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KN Law

What the Decision in Kingdom Bank Limited v Alice Wanja (2024) means for Commercial Banks

The High Court recently directed a local bank to reimburse a client who erroneously transferred funds to an account held with it. This decision will have far reaching implications on the duty of care borne by banks and payment service providers.

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Webber Wentzel

On the road to a cashless society – SARB digital payments roadmap

On 18 April 2024, the South African Reserve Bank (SARB) published its digital payments roadmap. The document entitled Digital Payments Roadmap: Towards Inclusive, Accessible, Effective and Sustainable Digital Payments in South Africa, sets out a 17-action item plan that t..

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Cliffe Dekker Hofmeyr

Enhancing supervision in the banking sector: A review of the Draft Banking (Penalties) Regulations, 2024

The Central Bank of Kenya recently published the Draft Banking (Penalties) Regulations, 2024, whose defining features are a marked departure from the Banking (Penalties) Regulations, 1999 which they will be seeking to repeal. In this article, we highlight some noteworthy ..

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CBN Withdraws Circular on the Collection and Remittance of National Cybersecurity Levy

The Central Bank of Nigeria on 17 May 2024 issued a circular withdrawing its earlier circular dated 6 May 2024 which mandated all banks, mobile money operators, and payment service providers to implement a cybersecurity levy in accordance with the relevant provisions of t..

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Muvingi Mugadza

The New Currency And The Pensions Industry In Zimbabwe: Currency Conversion and Compensation Framework For Lost Pension Values

On Friday the 5th of April 2024, the President of Zimbabwe, through Statutory Instrument 60 of 2024 Presidential Powers (Temporary Measures) (Zimbabwe Gold Notes and Coins) Regulations 2024, passed into law a new currency law. The new currency introduced is known as the Z..

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South Africa: Corporation for Deposit Insurance launched

On 25 April 2024, the South African Reserve Bank officially launched the Corporation for Deposit Insurance (CODI), which aims to protect bank depositors and enhance the public’s confidence in South Africa’s banking system. CODI was established as a legal entity, with effe..

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MWC Legal

The Capital Markets (Alternative Investment Funds) Regulations, 2023

Alternative Investment Funds comprised of private equity funds, hedge funds and venture capitalist funds may soon be required to obtain licensing from the Capital Markets Authority in order to pool funds from investors in Kenya and beyond for investment in the Kenyan mark..

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The JCPC reaffirmed the exception to the bank secrecy rule

The Judicial Committee of the Privy Council has stated its reasons for granting a disclosure order in the case of Stanford Asset Holding Limited v/s Afrasia Bank Limited 2023 UKPC 35. The case concerns an application made by Stanford Asset Holding Limited for the disclosu..

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Regulation of Moneylending in Mauritius

Moneylending is a crucial credit device in the world of financial services which plays a significant role in supporting economic growth and development. However, since at the outset, there were exploitative tendencies of lenders imposing stringent and oppressive terms on ..

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