Wazua
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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: 954 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: 2,300 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: 2,300 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: 18,055 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: 18,055 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: 18,055 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: 18,055 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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Rank: Veteran Joined: 8/10/2014 Posts: 954 Location: Kenya
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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 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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Rank: Elder Joined: 2/26/2012 Posts: 15,979
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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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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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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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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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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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Rank: Chief Joined: 1/3/2007 Posts: 18,055 Location: Nairobi
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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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Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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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 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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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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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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Rank: Elder Joined: 2/26/2012 Posts: 15,979
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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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Rank: Chief Joined: 1/3/2007 Posts: 18,055 Location: Nairobi
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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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Rank: Elder Joined: 2/26/2012 Posts: 15,979
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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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