EMEA Daily: Credit Suisse Convicted in Switzerland; Kroo Granted New License

In today’s EMEA news, digital bank Kroo has been granted a full banking license from the Bank of England, Credit Suisse Group AG was convicted in Switzerland’s federal criminal court and more.

Nigerian Payment App Abeg Rebrands Into Pocket by Piggyvest

Nigerian payment app and social commerce platform Abeg announced Monday (June 27) that it is rebranded itself as Pocket by Piggyvest.

The rebranding coincides with news that the newly-renamed Pocket will be granted a mobile money operator license by the Central Bank of Nigeria (CBN) after it received an Approval In Principle (AIP) from the CBN.

Receiving an AIP is the first step toward final approval from the CBN, and the new license will grant Pocket parent company Piggytech Global LTD the right to offer its customers a range of mobile money services.

UK Digital Bank Kroo Granted Banking License

Kroo, a U.K.-based digital bank, has been granted a full banking license by 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, adding to its existing services, Kroo will be able to offer customers overdrafts, loans and savings products.

Customers of the challenger bank will also now be covered by the U.K.’s Financial Services Compensation Scheme for deposits of up to £85,000 (approximately $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 the cryptocurrency exchange Binance.

Aurore Lalucq, French MEP and member of the European Parliament’s Committee on Economic and Monetary Affairs, argued that the Autorité des Marchés Financiers’ (AMF) decision to officially list Binance as a digital asset service gave the exchange a “guarantee of respectability.”

Credit Suisse Conviction Signals New Money Laundering Liabilities for Banks

Credit Suisse Group AG was convicted in Switzerland’s federal criminal court of failing to prevent money laundering. The bank, which was fined the equivalent of $2 million, intends to appeal the verdict.

The news will only add to Credit Suisse’s woes as the company also faces increasing scrutiny from authorities in the U.K. The court’s decision may 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 has recently launched StockNow, a supply chain finance solution designed to connect fast-moving commercial goods (FMCG) and financial service providers.

The new app lets Africa’s informal microbusinesses and small- to medium-sized businesses (SMBs) buy stock digitally. Following a launch in Tanzania, Nomanini plans to bring StockNow to countries across Africa, including Egypt, Uganda, Mozambique and the Democratic Republic of Congo.

Citing Inflation, Just Eat Takeaway Hikes Commissions

Just Eat Takeaway, Europe’s largest online meal ordering service, is raising the commission it charges to restaurants throughout the region.

Citing “rising inflation and higher operational costs,” the company is raising its commissions for the first time in five years. The hike will see the commission Just Eat and its subsidiaries charges restaurants for listing on the platform increase by 1% in most European markets.

However, the raise won’t apply in the U.K., where the company is in competition with Uber Eats and Deliveroo.