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Banks that will be extinct in a few years
Rank: Member Joined: 9/11/2014 Posts: 228 Location: Nairobi
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Wow! @Swenani, is the one you know looking for 'investors'?
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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Swenani wrote:kayhara wrote:My bank is charging me 700/- per month for a business current account, I went to ask for a loan 150k,I bank about 700-800k pm, the business banker told me to my face that I don't qualify since I don't sell anything physical, I am in service business, wow, today I have gone to close the account and the manager is telling me not to close since head office is asking why there are too many account closures, went to another bank, I have been approved to get up to 10m using my statements, see why those old banks will fail Let me reserve my comments Lol let them out, I asked them if they can't give me 150k to salaries then nikitaka mob. To Each His Own
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Rank: New-farer Joined: 11/9/2015 Posts: 56
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kayhara wrote:My bank is charging me 700/- per month for a business current account, I went to ask for a loan 150k,I bank about 700-800k pm, the business banker told me to my face that I don't qualify since I don't sell anything physical, I am in service business, wow, today I have gone to close the account and the manager is telling me not to close since head office is asking why there are too many account closures, went to another bank, I have been approved to get up to 10m using my statements, see why those old banks will fail kayhara, happened to me with my bank. Asked for a loan of 4m (Banking with them for 6 yrs with transactions for about 600k monthly). The manager said the same thing to my face - " you dont sell anything physical hence the reservation to approve your loan - not that i am in default or blacklisted or anything of the sort. Walked up the street to another bank (bank B)- they asked me for statements from Bank A and to open an account which i did... Next morning - pre-approved for 10m I go to transfer my cash and close the account in bank A and two managers come to beg me to keep my account 
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Rank: Veteran Joined: 8/10/2014 Posts: 992 Location: Kenya
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junior121121 wrote:kayhara wrote:My bank is charging me 700/- per month for a business current account, I went to ask for a loan 150k,I bank about 700-800k pm, the business banker told me to my face that I don't qualify since I don't sell anything physical, I am in service business, wow, today I have gone to close the account and the manager is telling me not to close since head office is asking why there are too many account closures, went to another bank, I have been approved to get up to 10m using my statements, see why those old banks will fail kayhara, happened to me with my bank. Asked for a loan of 4m (Banking with them for 6 yrs with transactions for about 600k monthly). The manager said the same thing to my face - " you dont sell anything physical hence the reservation to approve your loan - not that i am in default or blacklisted or anything of the sort. Walked up the street to another bank (bank B)- they asked me for statements from Bank A and to open an account which i did... Next morning - pre-approved for 10m I go to transfer my cash and close the account in bank A and two managers come to beg me to keep my account To the both of you, are these banks you leaving among the big 5 or lower?
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Rank: Elder Joined: 12/25/2014 Posts: 2,301 Location: kenya
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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  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.
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Rank: Elder Joined: 12/25/2014 Posts: 2,301 Location: kenya
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watesh wrote:junior121121 wrote:kayhara wrote:My bank is charging me 700/- per month for a business current account, I went to ask for a loan 150k,I bank about 700-800k pm, the business banker told me to my face that I don't qualify since I don't sell anything physical, I am in service business, wow, today I have gone to close the account and the manager is telling me not to close since head office is asking why there are too many account closures, went to another bank, I have been approved to get up to 10m using my statements, see why those old banks will fail kayhara, happened to me with my bank. Asked for a loan of 4m (Banking with them for 6 yrs with transactions for about 600k monthly). The manager said the same thing to my face - " you dont sell anything physical hence the reservation to approve your loan - not that i am in default or blacklisted or anything of the sort. Walked up the street to another bank (bank B)- they asked me for statements from Bank A and to open an account which i did... Next morning - pre-approved for 10m I go to transfer my cash and close the account in bank A and two managers come to beg me to keep my account To the both of you, are these banks you leaving among the big 5 or lower? They stated earlier they are old banks and probably colonial .so it's true .they are top 5.
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Rank: Chief Joined: 1/3/2007 Posts: 18,349 Location: Nairobi
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bartum wrote:Kcb said they will list me on crb after i paid 510 for a mpesa kcb loan of 509.64 and said i had a balance of 0.06,
In short i overpaid  Even if you owe 10/- or so, is it really worth their while to report to CRB? Or is it just extortion? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,349 Location: Nairobi
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Elephant Man wrote:@iris...It's possible. Many table banking groups/chama's are not skilled investors. They might never have heard of the term compounding. However, they lend to each other at between 10% and 20% per month... Ebu do the math... Damn! Talk about loan sharking. Even M-Shwari is not as much of a shark with 7% per month! I would lend but not borrow from the Chama! Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,349 Location: Nairobi
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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 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. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,349 Location: Nairobi
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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. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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