ila Bank Bahrain 🇧🇭 ila Bank introduces bespoke ‘International Spend’campaign with monthly cash prizes totalling BHD 60,000 https://lnkd.in/dUWnsyAK #ilaBank #Bahrain
ila Bank’s Post
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Looking for information on the RPAA - what your business might need to do in preparation? The Bank of Canada has a webinar scheduled for Dec 13
Retail payments supervision: Upcoming events
bankofcanada.ca
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Oman records fewer bounced cheques as e-payments gain popularity MUSCAT: The phenomenon of bounced cheques – a serious legal offence in the Sultanate of Oman – continues to track downward in significant part because of the increasing popularity of digital payment systems for effecting transactions. According to the Central Bank of Oman (CBO), around 362,000 cheques fell in the category of ‘bad’ or ‘dud’ cheques in 2023, primarily because of insufficient funds in the customer’s bank account. This compares with around 387,000 cheques that bounced in 2022, representing a 9.8 per cent decline year-on-year. Read more: https://lnkd.in/dMr58XUi Central Bank of Oman Ministry Of Economy Oman Ministry of Finance - Oman #Cheques #BouncedCheques #EPayment #ECommerce #Oman #OmanBiz
Oman records fewer bounced cheques as e-payments gain popularity
omanobserver.om
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For newcomers, particularly Westerners, the UAE’s banking landscape can initially seem confusing. Our latest article covers the main types of banks in the UAE to get you up to speed with some of the new concepts you’ll encounter there: https://lnkd.in/dekNiDwc Below is a shortened version. For starters, there are different types of banks in the UAE: - Commercial Banks: Offer financial services for individuals and corporations. These are the banks most similar to Western financial institutions. - Investment Banks: Focus on large-scale financial transactions for corporations, governments, and high-net-worth individuals. - Industrial Banks: Support sectors like manufacturing and construction with project financing and equity investments. - Islamic Banks: Operate on Sharia principles, offering interest-free banking and ethical financing. Unique Features of UAE Banks - Banks generally follow the operating hours of government institutions, typically opening from 08:00 to 15:00, while ATMs remain accessible 24/7. - The UAE Central Bank enforces a rigorous Know Your Customer (KYC) procedure to verify clients' information and counter money laundering. - Specific Free Zones such as DIFC and ADGM operate with autonomous regulatory bodies distinct from the Central Bank. If you're new to the UAE, it's a good idea to familiarize yourself with the banking system ahead of time. Check out our article for a deeper dive into the banking scene in the UAE: https://lnkd.in/dekNiDwc #UPPERSETUP #uaebusiness #uaebanking
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A Sales Professional who believes in building strong relationships with customers and providing value that exceeds their expectations.
This is worth emulating in Ghana,there should be a framework to see to how banks partner with fintech companies in the country to avoid the unnecessary competition and maximize gains for both parties.
Tier-1 Nigerian Banks Rake N392 Billion in E-Payments Transaction in 2023 Nigerian Tier-1 banks have collectively generated N392 billion from electronic business in 2023, driven by a surge in cashless transactions. The top five banks contributing to this figure include Access Bank Plc, Zenith Bank Plc, GTCO Holdings, FBN Holdings, and United Bank For Africa (UBA). In the latest full-year financial report, UBA emerged as the leader in electronic business revenue, amassing N125.5 billion—a 59% increase from N78.9 billion in 2022. Read more👇 #Nigerianbanks #epaymenttransactions #mobilepayments #fintech #financialinclusion FELIX EMENIKE EJINWA John Mbaya, FRR® Thomas Tanyi Faith Nwachi Naomi Inyang Quadril Adebukola Adeniran Finnih Gabriels Jacqueline Udo Uchenna Onyena, MBA. Maria Umoren, MBA (Cantab) Geoffrey Kimani Geoffrey M Gichure Thomas Tanyi
Tier-1 Nigerian Banks Rake N392 Billion in E-Payments Transaction in 2023
https://fintechmagazine.africa
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Continuing the Discussion on Unfair Banking Practices in Sri Lanka In my previous post, I was under the impression that HNB was the only bank implementing blind charges on customers. Unfortunately, this issue extends across all banks in Sri Lanka. This raises a critical question: why are these charges not regulated by the Central Bank of Sri Lanka, which falls under the purview of the Finance Ministry headed by Mr. Ranil Wickremesinghe Some argue that it is acceptable for private banks to impose these charges. However, banks can diversify capital raised from deposits into various streams—such as lending, treasury, and investment banking—to post higher profits, rather than imposing hefty charges on retail banking customers. While some might claim that the interest earned on deposits justifies these charges, the reality is stark. Annual interest rates are around 2-3%, further reduced by a 5% withholding tax. You can deposit any amount in the bank without charges, but withdrawing below LKR 200,000 incurs a fee of LKR 50. ATM withdrawals cost LKR 5 each. To withdraw our own money, we face multiple fees: card issuing, minimum balance, digital banking app, account closing, and now an annual debit card fee. These charges erode any interest earned, making it seem like we are losing, not saving. Banks have already increased their profits by cutting staff and pushing customers towards digital banking. The money saved through these efficiencies could be returned to customers without imposing additional charges. Is your inability to recover non-performing loans (NPL) due to Supreme Court injunctions against parate actions towards large corporates driving you to exploit retail banking customers? Is the legal system suppressed by political turmoil? Can the Attorney General intervene to resolve issues with relevant corporates, rather than burdening poor customers? Can the Finance Minister and the Central Bank Governor Mr.P Nandalal Weerasinghe regulate these charges to make banking fair for all customers? To all banks tagged below, please take these concerns seriously. Corporate bankers who set these regulations and charges to post higher profits, remember that after retirement, you too will be affected by the practices you established. You will struggle in your retirement, facing the very same unfair charges. Meanwhile, shareholders and executives will continue to enjoy profits and benefits for a lifetime. I urge all bankers to be wise in your decisions. Consider the long-term impact on your customers and yourselves. #Banking #CustomerRights #UnfairCharges #SriLanka #CorporateGovernance #BankingRegulation #BankingScam #ProtectConsumers Hatton National Bank PLC Commercial Bank of Ceylon PLC Sampath Bank DFCC Bank PLC National Development Bank PLC (NDB) Nations Trust Bank PLC Seylan Bank PLC SDB bank Pan Asia Banking Corporation PLC Amana Bank HDFC Bank Sri Lanka Union Bank of Colombo People's Bank Sri Lanka National Savings Bank
When Did Hatton National Bank PLC Become a Stealing Bank? When did Hatton National Bank PLC (HNB) become a bank that steals from its customers? Since the appointment of the new CEO, Mr. Damith Pallewatte FRM, FCMA, CGMA, the bank has vigorously changed some tariff charges and introduced new ones, essentially stealing from customers to post profits. HNB is ripping off its customers with these new tariffs. Initially, the bank forced digitalization and is now heavily charging for e-banking/mobile banking services. The charges have been revised to LKR 700/= annually, billed biannually. I also saw another recent deduction of LKR 350/= for debit card annual fees in addition to the standard one-time card issuing fee of LKR 300/=. This card charge was never in place earlier—why is it there all of a sudden? What are these additional new fees and charges on top of the one-time fees? Why isn’t the Central Bank of Sri Lanka (CBSL) looking into these kinds of thefts by private banks? Is the new CEO trying to impress the board of directors by posting high profits at the expense of customers? This is incredibly unfair to customers. As a customer and shareholder, I am concerned that HNB is planning to lose its customer base by targeting only corporate customers, pushing the rest to leave the bank. I question the Finance Minister, who is also the President of the country, Mr. Ranil Wickremesinghe the Governor of CBSL, Mr. P Nandalal Weerasinghe, Chairman HNB PLC Nihal Jayawardene and the Board of Directors of Hatton National Bank PLC on this outrageous move by the bank's corporate governance. #Banking #CustomerRights #UnfairCharges #HNB #SriLanka #CorporateGovernance #BankingRegulation #FinancialEthics #BankingScam #RipOff
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When Did Hatton National Bank PLC Become a Stealing Bank? When did Hatton National Bank PLC (HNB) become a bank that steals from its customers? Since the appointment of the new CEO, Mr. Damith Pallewatte FRM, FCMA, CGMA, the bank has vigorously changed some tariff charges and introduced new ones, essentially stealing from customers to post profits. HNB is ripping off its customers with these new tariffs. Initially, the bank forced digitalization and is now heavily charging for e-banking/mobile banking services. The charges have been revised to LKR 700/= annually, billed biannually. I also saw another recent deduction of LKR 350/= for debit card annual fees in addition to the standard one-time card issuing fee of LKR 300/=. This card charge was never in place earlier—why is it there all of a sudden? What are these additional new fees and charges on top of the one-time fees? Why isn’t the Central Bank of Sri Lanka (CBSL) looking into these kinds of thefts by private banks? Is the new CEO trying to impress the board of directors by posting high profits at the expense of customers? This is incredibly unfair to customers. As a customer and shareholder, I am concerned that HNB is planning to lose its customer base by targeting only corporate customers, pushing the rest to leave the bank. I question the Finance Minister, who is also the President of the country, Mr. Ranil Wickremesinghe the Governor of CBSL, Mr. P Nandalal Weerasinghe, Chairman HNB PLC Nihal Jayawardene and the Board of Directors of Hatton National Bank PLC on this outrageous move by the bank's corporate governance. #Banking #CustomerRights #UnfairCharges #HNB #SriLanka #CorporateGovernance #BankingRegulation #FinancialEthics #BankingScam #RipOff
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This is a huge leap towards transparent interchange in the UAE. PSPs and acquirer banks will benefit from the recent regulation changes to interchange fee rules. Learn more about these updates here: https://lnkd.in/d-tPiNwZ
Understanding the new UAE regulation changes to Interchange Reimbursement Fees (IRF)
adyen.com
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🚀 𝗥𝗶𝘀𝗲 𝗼𝗳 𝗜𝗻𝘀𝘁𝗮𝗻𝘁 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗠𝗶𝗱𝗱𝗹𝗲 𝗘𝗮𝘀𝘁 🌟 Real-time payments are rapidly becoming the backbone of modern economies in the Middle East. With governments rolling out real-time payment systems, both businesses and consumers are reaping substantial benefits. 📈 The region experienced an impressive 33.6% YoY growth in 2023, with 855 million real-time #payment transactions. This figure is anticipated to reach 3 billion by 2028, with a CAGR of 28.8% from 2023-2028. 💰 With all six #GCC member states now operating real-time payment programs, the transaction value in the Middle East is expected to surge from $230 billion in 2023 to $903 billion by 2028. 𝗛𝗲𝗿𝗲'𝘀 𝗮 𝘀𝗻𝗮𝗽𝘀𝗵𝗼𝘁 𝗼𝗳 𝗸𝗲𝘆 𝗶𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲𝘀 𝗮𝗰𝗿𝗼𝘀𝘀 𝘁𝗵𝗲 𝗿𝗲𝗴𝗶𝗼𝗻: 🇸🇦 𝗦𝗮𝘂𝗱𝗶 𝗔𝗿𝗮𝗯𝗶𝗮: The 𝗦𝗮𝗿𝗶𝗲 system was launched in April 2021. It is managed by the Saudi Central Bank – SAMA and SAUDI PAYMENTS. Sarie enables instant transfers between domestic bank accounts. 🇧🇭 𝗕𝗮𝗵𝗿𝗮𝗶𝗻: The Central Bank of Bahrain Bank of Bahrain’s 𝗙𝗮𝘄𝗿𝗶+ service allows for instant, 24/7 transfers between bank accounts, up to BD 1,000 per day. 🇦🇪 𝗨𝗔𝗘: The new 𝗔𝗮𝗻𝗶 platform, introduced by the Central Bank of The UAE (CBUAE), is set to transform digital transactions within the country. 🇴🇲 𝗢𝗺𝗮𝗻: The Central Bank of Oman (CBO) unveiled a 24/7 𝗥𝗧𝗚𝗦 system in June 2023, offering instant fund transfers between participating banks and financial institutions, even on holidays and outside regular banking hours. 🇰🇼 𝗞𝘂𝘄𝗮𝗶𝘁: The Kuwait Automated Settlement System for Inter-participant Payments (𝗞𝗔𝗦𝗦𝗜𝗣), managed by the Central Bank of Kuwait, supports real-time processing of both high-value and low-value transactions. 🇶🇦 𝗤𝗮𝘁𝗮𝗿: In March 2024, the Qatar Central Bank launched 𝗙𝗮𝘄𝗿𝗮𝗻, a real-time payment system that allows individuals and businesses to send and receive money instantly within the country. #RTP
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Bridging the Information Gap Between Nigerian Banks and their Customers ---------------------++++-+++++-----+--- Deposit money banks are not so popular with the banking populace. Some of the complaints bother on exorbitant transactions charges. In some other instances it's the case of information gap. Example will suffice: 1. Customers who borrow from deposit money banks hardly take account of interest, fees and commissions. The same personal customer will not complain when PoS operators charge him or her N300 on a N5,000 withdrawal. 2. Bank loans are seen as a piece of the national cake distributed free of charge to deserving nationals. *Required* 1. Banks should display their Bankers Tariffs on both deposit and lending transactions in the banking halls. 2. Total cost and or charges on loan contracts should be clearly spelt out in the offer letter. 3. Deposit money banks should incorporate the following statements in the loan offer letters: I, "Customers taking a loan in excess of N1 Million are encouraged to seek professional service of Lawyers, Chartered Bankers and Accountants." II, "Our interest rates and charges are within the range permissible by law or as specified by the CBN." III, "Our bank will not be held liable for any error of judgment on the part of the borrower." The above loan clauses will save the banker from further litigations and prevent granting loans to undeserving customers. #banks #bankers #banking #cbn #cibn
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ruya, a new modern Islamic bank, has announced its plans to start operating in the UAE. Their first banking center and main office will be in Ajman, in the Marsa area. Ruya aims to combine advanced technology with the principles of Islamic finance to serve the needs of individuals and businesses. They are licensed by the Central Bank of the UAE as a specialized bank. Ruya wants to offer easy-to-use digital banking that's secure and well-designed. The name 'ruya' comes from the Arabic word for 'vision' or 'foresight.' The Islamic finance industry is growing worldwide, with over Dh16.5 trillion in assets in 2022, and it's expected to reach Dh24.5 trillion by 2027. In the UAE, Islamic banking assets make up 23% of total banking assets, making it the fourth largest Islamic finance market in the world. In 2023, the Higher Shariah Authority issued guidance for sustainability in Islamic financial institutions in the UAE. This aligns with a trend towards more ethical consumerism, making Islamic banking products more appealing. A Deloitte report found that 71% of consumers would prefer a bank with a positive social impact. Ruya's chairman, Naser Mohamed Almur Al Zaabi, expressed excitement about launching in the UAE and their commitment to supporting communities. They chose Ajman as their base to serve the whole UAE. Marwan Obaid Al Muheiri, vice chairman of Ruya, described Ruya as a new style of Islamic bank, meeting the demand for ethical, convenient, and digital-first banking solutions. They'll have user-friendly apps and open-door branches serving as community centers, promoting financial literacy and inclusivity. Ruya's branches, called Community Centers, will encourage informal interactions between customers, community members, and the bank. Each branch will have a dedicated Community Manager to engage with the local community. #UAE #Bank #branch #customers #finance #technology
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