (Reuters) – President Joe Biden’s planned executive order to promote greater U.S. competition will target bank mergers by pushing the Federal Reserve and the Department of Justice to update merger guidelines and increase scrutiny of deals, according to a source familiar with the matter. 

  It will also ask the Consumer Financial Protection Bureau (CFPB) to issue rules giving consumers full control of their financial data to make it easier for customers to switch banks, the source said. 

  The planned order, which is expected to be signed by Biden on Friday, is likely to

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Access Bank to roll out more digital loans

By Taofik Salako, Deputy Business Editor

After giving N100 billion in loans to some four million beneficiaries, Access Bank Plc plans to surpass its 2020 record as the bank pushes out more digital loans.

In furtherance of its digital loans plan, bank has launched the Diamond Business Advantage (DBA) Lite to address the challenges of accessing digital loans for youth entrepreneurs.

Speaking during the launch of the product in Lagos, Executive Director, Access Bank Plc, Retail Banking, Victor Etuokwu, said entrepreneurship is essential for the growth of any nation.

He said that the new product is a variant of DBA

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Bank of Industry disbursed loans worth N969.7 billion since 2015

The Bank of Industry (BoI) has revealed that it has disbursed nearly N1 trillion worth of loans since 2015 to support several businesses.

This was disclosed by the BoI Deputy Head, Business Development, Mrs Aderonke Akinluyi at a webinar organised by the Lagos Chamber of Commerce and Industry (LCCI) on Tuesday, where she stated that the Bank disbursed loans valued at N969.7 billion between 2015-2020.

According to the News Agency of Nigeria, Akinluyi revealed that the funds were disbursed to over three million Micro, Small and Medium Enterprises (MSMEs) and 653 large enterprises between the period, creating 6.98 million direct

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Kenya gets $750 million World Bank loan to help recovery from COVID-19 effects

By Duncan Miriri

NAIROBI (Reuters) – Kenya has received a $750 million loan from the World Bank to support its budget and help the East African economy recover from the effects of the COVID-19 pandemic, the multilateral lender said on Friday.

The Kenyan government has been pushing hard to secure foreign funding to fill a wide budget deficit before its financial year closes at the end of this month.

The $750 million disbursement is part of World Bank’s Development Policy Operations (DPO), which lends cash for budget support instead of financing specific projects.

The bank said some of the funds

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Bank vs HFCs: Find out lowest home loan rates for loan above Rs 75 lakh

If you are planning on taking a home loan worth more than Rs 75 lakh, then most lenders will offer you their best services, but it will be hard work for you to get the lowest possible interest rate. Scouting for the lowest possible interest rate on a home loan, especially one that is above Rs 75 lakh bodes well for the borrower, as this can result in huge savings.

Even if you are an existing borrower with a high value home loan outstanding above Rs 75 lakh and paying a higher interest rate you can very well find a

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Chinese Bank Chiefs Urge Gradual Pullback of Financing to Coal

China should take a gradual approach pulling back financing to high-emission industries in order to avoid credit risks, state bank chiefs said Saturday.

Financial institutions need to support coal and steel companies to upgrade their technology to reduce emissions, even as they stop financing any further expansion of capacity, said Zhou Xuedong, executive vice president at China Development Bank, at a panel during the International Finance Forum in Beijing.

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“These [high-emission] industries have significant outstanding credit, and an exit of financing that’s too fast could lead to the deterioration of bank

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