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Law Capping interest rates
Rank: Veteran Joined: 11/13/2015 Posts: 1,590
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tom_boy wrote:Where are those doomsayers, eti oooh, banks will not lend, oooooh , the end of kenyan economy, oooh sme will suffer from lack of credit. Wako wapi wajitokeze. In the history of Kenyan banks, no bank has ever collapsed because they lent to Wanjiku and that is a FACT. Be patient it's early days  . Time for reckoning will come. I'm sure you don't know Rural Urban creidt, Jimba credit, kenya savings & mortgages, Union bank of kenya etc
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Rank: Veteran Joined: 11/11/2006 Posts: 971 Location: Home
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Banks are simply converting most accounts to non-interest earning accounts. Barclays and KCB leading. So much for the law being an ass. Quote: Effective 14th Sep ‘16, KCB Jiinue a/c is now a non-interest earning transactional account Click ke.kcbbankgroup.com/home/accounts/transactional-accounts/jiinue
Dear Customer, KCB Mapato account is now a non-interest earning transactional account. Visit ke.kcbbankgroup.com/home/accounts/transactional-accounts/mapato
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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Gonna let this topic simmer for a year, then I will re-visit it and start crowing to akina @Maichblack and his doomsayer band. Will keep doing that on the anniversary of signing this law until the economic Armageddon that they predicted comes to pass. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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holycow wrote:Banks are simply converting most accounts to non-interest earning accounts. Barclays and KCB leading. So much for the law being an ass. Quote: Effective 14th Sep ‘16, KCB Jiinue a/c is now a non-interest earning transactional account Click ke.kcbbankgroup.com/home/accounts/transactional-accounts/jiinue
Dear Customer, KCB Mapato account is now a non-interest earning transactional account. Visit ke.kcbbankgroup.com/home/accounts/transactional-accounts/mapato
They are not converting anything, just move your deposits to victoria Bank, Transnational Bank or any other of the 42 competitiors and they will soon shika adabu "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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Impunity wrote:maka wrote:newfarer wrote:watesh wrote:BOOOM!! KCB has countered Equitel with 1.2% per month on KCB Mpesa product
This is cool men Cool is an understatement.... Orgasmic! Now this leaves mshwari as the most expensive, waiting to see of they will react, what about other non bank mobile lending I know of Branch, Tala, Saida etc what will be their counter move. To Each His Own
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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CBA management is showing very poor leadership here.
First it was loan at 12.9%, then they revised to 14.5%, now it is mobile money loan , what else don't they know ?.
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Rank: New-farer Joined: 3/12/2014 Posts: 96
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wukan wrote:tom_boy wrote:Where are those doomsayers, eti oooh, banks will not lend, oooooh , the end of kenyan economy, oooh sme will suffer from lack of credit. Wako wapi wajitokeze. In the history of Kenyan banks, no bank has ever collapsed because they lent to Wanjiku and that is a FACT. Be patient it's early days . Time for reckoning will come. I'm sure you don't know Rural Urban creidt, Jimba credit, kenya savings & mortgages, Union bank of kenya etc nowadays its saccos, i believe its hard. those where politically fueled credit shops to fleece your village
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Quote:RE: UPDATE ON NUFAIKA SAVINGS ACCOUNT
Commercial Bank of Africa Limited (CBA) wishes to announce that in line with the Banking (Amendment) Act, 2016 we have carried out a detailed review of all our products and services with a view to simplifying our offering and providing more value to our customers.
In view of the above, the Bank will effective 14th October 2016, convert your Nufaika Savings Account to a Prosaver Savings Account whose offering is detailed below.
Your account number and other details will remain unchanged.
Account Name: Prosaver Savings Account
Features
· Minimum interest rate of 7.35% p.a. (70% of the Central Bank Rate (CBR) as advised from time to time by the Central Bank of Kenya (CBK) which currently stands at 10.5% p.a.) on local currency interest bearing deposits, as provided for in the law. This is effective 14th September 2016.
· Opening and Operating balance of Kshs. 10,000.00*
· Minimum interest earning balance of Kshs. 10,000.00
· One withdrawal allowed per month otherwise interest is forfeited.
· Withdrawals are restricted to ‘over the counter’.
· Any withdrawals leading to a balance below the specified minimum operating level will lead to transfer of such amounts to a non-interest bearing transactional account and / or onward closure of the said Savings Account.
· Access to personal overdraft and loans of up to 75% of savings account balance
· Mobile and internet banking – account viewing rights and intra account transfers
· Interest paid bi-annually i.e. end of June and end of December.
If Obiero did it, Who Am I?
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Rank: Elder Joined: 6/8/2013 Posts: 2,517
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Rank: Veteran Joined: 4/23/2014 Posts: 909
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Interest rate caps save seven NSE-listed firms Sh800m finance costshttp://www.businessdaily...83364-lohv44z/index.html“You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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[quote=HaMaina] Interest rate caps save seven NSE-listed firms Sh800m finance costshttp://www.businessdaily...3364-lohv44z/index.html[/quote] these companies took loans of above 15%????? If Obiero did it, Who Am I?
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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Rank: New-farer Joined: 3/12/2014 Posts: 96
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Njoti mbili ulipe  
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Rank: Elder Joined: 6/8/2013 Posts: 2,517
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penkon wrote:Njoti mbili ulipe My bad per annum (calendar year) Quote:..accounts with more than two (2) withdrawals in a calendar year will be automatically migrated to non-interest bearing transactional current accounts miye huyo nahama  "😖😡KQ makes money for everyone except the shareholder 😏😏 " overheard in Wazua
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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Swenani wrote:Quote:RE: UPDATE ON NUFAIKA SAVINGS ACCOUNT
Commercial Bank of Africa Limited (CBA) wishes to announce that in line with the Banking (Amendment) Act, 2016 we have carried out a detailed review of all our products and services with a view to simplifying our offering and providing more value to our customers.
In view of the above, the Bank will effective 14th October 2016, convert your Nufaika Savings Account to a Prosaver Savings Account whose offering is detailed below.
Your account number and other details will remain unchanged.
Account Name: Prosaver Savings Account
Features
· Minimum interest rate of 7.35% p.a. (70% of the Central Bank Rate (CBR) as advised from time to time by the Central Bank of Kenya (CBK) which currently stands at 10.5% p.a.) on local currency interest bearing deposits, as provided for in the law. This is effective 14th September 2016.
· Opening and Operating balance of Kshs. 10,000.00*
· Minimum interest earning balance of Kshs. 10,000.00
· One withdrawal allowed per month otherwise interest is forfeited.
· Withdrawals are restricted to ‘over the counter’.
· Any withdrawals leading to a balance below the specified minimum operating level will lead to transfer of such amounts to a non-interest bearing transactional account and / or onward closure of the said Savings Account.
· Access to personal overdraft and loans of up to 75% of savings account balance
· Mobile and internet banking – account viewing rights and intra account transfers
· Interest paid bi-annually i.e. end of June and end of December.
Maringo, remmember when banks required 20k minimum balance? To Each His Own
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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CBA management is showing very poor leadership here.
First it was loan at 12.9%, then they revised to 14.5%, now it is mobile money loan , what else don't they know ?.
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Rank: Member Joined: 12/1/2007 Posts: 539 Location: Nakuru
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Siringi wrote:penkon wrote:Njoti mbili ulipe My bad per annum (calendar year) Quote:..accounts with more than two (2) withdrawals in a calendar year will be automatically migrated to non-interest bearing transactional current accounts miye huyo nahama This is basically ab6 monthly fixed deposit For investors as a whole, returns decrease as motion increases ~ WB
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Rank: Elder Joined: 6/23/2009 Posts: 13,503 Location: nairobi
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tom_boy wrote:obiero wrote:maka wrote:obiero wrote:Pesa Nane wrote:obiero wrote:[quote=maka]Look at this;
This month the Central Bank of Kenya offered a 10 year Treasury Bond for a total amount of up to Kshs 25 Billion. The total number of bids received was 795 amounting to Kshs 26.31 Billion. The Weighted average rate for successful bids was 15.039%
Coupon 15.039% crazy...even after WHT its good cash I spoke to the president and his take was that the government shall pull down borrowing rates for itself, which is a good thing.. Expect government to obtain cheap credit. Watch the tbill rate slide down in coming months. We live in good times Congrats for speaking with @citizen001 but you should have asked him how the "government shall pull down borrowing rates for itself" when in fact we know the rates are market driven (through auctions) Beg to differ. The auctions are driven mainly by banks.. Now that banks are pushed to the wall on consumer lending, expect government to show a stiff hand Rates at the auction won't come down anytime soon....that 10 year was just a start. 91, 182, 364 day bills all down.. Expect the shorter tenor to hit 6.5% by December.. As per Graham's law, the bulls at the NSE must show up shortly.. http://www.businessdaily...4800-b0eb44z/index.html[/quote] As per my predictions, the dance between banks and Government in pricing billsand bonds has begun. Banks cannot afford to flood CBK with offers! They will have to worksmart. The race to the bottom by GOK now in play.. Uhuru is a genius of some sort http://www.businessdaily...383760-diyj1o/index.html
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Obi 1 Kanobi wrote:holycow wrote:Banks are simply converting most accounts to non-interest earning accounts. Barclays and KCB leading. So much for the law being an ass. Quote: Effective 14th Sep ‘16, KCB Jiinue a/c is now a non-interest earning transactional account Click ke.kcbbankgroup.com/home/accounts/transactional-accounts/jiinue
Dear Customer, KCB Mapato account is now a non-interest earning transactional account. Visit ke.kcbbankgroup.com/home/accounts/transactional-accounts/mapato
They are not converting anything, just move your deposits to victoria Bank, Transnational Bank or any other of the 42 competitiors and they will soon shika adabu Then your money goes down the drain like that of those who banked with Imperial "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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Rank: New-farer Joined: 3/1/2014 Posts: 82
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Banks are science driven. Reduce lending to Wanjiku, convert/make earning the 7.35% interest hard by doing the above or increasing amounts required maybe etc. I hear NBK has sent memos that if you have bad borrowing history you're already disqualified and credit officers to only forward 'clean' loan applications. “The beauty of success is that it doesn’t matter how many times you have failed, you only have to be right once and then everyone can tell you how lucky you are.” - Mark Cuban
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