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Company Face-Off: Banking Stalwarts $MAYBANK vs $CIMB vs $PBBANK Let's dive into the comparison between $MAYBANK, $CIMB and $PBBANK, three of the biggest banks in Malaysia. Over the past year, the banking industry has had its fair share of catalysts and challenges— rising interest rates, liquidity crises, economic slowdowns, and shaky confidence in the banking structure. In Malaysia, local banks have much stricter credit controls compared to the West, thanks to BNM’s regulations. Would you invest in our local banks? If you had to pick just one, which would you bank on? Let’s discuss more on stockbit.my! Join the discussion here:  https://lnkd.in/gp_2_dw6 Download our dedicated Malaysian app here: Web: https://stockbit.my iOS: https://lnkd.in/gWt8ZwKV Android: https://lnkd.in/gHEJr_J9 #stockbit #startwithstockbit #bursa #klse #klci #stockmarket #saham #investment #community #investors #stockbitMY

Malaysia’s pioneering digital bank, #GXBank, unveils an enticing offer for its Savings Pockets clientele: a 5% per annum daily interest rate from April 10th to May 9th as part of its #Raya campaign. This limited-time promotion targets both new and existing customers, encouraging them to bolster their savings without the rigidity of fixed deposit lock-in periods, thus offering enhanced liquidity and flexibility. In contrast to conventional fixed deposit accounts, GXBank's Savings Pockets enable customers to withdraw funds at any juncture, ensuring they retain accrued interest. This initiative seeks to bolster the financial well-being of #Malaysians during festive seasons, facilitating the fulfillment of obligations while maintaining focus on long-term savings objectives. Accessible to all GXBank patrons, the campaign encompasses both new and existing account holders who deposit fresh or existing funds into their Savings Pockets. The offer applies to balances up to RM5,000 in each Savings Pocket, with customers permitted to open up to ten Savings Pockets per account. GXBank plans to unveil the comprehensive Terms & Conditions on its website by April 5th, 2024, elucidating all facets of this promotional endeavor. Source: https://gxbank.my/

Who protects the consumer? I received payment for a transaction in Nib InternationalBank account of a family member (since I don’t have an account there). I wanted to transfer this money to my account in other banks, but that was impossible. I also resorted to withdrawing cash and depositing, that was also impossible. So, basically, I am not able to get my money from Nib InternationalBank. Their reason – we don’t have money and that is in so many branches we checked. My question – who protects consumers like me? What is the role of National Bank of Ethiopia in this? How can I get my money? This is happening to many people. Only those with some connections in the bank are able to access their money. And I see this bank’s ads on TV and social media – this is utter deception. It is time we speak up.

What does it take to launch Malaysia’s very first digital bank, and what ambitions underpin this new contender in the financial services sector? Gaurav Kwatra, a partner in Oliver Wyman’s Banking Practice, and Pei Si Lai, chief executive officer of GXBank, mark the digital bank’s gains of over 100K customers within two weeks of its launch and recount the journey, learnings, and future aspirations to better serve the bank's customers. Watch the full video > https://owy.mn/4bTWjVR #DigitalBank #FinancialServices #Innovation

According to a circular from the Nigeria Interbank Settlement System Plc (NIBSS), banks in Nigeria have been directed to take down every non-deposit-taking financial institution from their NIP fund transfer channels. The non-deposit-taking financial institutions include switching companies, payment solution service providers, and super agents. The NIP fund transfer channels include USSD, mobile banking apps, POS, ATMs, plus web and internet platforms. According to the circular released by NIBSS, “listing non-deposit taking financial institutions such as switching companies (switches). Payment Solution Service Providers (PSSP), and Super Agents (SA) as beneficiary institutions on your NIP funds transfer channels contravenes the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria dated February 2014.” “The circular also clarified that while these financial institutions would be stopped from receiving inflows, they are allowed to process outflows as inflows to banks. “For clarity, Switches, PSSPs, and SAs may process outward transfers as inflows to Banks but are not to receive inflows as their licenses do not permit to hold customers’ funds.” Read more https://lnkd.in/grwvK7cB Follow Nairametrics for more news update #nairametrics #news #cbn #finance

The South African Reserve Bank (SARB) has launched several initiatives under its Payments Ecosystem Programme to modernize and improve the country’s payment infrastructure. 1. ISO 20022 Adoption: SARB has adopted the ISO 20022 messaging standard for its real-time gross settlement system. This global standard facilitates richer data in payments, enhancing compliance, transparency, efficiency, and customer experience. This shift is part of a broader effort to modernize payment systems and is expected to be fully implemented by 2025 . 2. Rapid Payments Programme (RPP): This initiative aims to create a simpler, safer, and cheaper instant payment environment. Launched under the brand PayShap, it allows real-time payments using simple identifiers like mobile numbers or email addresses. This reduces reliance on traditional banking details and aims to increase financial inclusion by offering instant, low-cost payment solutions . 3. Transactions Cleared on an Immediate Basis (TCIB): Implemented in the SADC region, TCIB supports cross-border low-value payments, enabling immediate clearing of transactions and promoting regional financial integration . These initiatives are part of SARB’s Vision 2025 strategy to modernize South Africa’s payment infrastructure, improve financial inclusion, and enhance the efficiency and security of financial transactions . Looking forward to contributing to this initiative and shaping the future of payments in SA to an open ( improved market participation) , modernized, innovative and resilient payment ecosystem. #PaymentsInnovation #ImprovedMarketParticipation #Payments

Despite the reported losses from MTN due to the impact of the devaluation of the Naira on operations; their #Fintech revenue increased by 2.4%, with Xtratime (their airtime lending product) rising by 2%. 3.3 million active wallets were added in 2023 leading to a total of 5.3 million wallets in use which helped to drive MoMo PSB revenue's rise by 8.1%. Their Financial reports show a growth of over 326k MoMo agents and 324k merchants since the merchant ecosystem was built in March 2023. This is certainly progress and we hope that this traction of #digital financial service gets to the last mile!

At Amina Bank, transparency is at the heart of everything we do. We know that trust is earned through honesty and openness, which is why we make it a priority to keep our clients, stakeholders, and communities informed every step of the way. We believe that when you understand how we operate and why we make certain decisions, you can feel confident and empowered in your banking relationship. Whether it's providing clear information about our products and services or being upfront about our processes and practices, we're committed to being transparent in all aspects of our business. Because at the end of the day, transparency isn't just a buzzword for us—it's the key to building strong, lasting relationships built on trust and integrity. #AminaBank #TransparencyIsKey #FinancialEmpowerment