Banking and Finance
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What is SWIFT Payment System and its Importance in the Global Economy
With ongoing Ukraine and Russia Crisis, there is one term that has become very popular. “SWIFT” payment system. This article will focus to answer what is SWIFT and why it is important to the global economic system. What is Bitcoin and How Does it Work? SWIFT sits in the middle of the global financial system. Without it, it is likely you won’t manage to send funds across countries. What is SWIFT? SWIFT is an abbreviation for Society of Worldwide Interbank Financial Telecommunication. It is an institution that serves over 12,000 financial institutions such as banks in moving funds across the world. SWIFT is located in Belgium under the management of…
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BANKING AT A GLANCE: YESTERDAY, TODAY AND TOMORROW’S BANK
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Tips On How To Manage Your Credit Cards Effectively
Credit cards are important financial components in our lives. They offer us unprecedented levels of spending freedom by enabling us to use money that we don’t have. This freedom normally has a cost attached to it. A credit card is just another form of debt. The only difference is that it comes in form of a card. This notwithstanding, normal debts costs apply. These include interest fees, application fees, and renewal fees. Due to the ease of accessing these cards. Most users tend to misuse them. If poorly managed, credit card costs both in penalties and fees are usually very punitive. This article is dedicated to giving tips to assist…
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Credit Card Terminologies That You Need To Know
Credit cards have become part of our financial lives. The amount of financial freedom offered to us by the credit card cannot be matched. From helping us meet emergency costs to funding working capital needs, we no longer can’t live without them. Despite all these great advantages they offer, credit cards come at a cost. One that could be very punitive if not well managed. Understanding the product is key in managing these costs. In my research, I have realized that the majority of card users don’t understand the product they happily consume. This article will give an in-depth view on the common credit card terminologies. Understanding them helps maximize…
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Forex Trading Terminologies You Need To Know
It is common practice for every industry to have its own unique language. Medical practitioners have their own language, so is the security industry, and the political industry. This is a language that is only useful and understandable by the people in that industry. Forex trading is no different and thus there are specific words and terminologies that you will encounter when you start trading. These words allow the participants in this industry to communicate hence creating understanding and uniformity. Currency Pair Currencies are traded in pairs. A currency pair is the value in which currencies are quoted. This is a key term to note because you will find and…
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You Need To Know This Before You Get Into Forex Trading
Forex trading has become a popular trade across the globe. The majority of beginners do so because they have heard that it is a money-making machine. Fueling this fantasy is the dozens of bloggers who are constantly bragging about their success on numerous social media sites. They show images and high-end cars claiming to have gotten them through trading. This allure has attracted millions into trying the trade without an iota of knowledge leading them directly to the butcher’s knife. For the few who have made it in the game, they will tell you how humbling the whole trade is. This is due to the long hours they have spent…
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What Is Dogecoin And Why Is Everyone Talking About It?
Dogecoin. You may have come across that word and if not, trust me you probably will in the near future. So, what is Dogecoin? By today’s standards, I can call it the latest hot product in the cryptocurrency market. DOGE, as the cryptocurrency is referred to, was released in the year 2013 by both Billy Markus and Jackson Palme as a meme coin meant to ridicule other coins that were promising to take over the world. Among them is Bitcoin. This was the time when cryptocurrencies were being introduced and there was so much hype about their potential. +++++Read more about Bitcoin in this article here+++++ Dogecoin was supposed to…
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BANKING AT A GLANCE: YESTERDAY, TODAY AND TOMORROW’S BANK
There has been a tremendous shift in how the banking trade is carried out since the start of the art at the sunset of the 14th century. This can be greatly connected to technological advancements across the globe. Let us not ignore that technological leaps have affected all industries across. Not limited to the financial services. As the norm, the impact of the advancement has been both positive and negative. This article is not fully a technological evaluation however, I will sample it while evaluating Todays and Tomorrow’s bank. Banking in general was founded based on a saving and borrowing agenda. These fundamentals have characterized the art of banking since…
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What is SWIFT Payment System and its Importance in the Global Economy
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Social Media Banking; Is The World Ready?
Social media has become the biggest and most efficient media channel connecting the world. There are billions of people using social media on a daily basis. Founders of these sites probably never envisioned that the small creations they had developed a few decades ago would influence the world in such a big way as it has today. Initially, social media was a way to connect people using the internet, another revolutionary invention that has taken the world by storm. It was supposed to be a simple communication channel. However, today it has evolved to become entertainment, marketing, communication, and a banking channel. With these changing roles, the industry has attracted…
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CRYPTOCURRENCIES; IS THE KENYAN FINANCIAL SYSTEM READY?
While the term cryptocurrencies might be new to you, it is quite the rage in today’s digital space. Within the last five years, there is a term that has become familiar in the investment arena. That term is Bitcoin. Just out of the blues everybody started hearing these terms. Cryptocurrencies and bitcoin. The media, government, and private entities were the most unreserved on the subject. What is it? Why is it rising? Is it another Ponzi scheme? All this hullaballoo pointed to the dawn of a new era. The age of the internet generated money. This might sound funny in the first mention but if you take a deep evaluation,…
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5 Credit Card Mistakes You Are Making And How To Avoid Them
Credit Cards have been lifesavers to many of us. If you are new to the term credit card, it simply means a payment card that is given to cardholders to enable them to pay for services. It is issued to a user based on their assurance to the issuer to pay them for the amounts plus other agreed charges. The service provider or credit card company (usually a bank) creates a revolving account and grants a limit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. Credit cards offer cash flows during times of need. They are easy to…
