In today’s EMEA news, digital bank Kroo was granted a full banking license by the Bank of England, Credit Suisse Group AG was convicted by the Swiss Federal Criminal Court and more.
Nigerian payment app Abeg turns into Pocket by Piggyvest
Nigerian payment app and social commerce platform Abeg announced Monday (June 27) that it is renaming itself Pocket by Piggyvest.
The rebranding coincides with the announcement that the newly rebranded Pocket will be granted a mobile money operator license by the Central Bank of Nigeria (CBN) after receiving an Approval in Principle (AIP) from the CBN.
Receiving an AIP is the first step towards final CBN approval, and the new license will grant Pocket Piggytech Global LTD’s parent company the right to offer its customers a range of mobile money services.
UK Digital Bank Kroo obtains banking license
Kroo, a UK-based digital bank, has obtained a full banking license from the Bank of England (BoE).
In order to obtain a banking license from the BoE, a bank must demonstrate that it meets certain criteria, which Kroo has now done. With the new license, which will be added to its existing services, Kroo will be able to offer its customers overdrafts, loans and savings products.
Customers of the challenger bank will also now be covered by the UK’s Financial Services Compensation Scheme for deposits up to £85,000 (about $104,370).
French lawmaker criticizes Binance approval
A French lawmaker has urged the country’s market regulator to reconsider its “incomprehensible” decision last month to grant official status to cryptocurrency exchange Binance.
Aurore Lalucq, French MEP and member of the Economic and Monetary Affairs Committee of the European Parliament, argued that the decision of the Autorité des marchés financiers (AMF) to officially list Binance as a digital asset service gives the exchange a “guarantee of respectability”.
Credit Suisse Conviction Signals New Money Laundering Responsibilities for Banks
Credit Suisse Group AG was convicted by the Swiss Federal Criminal Court for failing to prevent money laundering. The bank, sentenced to a fine equivalent to 2 million dollars, intends to appeal the verdict.
The news will only add to Credit Suisse’s woes as the company also faces intense scrutiny from UK authorities. The court’s decision could have implications for other Swiss banks, as well as those beyond the country’s borders.
Kenya’s Nomanini Launches Supply Chain Finance App
Kenyan fintech Nomanini recently launched StockNow, a supply chain finance solution designed to connect fast-moving commercial goods (FMCG) and financial service providers.
The new app enables informal microenterprises and small and medium-sized enterprises (SMEs) in Africa to purchase shares digitally. After launching in Tanzania, Nomanini plans to bring StockNow to countries in Africa, including Egypt, Uganda, Mozambique and the Democratic Republic of Congo.
Citing inflation, just eat take-out hiking commissions
Just Eat Takeaway, Europe’s largest online food ordering service, is increasing the commission it charges restaurants in the region.
Citing “rising inflation and higher operating costs”, the company is increasing its commissions for the first time in five years. The hike will see the commission that Just Eat and its affiliates charge restaurants for listing on the platform increase by 1% in most European markets.
However, the increase will not apply in the UK, where the company competes with Uber Eats and Deliveroo.