Category: Banking Industry
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Zimbabweans forced to use US dollar in absence of new currency ZiG
๐ฟ๐ผ Here we go again: Zimbabweans forced to use US dollar in absence of new currency ZiG Zimbabweโs informal traders who account for about 75% of all employment in the nation have stopped accepting the ZIMdollar also know as RTGS dollar fearing its value has declined. The new ZIG currency which was supposed to be…
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Banking giant Wells Fargo suffers data breach, sends two notification letters
American multinational bank Wells Fargo has informed two of its customers about a data breach. The personal information involved includes names of clients and mortgage account numbers. The financial services company claims to be responsible for safeguarding customer information and promptly responded to the incident as it arose. Itโs not yet clear when the attack…
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David v. Goliath: Small language models challenge Big Techโs AI giants
Community-owned small language model project introduces a framework for incentivized data sharing, aiming to redefine AI development and user interaction. Assisterr targets the monopolization of AI by Big Tech, advocating for data ownership and the democratization of AI through community-owned small language models (SLMs), which offer tailored and efficient solutions. The debate on whether artificial…
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Zimbabwe’s transition to new ZiG currency reportedly prompts banking disruptions
๐ฟ๐ผ Banking operations in Zimbabwe have been disrupted as financial institutions rushed to convert all Zimbabwe dollar account balances to ZiG, the new legal tender, media reported. Thus, ZimSwitch, the national payments platform provider, revealed that processing of local dollar transactions across financial institutions is currently unavailable. Nedbank, a South African banking giant operating in…
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Ethiopian securities exchange reaches capital raise target needed for operations
๐ช๐น The Ethiopian Securities Exchange (ESX) has achieved a milestone by meeting its initial capital raise target of $11.07 million required to kickstart its operations, the ESX said in a statement. The exchange announced that the fundraising effort was oversubscribed, with offers totaling $26.6 million from both domestic and foreign commercial investors, demonstrating robust interest…
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Sam Bankman-Fried sentenced to 25 years for FTX fraud
The co-founder and CEO of FTX has been sentenced. FTX co-founder Sam Bankman-Fried was sentenced to a total of 300 months, or 25 years, in prison for seven counts of conspiracy and fraud charges stemming from the collapse of the crypto exchange he started. The judge applied a 240-month sentence and a 60-month sentence to…
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๐บ๐ฌ Salaam Bank launches Uganda’s first Islamic bank
A unit of Djibouti-based Salaam Group launched in Uganda on Wednesday as the country’s first Islamic banking-compliant financial institution, the Ugandan president’s office said. The launch of the Salaam Bank Limited’s operations follows a law legalising Islamic banking in the east African country last year. Islamic finance follows Islamic religious principles such as bans on…
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Tunisia’s central bank keeps key interest rate unchanged at 8%
๐น๐ณ Tunisia’s central bank has kept its benchmark interest rate unchanged at 8%, an offical at the bank told Reuters on Friday. The annual inflation rate slowed for the sixth consecutive month to 7.5% in February from 7.8% in January, official data showed this month. #Tunisia
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Glitch allows Ethiopia bank customers to withdraw millions
Ethiopiaโs largest commercial bank is trying to retrieve millions of dollars withdrawn by its customers after an incident it described as a systems glitch. More than $40m were reportedly withdrawn from the state-owned Commercial Bank of Ethiopia, or transferred to other banks, when customers found out they could take out more cash than they had…
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Top 10: Banks in the World
Despite a tumultuous 18 months for the sector, banks make up many of the world’s largest institutions. FinTech Magazine takes a look at the big players… Banking endured a rather tumultuous 2023, as the collapse of Silicon Valley Bank and Signature Bank, among others, sent shockwaves through the industry Then there was UBSโ cut-price takeover…
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