Fraud costs banking industry US$67bn annually ; Two institutions commit to support country’s banks

The boom in digital payment platforms and digital banking systems have come with its own risks and cost to the financial industry. Latest figures from the Association of Certified Fraud Examiners (ACFE) indicates that the global financial industry loses about US$67 billion to fraud related activities annually. The United Nations Office on Drugs and Crime […]

E-Levy will not be scrapped despite IMF bailout – Government

The Finance Ministry has disclosed that government will not terminate the 1.5% levy on electronic transactions, despite its application to the International Monetary Fund (IMF) for economic assistance. This was contained in a statement from the Ministry on Tuesday, addressing key questions regarding government’s ongoing engagement with the Fund. Regarding the controversial levy, the Ministry […]