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Law Capping interest rates
Rank: Veteran Joined: 11/13/2015 Posts: 1,658
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tom_boy wrote:Where are those doomsayers, eti oooh, banks will not lend, oooooh , the end of kenyan economy, oooh sme will suffer from lack of credit. Wako wapi wajitokeze. In the history of Kenyan banks, no bank has ever collapsed because they lent to Wanjiku and that is a FACT. Be patient it's early days  . Time for reckoning will come. I'm sure you don't know Rural Urban creidt, Jimba credit, kenya savings & mortgages, Union bank of kenya etc
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Rank: Veteran Joined: 11/11/2006 Posts: 972 Location: Home
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Banks are simply converting most accounts to non-interest earning accounts. Barclays and KCB leading. So much for the law being an ass. Quote: Effective 14th Sep ‘16, KCB Jiinue a/c is now a non-interest earning transactional account Click ke.kcbbankgroup.com/home/accounts/transactional-accounts/jiinue
Dear Customer, KCB Mapato account is now a non-interest earning transactional account. Visit ke.kcbbankgroup.com/home/accounts/transactional-accounts/mapato
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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Gonna let this topic simmer for a year, then I will re-visit it and start crowing to akina @Maichblack and his doomsayer band. Will keep doing that on the anniversary of signing this law until the economic Armageddon that they predicted comes to pass. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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holycow wrote:Banks are simply converting most accounts to non-interest earning accounts. Barclays and KCB leading. So much for the law being an ass. Quote: Effective 14th Sep ‘16, KCB Jiinue a/c is now a non-interest earning transactional account Click ke.kcbbankgroup.com/home/accounts/transactional-accounts/jiinue
Dear Customer, KCB Mapato account is now a non-interest earning transactional account. Visit ke.kcbbankgroup.com/home/accounts/transactional-accounts/mapato
They are not converting anything, just move your deposits to victoria Bank, Transnational Bank or any other of the 42 competitiors and they will soon shika adabu "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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Impunity wrote:maka wrote:newfarer wrote:watesh wrote:BOOOM!! KCB has countered Equitel with 1.2% per month on KCB Mpesa product
This is cool men Cool is an understatement.... Orgasmic! Now this leaves mshwari as the most expensive, waiting to see of they will react, what about other non bank mobile lending I know of Branch, Tala, Saida etc what will be their counter move. To Each His Own
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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CBA management is showing very poor leadership here.
First it was loan at 12.9%, then they revised to 14.5%, now it is mobile money loan , what else don't they know ?.
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Rank: New-farer Joined: 3/12/2014 Posts: 96
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wukan wrote:tom_boy wrote:Where are those doomsayers, eti oooh, banks will not lend, oooooh , the end of kenyan economy, oooh sme will suffer from lack of credit. Wako wapi wajitokeze. In the history of Kenyan banks, no bank has ever collapsed because they lent to Wanjiku and that is a FACT. Be patient it's early days . Time for reckoning will come. I'm sure you don't know Rural Urban creidt, Jimba credit, kenya savings & mortgages, Union bank of kenya etc nowadays its saccos, i believe its hard. those where politically fueled credit shops to fleece your village
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Quote:RE: UPDATE ON NUFAIKA SAVINGS ACCOUNT
Commercial Bank of Africa Limited (CBA) wishes to announce that in line with the Banking (Amendment) Act, 2016 we have carried out a detailed review of all our products and services with a view to simplifying our offering and providing more value to our customers.
In view of the above, the Bank will effective 14th October 2016, convert your Nufaika Savings Account to a Prosaver Savings Account whose offering is detailed below.
Your account number and other details will remain unchanged.
Account Name: Prosaver Savings Account
Features
· Minimum interest rate of 7.35% p.a. (70% of the Central Bank Rate (CBR) as advised from time to time by the Central Bank of Kenya (CBK) which currently stands at 10.5% p.a.) on local currency interest bearing deposits, as provided for in the law. This is effective 14th September 2016.
· Opening and Operating balance of Kshs. 10,000.00*
· Minimum interest earning balance of Kshs. 10,000.00
· One withdrawal allowed per month otherwise interest is forfeited.
· Withdrawals are restricted to ‘over the counter’.
· Any withdrawals leading to a balance below the specified minimum operating level will lead to transfer of such amounts to a non-interest bearing transactional account and / or onward closure of the said Savings Account.
· Access to personal overdraft and loans of up to 75% of savings account balance
· Mobile and internet banking – account viewing rights and intra account transfers
· Interest paid bi-annually i.e. end of June and end of December.
If Obiero did it, Who Am I?
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Rank: Elder Joined: 6/8/2013 Posts: 2,517
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Rank: Veteran Joined: 4/23/2014 Posts: 932
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Interest rate caps save seven NSE-listed firms Sh800m finance costshttp://www.businessdaily...83364-lohv44z/index.html“You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Law Capping interest rates
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