Friday, October 17, 2008

Kenya Bank Charges

The Central Bank released the latest report of a Kenya bank charges survey (PDF)

Notes
- It’s a good read, which may lead account holders to check their statement and shop around for cheaper banks. However many account holders get one or two statements a year at most, so this may not be useful to them
- Also, though some banks score good points for low charges there are other aspects to customer - service to be considered in the choice of where to bank.
- One flaw in the survey is that it assumes that the banking act is applied and that no charges are levied on savings accounts - I’m yet to see a bank that does not
- This years' survey acknowledged bundled or flat fee accounts such as Move (from NIC) X from (Stanchart), Bouquet (Barclays), and Open (D-Trust)
- Customer who take loans calculated using the flat rate method end up paying more than the reducing balance method
- The final table shows a growing list bank automated teller machines (ATM) which are being established for customers to use. But if there are 3 ATM’s next to each other at Nakumatt Junction, 3 next to each other at Kenyatta Hospital and 6 at the international arrivals terminal of JKIA, the spread is not very useful.

3 comments:

coldtusker said...

Customer Service is vital coz there are many more aspects to it esp speed of loan processing...

Have you seem the new "Premier Banking" at BBK? Of course... the minimum required is KES 3,000,000...

Maishinski said...

Thanks Banks, I was looking for this a couple of weeks back.

I think some Kenyan banks are ripping us off in terms of charges/interest...

On the other hand, their service quality and reliability is far more superior when compared to these foko jembe banks we use abroad.

bankelele said...

Prestige got too coomon, so now there's Premier

Maishinski: service is non existent at some banks

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