Kibera Chase Bank customers have a reason to smile since the bank reopened its doors on Thursday.
The bank that was put under receivership by CBK will now be under the management of the Kenya Commercial Bank, KCB.
This comes after Central Bank of Kenya urged Parliament to make amendments to the law to give CBK powers to name rogue banks in the country that do not meet the financial requirements to operate. However, Kibera residents who had deposited their money in the bank have now expressed their happiness as the bank resumed work.
"I am happy that the bank is back to business. I was shocked when it closed down but now that it's back into operation, I will continue depositing money into my account hoping that this will never happen again," said Philip Ochieng', a resident.
Jonah Okinyi, another resident noted that the bank's services are good compared to other banks and the interest rates are low and he is not afraid of being a customer.
Bonface Oyaro, a retail trader in Kibera termed the move to re-open the bank as positive since many residents who had saved the money in the bank were worried not knowing what they were to do as many of them had deposited the money and were planning to pay school fees.