#banking

The Manufacturers Association of Nigeria (MAN) has criticized the average prime lending rates of 27 percent and maximum lending rates of 36.5 percent charged by major commercial banks as of May 2026, labeling them as exploitatively high for the manufacturing sector.

On June 24, the National Computer and Cybercrime Coordination Committee in Kenya announced plans to collaborate more closely with banks and mobile network operators to enhance the recovery of mistakenly sent mobile money transfers. This initiative aims to address a rise in cybercrime cases in the country, as highlighted in a recent cybercrime status report.

Stakeholders are advocating for the adoption of technology in Nigeria's banking audit sector to improve operational functions, anticipate risks, and enhance assurance in the era of artificial intelligence, according to Punch Business.

According to Punch, Nigeria's top banks raised their technology budgets by 43% in the first quarter of 2026, investing N119 billion in digital infrastructure. This increase aims to enhance services and address the growing demand for digital transactions.

Bankers in Nigeria have expressed concerns that traditional audit and governance frameworks are becoming insufficient due to the rapid advancements in artificial intelligence, which is transforming banking operations, risk management, and fraud detection. This warning was made during the 64th Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held in Lagos.

Africa's banking sector is approaching the latter half of 2026 with a cautiously optimistic outlook, as it faces macroeconomic pressures such as persistent inflation, high interest rates, and currency volatility. Industry analysts note that while the sector appears resilient, these challenges complicate financial planning for banks across the continent. In response, many banks are increasingly focusing on digital transformation to adapt to the changing economic landscape.

Absa's recent decision to enter the banking MVNO (Mobile Virtual Network Operator) market has raised questions about its strategy, particularly regarding the lack of innovative offerings. The situation highlights the challenges of entering a competitive space without unique value propositions, as noted by TechCentral.

According to The Citizen Business, Discovery is integrating new products from various sectors directly into its banking app, making it the central hub for its services. These products will not be available through any other platform.

Brazil is implementing a crackdown on illegal online gambling by freezing the funds of operators and holding banks accountable for their involvement. This move serves as a potential lesson for South Africa, which may need to consider similar measures in its own regulatory approach to online gambling.

KCB has terminated 94 employees for fraud over the past two years, with 60 dismissals in 2025 and 34 in 2024. The bank asserts that its controls are effective, while critics view the high number of firings as a potential warning sign regarding internal issues, according to Tech-ish.

Interswitch has formed a strategic partnership with Tropical Bank Limited to enhance access to banking services in Uganda. This collaboration is designed to transform the way Ugandans engage with formal banking by providing essential services through a wide network of agents. The integration of Tropical Bank's services with Interswitch's digital infrastructure aims to improve customer access across the country.

dfcu Bank has announced its commitment to supporting the growth and sustainability of Uganda's education sector, particularly focusing on international schools. This initiative was highlighted during the International Schools Forum held at dfcu's Nakasero headquarters, which brought together school proprietors, education regulators, curriculum providers, and private sector partners to discuss challenges such as rising costs and regulatory complexities.