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Wealthy Kenyans Rush to Move Money From Small Banks
Kenyan Currency notes.
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Kenyans holding more than Ksh100,000 in small banks are rushing to withdraw their money after three mid-sized financiers were placed under receivership for failing to meet their obligation in 2017.
The mid-sized financiers included; Chase bank, Imperial bank and Dubai bank.
According to the Central Bank of Kenya (CBK), small banks currently control 5.84% of accounts down from 13.26% in 2017.
File image of Kenyan banknotes
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Depositers are now depositing their money in larger institutions in a bid to avoid being entangled in financial trouble.
CBK classified 21 small banks as low tier, indicating that the banks had 90,572 quality accounts compared to 210,047 in 2017. ....

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