Chris Infotainment

aYo Ghana's Leadership in Digital Microinsurance aYo Ghana has once again proven its leadership in the field of digital microinsurance by securing four major awards at the 7th National Technology and Communications Awards (NTCA). The company was honored with the titles of Mobile Insurance Innovation of the Year, Innovative Digital Insurance Platform of the Year, and Customer Experience Champion of the Year. Additionally, its Chief Executive Officer, Francis Gota, was recognized as InsurTech CEO of the Year. These accolades mark a significant milestone for aYo Ghana, which has successfully insured over 8.5 million lives across the country and paid more than GH¢35 million in claims. This achievement underscores the company’s dedication to providing real value and protection to Ghanaians. Driving Impact Through Simple, Relevant Digital Products The company's flagship products, such as Recharge with Care, Family Cover, Annual Cover, MedCover, Pay & Drive motor insurance, a...

Rising Interest Rates in Savings Banks In recent months, savings banks have been gradually increasing their deposit rates. This trend follows the actions of commercial banks, which raised their deposit rates to attract funds that were flowing into the stock market. As a result, savings banks have also started to follow suit, adjusting their rates to remain competitive. According to the Korea Federation of Savings Banks, on the 24th, the average interest rate for one-year fixed deposit products at 79 savings banks was 2.71% annually. This represents an increase of 0.02 percentage points from the previous day's rate of 2.69%. This marks the first time in four weeks that the average interest rate for savings bank fixed deposits has reached the 2.7% range. The last time this occurred was on the 29th of last month, when the rate stood at 2.7%. The number of deposit products with interest rates exceeding 3% annually remained at two until the previous day. However, on the 24th, this n...

Fortis Reaffirms Commitment to Nigeria’s MSMEs Nigeria's micro, small and medium enterprises (MSMEs) are widely recognized as the backbone of the country’s economy. These businesses form the foundation of economic activity, driving innovation, employment, and local development. However, despite their critical role, many MSMEs continue to face significant challenges that hinder their growth and sustainability. Fortis, one of Nigeria’s earliest licensed mobile money operators, has taken a renewed interest in supporting these enterprises. The company has positioned MSMEs at the core of its long-term strategy as it transitions into a digitally driven, technology-first platform. This shift reflects a growing recognition of the importance of digital infrastructure in enabling business success. A senior Fortis executive emphasized the vital role of MSMEs in the Nigerian economy, stating, “MSMEs have always been the life force of Nigeria’s real economy. What they lack is not ambition, c...

Expansion of Banking Services in South Korea South Korea has taken a significant step forward in enhancing the convenience and accessibility of banking services for its customers. Previously, bank customers were restricted to conducting transactions only at branches of their own financial institution. However, this limitation has now been lifted. Starting from the 19th, customers can withdraw cash or transfer funds at most bank branches across the country, regardless of which bank they hold an account with. This change was announced by the Financial Services Commission, which confirmed that open banking services will be available at 11 banks nationwide. These include KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, IBK Industrial, IM, Busan, Gwangju, Jeonbuk, and Gyeongnam. In addition, MyData services will be accessible at eight banks: KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, IBK Industrial, Gwangju, and Jeonbuk. What is Open Banking? Open banking is a service that allows use...

Expansion of the Preferred Savings Program for SME Employees Starting next month, the number of banks offering the 'Preferred Savings Program for SME Employees' will increase from two to four. This expansion is expected to improve accessibility for subscribers and provide more options for small and medium-sized enterprise (SME) workers who want to save lump sums. The Ministry of SMEs and Startups announced on the 17th that it had signed a business agreement with NH Nonghyup Bank, KB Kookmin Bank, and the Korea SMEs and Startups Agency (KOSME) at the Bankers’ Association Building. This move aims to expand the list of banks offering the 'Preferred Savings Program'. NH Nonghyup Bank and KB Kookmin Bank will begin handling the program from the 15th of next month. The Preferred Savings Program is a lump-sum savings product designed for SME workers. Participants save between 100,000 to 500,000 Korean won monthly. In addition, companies contribute an extra 20% of the savin...

Introduction to the New Financial Support Measures The Ministry of Land, Infrastructure and Transport has introduced new financial support measures aimed at boosting the construction industry, particularly for small and medium-sized enterprises (SMEs). These initiatives include a special project financing (PF) guarantee program designed to provide much-needed liquidity and support to companies that previously struggled to meet traditional lending criteria. Overview of the PF Special Guarantee Program The PF special guarantee is specifically tailored to assist SMEs in the construction sector that are not among the top 100 in terms of construction capabilities. The program has been enhanced with revised evaluation criteria, which now place more emphasis on project feasibility rather than the contractor's overall ranking. This shift allows companies with lower rankings to qualify for financial support. The evaluation process has seen a reduction in the weight given to the contrac...

Financial Challenges and Operational Struggles The Volta River Authority (VRA) has experienced a significant shift in its financial performance, recording a loss of GH₵106 million for the 2024 financial year. This marks a sharp contrast from the GH₵80 million profit reported in 2023. The authority attributes this downturn primarily to severe foreign exchange losses and the reallocation of power that was originally intended for export to meet local demand. At the 15th Stakeholder Interface Meeting in Accra, Board Chairman-VRA Jabesh Amissah-Arthur described 2024 as a particularly challenging financial year. He highlighted that exchange rate volatility led to a massive forex loss of GH₵695 million, up from GH₵591 million in 2023. This loss significantly impacted the authority’s performance. This challenge was further exacerbated by the inability of Independent Power Producers (IPPs) to meet local demand at certain times. As a result, the Public Utilities Regulatory Commission (PURC) d...

Launch of N2 billion Entrepreneurship Programme for NYSC Members The Bank of Industry (BOI) has launched a groundbreaking initiative aimed at empowering the youth through affordable loans and entrepreneurial support. This new programme, titled “N2 billion BOI–NYSC Entrepreneurship Programme,” was officially inaugurated in Abuja on Wednesday. The initiative is designed to provide National Youth Service Corps (NYSC) members with financial opportunities to start or expand their businesses. Olasupo Olusi, the Managing Director of BOI, announced the programme during the inauguration ceremony. He emphasized that this initiative is part of a broader strategy to address unemployment and foster youth-led enterprises. The programme offers loans of up to N5 million per beneficiary, with a single-digit interest rate of 9 percent per annum. Borrowers will have three years to repay the loan, along with a three-month moratorium on both principal and interest. A Strategic Partnership This partners...

Financial Performance and Growth Manya Krobo Rural Bank PLC, located in Odumase within the Manya Krobo Municipality of the Eastern Region, recently held its 44th Annual General Meeting (AGM) of shareholders. The bank delivered an impressive performance across all financial indicators for the 2024 year under review. The bank recorded a profit before tax of approximately GH¢6.5 million for the 2024 year, which is a significant increase from the GH¢4 million recorded in the previous year. This represents a growth of 63%, showcasing the bank's robust financial health. The growth was driven by an increase in total assets, highlighting the operational efficiency and capabilities of the Board and Management. The Board of Directors commended the management and staff for their remarkable performance, particularly the GH¢2.5 million profit growth. They have urged the team to continue working diligently to further enhance the bank’s profitability and maximize returns for shareholders. Di...

International Collaboration in Financial Intelligence The Central Bank of Sri Lanka (CBSL) has taken significant steps to enhance its financial intelligence capabilities by reaching out to multiple countries. The Financial Intelligence Unit (FIU) of the CBSL has initiated a process of requesting information from several nations, including France, Singapore, India, the United States, Hong Kong, the United Kingdom, Thailand, Belgium, Finland, Canada, Spain, Indonesia, and Madagascar. This move is aimed at investigating suspicious financial transactions that may be linked to illicit activities such as money laundering or terrorist financing. Increased Communication with Global Partners According to the latest statistics released by the FIU, there has been a noticeable increase in the number of requests for intelligence information sent to various countries. From January to June 2025, the CBSL FIU has sent four requests to the United Arab Emirates (UAE), three to Singapore, and two each...

Resumption of Pension Verification Process The Standard Chartered Kenya Pension Fund has announced the resumption of the verification exercise for 629 appellants involved in a long-standing pension dispute. This decision comes after a High Court ruling lifted a temporary injunction that had previously halted the process. In a public notice issued on Monday, Fund Chairman David Ong'olo confirmed that the verification process would now proceed at Almary Green Business Park in Nairobi. The activity is scheduled to take place between October 6 and 9, and again on October 13, from 9 a.m. to 4 p.m. daily. "Following the ruling issued by the High Court of Kenya at Nairobi on 2 October 2025, which lifted the temporary injunction restraining the Fund from executing the previous Public Notice published on 12 September 2025, the Fund will now resume the verification exercise," the notice stated. "We are committed to ensuring a seamless verification process for the 629 Appel...

Company Announces Interest Payment on Financial Instrument Harcourt Street 1 (RF) Limited has recently issued a notice regarding the interest payment on its financial instrument, H12T22. The company has confirmed that the payment will be made on April 30, 2024. This payment covers the interest period from January 31, 2024, inclusive, to April 30, 2024, exclusive. The financial instrument in question is identified by the ISIN ZAG000190869 and carries a coupon rate of 10.93% per annum. As a result, the interest amount due for this period is R3,368,835.62. This payment is part of the company's ongoing commitment to its stakeholders and investors, ensuring timely and transparent communication regarding its financial obligations. Market Compliance and Transparency According to information available from the Johannesburg Stock Exchange (JSE), Harcourt Street 1 (RF) Limited's payment notification falls under the designated market category. This classification ensures that all fin...

Ghana’s Banking Sector Surpasses Expectations in H1 2025 Ghana’s banking sector has delivered impressive results for the first half of 2025, with profit-after-tax rising by 32.6% to GH¢7.2 billion and profit-before-tax increasing by 32.2% to GH¢10.8 billion compared to June 2024. These figures reflect a robust performance driven by several key factors, including stronger interest income, a significant rebound in other income, and reduced impairments. The Bank of Ghana (BoG) highlighted that net interest income grew by 20.2% to GH¢14.2 billion, while other income surged by 52.2%. Operating income also saw a 24.4% increase, underscoring the positive momentum in the sector. Additionally, deposits reached GH¢280.1 billion, and banks have increasingly allocated their balance sheets toward investments, which now constitute 42.3% of assets. These financial indicators are complemented by two major policy-rate cuts in July (-300 bps to 25%) and September (-350 bps to 21.5%), which have signi...

The Future of Finance in Africa: A Call for Innovation and Collaboration At the Digital Assets Summit Africa (DASA) 2025, held in Accra, a number of industry leaders emphasized the importance of digital assets and blockchain technologies in shaping Africa’s financial future. Among them was Professor Tonya M. Evans, Board Director at Digital Currency Group and Fintech Strategist, who urged financial institutions to embrace these innovations. Prof. Evans called on banks and other financial entities to partner with fintech companies and explore blockchain-based solutions for cross-border payments and trade. She stressed that digital assets should not be viewed as a threat to traditional banking but rather as an opportunity to enhance customer service and expand financial inclusion. The summit focused on the theme “Unlocking Africa’s Digital Economy Through Innovation and Regulation,” highlighting the potential of digital assets—such as Bitcoin, stablecoins, and non-fungible tokens—to t...

The Rise of Trust in Nigeria's Digital Economy In the ever-expanding digital economy, Nigerians are increasingly relying on fintech solutions to manage their financial transactions. However, two key concerns continue to dominate: the reliability of the platform and the safety of their money. Monica, a proudly Nigerian fintech platform, has emerged as a trusted solution by addressing these concerns head-on. Monica is known for its instant zero-fee transfers, which have made it a popular choice among users looking for fast and secure financial services. The platform’s commitment to security and reliability has been built on a foundation of trust, with a 99.9 percent uptime record and a non-custodial security model that minimizes the risks associated with online storage. A Unique Approach to Security Unlike traditional exchanges or wallet providers, Monica does not hold customers’ cryptocurrency online. Instead, when a user deposits USDT, Bitcoin, or Ethereum into their Monica wal...

Disruptions in Financial Services Due to Fire at Daejeon Information Center A fire at the Daejeon National Information Resources Management Service has significantly impacted financial institutions, leading to disruptions in various non-face-to-face services. These include account openings and loan applications, which rely heavily on digital identity verification processes. The incident has forced banks and asset management companies to implement alternative measures to maintain service continuity. One of the primary challenges is the unavailability of resident registration cards, passports, and foreign resident ID cards for identity verification. These documents are typically used when customers open or extend accounts through mobile apps. However, the administrative system responsible for managing these certificates has been temporarily disabled due to the fire. As a result, financial institutions are advising customers to use driver’s licenses as an alternative form of identificat...

Leadership Transition at Afreximbank: A New Era for African Industrialization Dr. George Elombi, a Cameroonian lawyer, has taken over as the fourth President of Afreximbank, following in the footsteps of notable leaders such as Professor Benedict Oramah, Mr. Christopher Edordu, and Jean-Louis Ekra. His appointment marks a significant milestone in the bank’s journey to become a pivotal force in industrializing Africa and enhancing the continent’s economic sovereignty. Elombi joined Afreximbank in 1996 as a Legal Officer and steadily climbed the ranks, eventually becoming the Executive Vice President in charge of Governance, Legal, and Corporate Services in 2015. His extensive experience and deep institutional knowledge have made him a key figure in shaping the bank’s strategic direction. The Board of Directors and shareholders recognized his capabilities, leading to his selection as Oramah’s successor. Under Oramah’s leadership, Afreximbank became a major driver of the African Contin...

The Role of Technology in Financial Inclusion Technology has emerged as a critical driver in enhancing financial inclusion and economic mobility, particularly in developing economies like Malawi. A local financial firm, TransUnion Malawi, highlights the transformative potential of technology in enabling broader access to financial services. The Country Director of TransUnion Malawi, Dumisani Kadango, emphasized that while progress has been made, significant challenges remain in ensuring comprehensive financial services reach all segments of the population. He pointed out that these challenges are hindering the pace of financial inclusion, which is essential for sustainable economic development. Kadango stressed that when individuals have access to affordable, appropriate, and timely financial products and services, they are better equipped to save, invest, manage risks, and improve their overall quality of life. This empowerment is crucial not only for individual well-being but also...