A recent report by Financial Sector Deepening (FSD) has highlighted why many Kenyans are angry with various banks across the country.
FSD carried out an investigation through social media to know Kenyans bad experiences with banks.
The Standard on Tuesday noted that the FSD found out that Kenyan complained about opaque transactions charges, disappearance of money from accounts and lenders unwilling to listen to customer's complains.
They pointed out that if someone loses money from the banks, it is hard for them to recover it back.
The body also found out that Kenyans complained of getting deducted for failed transactions through mobile money services.
Some stated that some banks list them for defaulting on non-existent loans. Excessive charges when checking bank balances was also raised by the angry Kenyans.
Worst is where customers are told to pay before money is deposited in their accounts.
“In Kenya, financial consumer protection via channels such as government authorities is still very limited, and cases of mistreatment of financial customers are commonly reported in the Kenyan media, often with no resolution for the consumers,” said FSD as quoted by Standard.
FSD through their Twitter handle, tries to help some of the Kenyans who reach out to them for help in case of a problem with their banks.
“This frustration has led some to turn to social media to both attempt to resolve their problems and, it appears, publicly call out consumer protection abuses.
"Through this active Twitter population, a clearer view is emerging of the extent and type of problems that occur with financial services and how providers and government agencies do—or do not—respond,'' noted FSD.