CABS, one of the country’s leading financial services companies, has introduced a nostro offering for non-governmental organisations (NGOs) or development organisations.
The bank unveiled a nostro account tailored for NGOs, placing it in a better position to offer dedicated service to the sector.
According to the 2022 monetary policy statement, “NGOs are the third biggest earners of foreign currency after export proceeds and diaspora remittances. Total foreign currency receipts from NGOs rose by 50.5 percent from US$647.8 million in 2020 to US$975.16 million in 2021”.