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Banks that will be extinct in a few years
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watesh
#31 Posted : Thursday, February 04, 2016 9:11:50 PM
Rank: Veteran

Joined: 8/10/2014
Posts: 992
Location: Kenya
VituVingiSana wrote:
enyands wrote:
Swenani wrote:
hisah wrote:
sparkly wrote:
enyands wrote:
sparkly wrote:
Some colonial era banks will be extinct in Kenya in a few years.

Without naming names:-

1. Banks that require you to file 100 pages of documentation before you can open an account;

2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent;

3. Banks that treat you like you are a bother rather than their customer;

4. Banks that pay 0.5% per annum as interest on savings account;

If you know such banks, take your business elsewhere and avoid investing in their shares.


I see all of them doing that. Tip me which one is heavily notorious


Without naming names. One recently issued a profit warning.

Very loaded message. The word colonial already gives away the hint smile


I thought that colonial bank said they are selling off their african biz


Some of these colonial Banks they make much much more profit from African banks than their mother banks. For example they charge internet banking fees in Africa because they feel it's a privilege they are giving Africans but in their own origin country they will never think of suggesting such a draconian idea.competition there are too stiff.

Whereas I question why 'colonial' banks do not offer free internet banking, which local bank has truly free internet banking? Not just view transactions but actually make transactions? I tried a RTGS transaction and was charged 500/- the same as going in-branch! It's much cheaper to write chqs (under 1mn) and send a messenger to deliver them!

A bank I used offered 'free' mobile banking. And then I got whacked with 100/- or so when I used it. They claim these were USSD session charges by Safaricom.

CAK, CCK and CBK should penalize there banks for shady practices.

Its these charges from safaricom that made up one of the reasons Equity to start Equitel
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murchr
#32 Posted : Thursday, February 04, 2016 9:19:37 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
Safaricom does not charge 100/- for a USSD txt. For heaven sake all the local banks are connected to safcom too, why don't they charge 100/-.?
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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Boris Boyka
#33 Posted : Thursday, February 04, 2016 9:22:40 PM
Rank: Veteran

Joined: 11/15/2013
Posts: 1,977
Location: Here
VituVingiSana wrote:
Sir invest wrote:
I have the same testimony. I am in one chama where we lend at 10% per month. The dividends per annum is 60%. i don't regret joining.
I need to join the chama! At 60% dividends, who needs to invest on the NSE?

Question: Is this a legit chama & not one of those pyramid schemes? Which chama, please share.

They're real and not pyramids. They are formed on principles like those of Sacco's; we're lending to each other and at year end we shall share amongst ourselves ALL the interest. Once a member you qualify for a loan, no beurocracies like in banks and other financial institutions.
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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PKoli
#34 Posted : Thursday, February 04, 2016 9:31:17 PM
Rank: Elder

Joined: 2/10/2007
Posts: 1,587
VituVingiSana wrote:
Sir invest wrote:
I have the same testimony. I am in one chama where we lend at 10% per month. The dividends per annum is 60%. i don't regret joining.
I need to join the chama! At 60% dividends, who needs to invest on the NSE?

Question: Is this a legit chama & not one of those pyramid schemes? Which chama, please share.


Does that Chama only lend to members or non members? Why would take a loan at 10% PM when you can get much cheaper elsewhere?
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VituVingiSana
#35 Posted : Thursday, February 04, 2016 9:54:16 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
murchr wrote:
Safaricom does not charge 100/- for a USSD txt. For heaven sake all the local banks are connected to safcom too, why don't they charge 100/-.?
It was a number of charges at 7/- a session [I was debited in 7 or multiples of 7]. I have no idea how the sessions were calculated but it was roughly 100/- by the time I was done. I never used the service again.

James Mwangi said Equitel will not charge per USSD session during one of his presentations.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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enyands
#36 Posted : Thursday, February 04, 2016 9:59:47 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
watesh wrote:
VituVingiSana wrote:
enyands wrote:
Swenani wrote:
hisah wrote:
sparkly wrote:
enyands wrote:
sparkly wrote:
Some colonial era banks will be extinct in Kenya in a few years.

Without naming names:-

1. Banks that require you to file 100 pages of documentation before you can open an account;

2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent;

3. Banks that treat you like you are a bother rather than their customer;

4. Banks that pay 0.5% per annum as interest on savings account;

If you know such banks, take your business elsewhere and avoid investing in their shares.


I see all of them doing that. Tip me which one is heavily notorious


Without naming names. One recently issued a profit warning.

Very loaded message. The word colonial already gives away the hint smile


I thought that colonial bank said they are selling off their african biz


Some of these colonial Banks they make much much more profit from African banks than their mother banks. For example they charge internet banking fees in Africa because they feel it's a privilege they are giving Africans but in their own origin country they will never think of suggesting such a draconian idea.competition there are too stiff.

Whereas I question why 'colonial' banks do not offer free internet banking, which local bank has truly free internet banking? Not just view transactions but actually make transactions? I tried a RTGS transaction and was charged 500/- the same as going in-branch! It's much cheaper to write chqs (under 1mn) and send a messenger to deliver them!

A bank I used offered 'free' mobile banking. And then I got whacked with 100/- or so when I used it. They claim these were USSD session charges by Safaricom.

CAK, CCK and CBK should penalize there banks for shady practices.

Its these charges from safaricom that made up one of the reasons Equity to start Equitel


If they can fully implement the equitel thing fully and have their own mobile app, this thing will go far .on the security aspect it will be super fine because they own the network (network security) and also they are the same bank(bank security) .this is better than third party security firms to secure the apps and network located somewhere at silicon valley or of the sort.
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Impunity
#37 Posted : Thursday, February 04, 2016 11:12:56 PM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
enyands wrote:
sparkly wrote:
Some colonial era banks will be extinct in Kenya in a few years.

Without naming names:-

1. Banks that require you to file 100 pages of documentation before you can open an account;

2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent;

3. Banks that treat you like you are a bother rather than their customer;

4. Banks that pay 0.5% per annum as interest on savings account;

If you know such banks, take your business elsewhere and avoid investing in their shares.


I see all of them doing that. Tip me which one is heavily notorious


That bank which sponsor Liverfool fc.
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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murchr
#38 Posted : Thursday, February 04, 2016 11:45:13 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
VituVingiSana wrote:
murchr wrote:
Safaricom does not charge 100/- for a USSD txt. For heaven sake all the local banks are connected to safcom too, why don't they charge 100/-.?
It was a number of charges at 7/- a session [I was debited in 7 or multiples of 7]. I have no idea how the sessions were calculated but it was roughly 100/- by the time I was done. I never used the service again.

James Mwangi said Equitel will not charge per USSD session during one of his presentations.


All charges by Safaricom? Not true!
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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VituVingiSana
#39 Posted : Friday, February 05, 2016 12:21:44 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
murchr wrote:
VituVingiSana wrote:
murchr wrote:
Safaricom does not charge 100/- for a USSD txt. For heaven sake all the local banks are connected to safcom too, why don't they charge 100/-.?
It was a number of charges at 7/- a session [I was debited in 7 or multiples of 7]. I have no idea how the sessions were calculated but it was roughly 100/- by the time I was done. I never used the service again.

James Mwangi said Equitel will not charge per USSD session during one of his presentations.


All charges by Safaricom? Not true!

It showed up on my bank statement not safaricom bill. I called the bank and asked about the charges. They said these were USSD charges. Perhaps they added a premium per message/USSD enquiry? Then I just stopped using the service. End of story.

And that's why I appreciate that Equitel clearly said there will be no USSD charges. http://www.financialtech...money-transfer-services/
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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murchr
#40 Posted : Friday, February 05, 2016 12:24:24 AM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
VituVingiSana wrote:
murchr wrote:
VituVingiSana wrote:
[quote=murchr]Safaricom does not charge 100/- for a USSD txt. For heaven sake all the local banks are connected to safcom too, why don't they charge 100/-.?
It was a number of charges at 7/- a session [I was debited in 7 or multiples of 7]. I have no idea how the sessions were calculated but it was roughly 100/- by the time I was done. I never used the service again.

James Mwangi said Equitel will not charge per USSD session during one of his presentations.


All charges by Safaricom? Not true!

It showed up on my bank statement not safaricom bill. I called the bank and asked about the charges. They said these were USSD charges. Perhaps they added a premium per message/USSD enquiry? Then I just stopped using the service. End of story.

And that's why I appreciate that Equitel clearly said there will be no USSD charges. http://www.financialtech...oney-transfer-services/[/quote]

Your banker simply lied .
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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