New Nigerian banking rules capping foreign ownership are reshaping regional expansion plans, but lenders say their Kenya operations remain unaffected.
By
James Anyanzwa
Business Reporter in Nairobi, Kenya
Nation Media Group
Nigerian banks have ruled out reducing their shareholding in Kenyan subsidiaries after the Central Bank of Nigeria (CBN) introduced new guidelines capping the lenders’ equity investments in overseas subsidiaries at 10 percent of the shareholders’ funds.
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They are barred from areas like mobile money transfers, tour guiding, small-scale mining and curio shops.
