On Wednesday, 6, April Chase Bank was put under receivership after senior managers were fired.
The Central Bank of Kenya said that the receivership was to safeguard deposits since the bank’s books failed to turn out as expected.
Residents and traders in Kibera have come out to say that the bank might not be carrying out what its’ logo states.
Speaking at the DC market, the traders said that the Chase Bank has failed to offer services to Kenyans since it has been in operation since 1995 only to be shut down indefinitely.
“The managers might have stolen the money making the bank for go bankrupt. Early last year, I wanted to open a saving bank account at chase bank but my friend discouraged me. I thank him so much, I was to be among those suffering today,” said Boniface Oyaro, a retail shop owner.
“Traders should first know the consequences before opening saving accounts at banks. Chase Bank has showed a bad example since I never thought it will collapse as it has done now. Look at the logo itself the mangers seemed not to maintain the good relationship to its customers as the logo portrays,” said Henry Nyabuto, a second hand clothes trader.
Nyabuto added that the government should now regulate the opening of banks in the country through CBK since the banks seem not to be meeting the required financial status.
“M-Pesa has been in operation several years now. I’d rather save my money there than in a bank. At least, I know it’s safe there!’’ said Jane Onyango, a resident.