Commercial banks have been challenged to develop products and policies that are accessible to the public in order to facilitate wealth creation.
Unitas Sacco banker in Kamwangi branch Jared Kamau said Wednesday banks should exist for the public good and therefore should establish policies that low-income earners can access.
“Banks should develop possible solutions for the low-income earners by creating products and policies that can be accessible by the poor,” he said.
Kamau revealed that the Kenyan banking sector is engulfed by huge challenges which he said can be tamed if banks are committed in wealth creation.
“Our financial sector is facing a number of challenges from lack of financial inclusion, affordability and accessibility of some products by low-income earners among others. We, however, can address these challenges if banks become committed in wealth creation that can only be achieved when they lower their interest rates,” he added.
“It is crucial for banks in Kenya to initiate competitive strategies that respond to all level customers for the convenience purposes and alleviation of financial problems.”
Kamau who spoke at the Unitas office in Kamwangi town lauded the technological financial sector improvement, noting that loan processing duration has been made easy in many banks.