07Aug 2023 by admin
Africa countries trading in local curency

Africa countries trading in local curency

Economy
As we all witness the new economic crises in the world and wars between Russia and Ukraine that had an impact of world economy. Africa is trying to use their local currency to trade between countries. There has been a big conversion in trade because African countries have use US dollar to trade. Wamkele Mene, secretary general of the AfCFTA Secretariat say that we wane expand the trades to other countries and help local economies in African continent. The currency conversion in US dollars was more than 4.5 billion annually. Moving away from the US dollar is a big step in making local economies stronger and more efficient in trade. William Ruto the president of Kenya announces the „pan African payment settlement system PAPSS “. The PAPSS payment method across…
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21Jul 2023 by admin
Eskont loan

Eskont loan

Bank news
ESKONT LOAN Short-term loans In the short-term loans include loans that are usually granted to finance the current needs for working premises and means and, above all, companies for trade in goods and the customs clearance of inventories, and other institutions. The deadline for the use of these credits is one year. One of the oldest banking businesses of investing are escount loan. Its use is particularly in payment traffic of goods from other countries. How it works, the eskont credit. Bank buys from its clients a claim against a third party This receivable is purchased before the deadline their maturity because it is so certain commercial forms. The duty of the banks in the new case is that from the moment of purchase until maturity reject interest and costs incurred…
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19Jul 2023 by admin
Loan

Loan

Bank news
Loans For a loan, usually related, (cash) of an institution, which gives it to use of customers in a certain period of time under certain conditions. Conditions for obtaining the loan can be varied, and it depends on the type of loan you are applying for. We need to know that every loan that we receive from the institution goes along with the attendant interest, which varies on the type of loan. Loans are usually divided into 3 categories: • Short-term • Medium-Term • Long-term Short-term loans In the short-term loans include loans that are usually granted to finance the current needs for working premises and means and, above all, companies for trade in goods and the customs clearance of inventories, and other institutions. The deadline for the use of…
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19Jul 2023 by admin
Fundamentals of interest rates

Fundamentals of interest rates

Bank news
Fundamentals of interest rates What is interest? Interest is the price paid for the use of bank funds. They are mainly monetary funds. If the interest is expressed as a percentage we are talking about the interest rate. What is interest rate? For interest rate we can say that this percentage is paid to the bank because the use of financial resources. The interest rate is expressed in% (percent) and it will be determined based on the type of loan, the repayment period, the competition, inflation and so on. Today we have many ways to calculate interest rates: 1. Nominal interest rate 2. Conformal interest rate 3. Proportionate interest rate 4. Effective interest rate 5. Default interest rate 6. Compound interest rate What is nominal interest rate? This is the…
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18Jul 2023 by admin
Credit Union

Credit Union

About banks
What is a credit union? A credit union is an organization that brings together a certain number of people and unites them into one community which aims to bring together their savings. The aim of such an organization is that savings and borrow from each other, and thus primarily to help members of the credit union works accomplished certain goals. The objectives may be different, in order to purchase real estate, the creation of small and medium enterprises, and so on. Credit unions are non-profit organizations of their greatest distribution in the United States with total assets of over 100 billion dollars. As we said a source of funds from credit union members deposit. Placement of funds is geared towards short-term consumer loans, Credit Union also perform other services in…
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18Jul 2023 by admin
How banks calculate interest on loans

How banks calculate interest on loans

Bank news
How banks calculate interest on loans Most people today take loans from banks they do not know a lot about how banks calculated their interest rate and the amount they pay. The purpose of this content is to help the broad masses of people to learn something about conformal and proportional method of calculation of the loan. The fact is that the clients of the bank, paid a high penalty interest rates and they are not aware of that because of the method of calculation. The questions are: How the bank does calculate the interest rate on the loan? Simple and compound interest account Calculation of interest rates is divided in two ways: SIMPLE METHOD - PROPORTIONAL METHOD COMPLEX METHOD - CONFORM METHOD As the very word says is the obvious difference between…
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18Jul 2023 by admin
What is NFC?

What is NFC?

Bank news
What is NFC? (near field communication) The system of payment without contact is becoming increasingly popular and it speculated that by 2020 half the world's population will used this form of payment. Today, the increasing use of NFC in mobile devices leads to faster and more efficient payments. Smart phones and support for NFC, as well as applications by banks and companies dealing with the development of this technology allows faster and more efficient payment. NFC standard was developed by NXP Semiconductors Company that was founded by Phillips in cooperation with Sony and Nokia Company in 2004. NFC is a wireless communication at a distance of a few centimeters a maximum of 10 cm. What do i need to use NFC services? Transaction and payment is available on mobile devices…
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18Jul 2023 by admin
Deposit Insurance

Deposit Insurance

Bank news
Deposit Insurance (Deposit Insurance Agency) What is the role of Deposit Insurance Agency? The Deposit Insurance Agency of a country has the role that every citizen who has a deposit in the bank guarantees the return of money in the event of bankruptcy or liquidation of the bank. Who is protected? This type of insurance refers to: - Natural persons (residents and non-residents) - Entrepreneurs - Micro legal entities - Small legal entities - Central legal entities The subject of protection? The subject of protection is: - Cash deposit - Savings - Current account deposit - And other money accounts Like all other depositor funds In the event of bankruptcy, who pays money to the depositor? The answer is the bank. The client has to submit a written request for…
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18Jul 2023 by admin
European Investment bank

European Investment bank

About banks
European Investment bank After the European Central Bank, European Investment Bank is the second most important financial institutions of the European Community. The European Investment Bank was established in the Treaty of Rome establishing the European Economic Community (Article 29 and 30) in 1957. Each country entering the European Union must fulfill the obligations of payment of the founding capital of the European Investment Bank. This bank is a legal entity, is headquartered in Luxembourg and is independent in its work. The Bank manages its own statutory bodies, namely: Board of Governors, Board of Directors, Management Committee and Audit Committee. Each member state has its representative in the Council of Governors, which is ministerial. Usually they are the ministers of finance, economics or persons responsible for the Treasury. The Board of…
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18Jul 2023 by admin
World bank group

World bank group

About banks
World bank group was formed in July 1944, Headquarters in Washington DC United States The purpose of the World Bank is crediting. The priority of the World Bank is to reduce poverty through economic and humanitarian help. The World Bank is an international financial institution that is financed with the help of its credit the development of other countries. Specifically financed the infrastructure (roads, bridges, tunnels, water supply, power supply as well as systems for production of electricity, telecommunications etc. We can accent that her role Foremost, aimed at improving living standards. World Bank consists of two institutions: International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA). It is composed of 188 member states. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at…
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