Category Archives: CBK

Bitcoin in Kenya

Earlier this week, Kenya’s Central Bank put a cautionary notice in the newspapers about the use of virtual currencies like Bitcoin in Kenya. Kenya Central Bank on Bitcoin

They did not say it was illegal, but some people have taken the notice to mean that it was, as it the notice alluded to instances of  Bitcoin being used by criminals for money laundering and drug trafficking. The Bank was stating they did not regulate Bitcoin, and nor did any agency in Kenya, but that there was no legal status or protection that came from transacting in Bitcoin.

And today, one of the leading champions of Bitcoin in Kenya, Bitpesa, put a reply advertisement in the same newspaper. They noted that Bitpesa replyvirtual currencies like Bitcoin were gaining users, financial backers, and acceptance the world over – and that $2 billion is traded daily with Bitcoin. They also hinted that there are 4,000 business users of Bitcoin through Bitpesa in Kenya.

Bitpesa are currently embroiled in a dispute with Safaricom, Kenya’s leading telco. Safaricom cut Bitpesa from using their M-Pesa platform a few weeks ago, but they Bitpesa announced that they have since signed up with Airtel Kenya for the customers to use Airtel Money to buy Bitcoin, receive funds, and make payments.

This all harkens back to disputed about seven years ago when Kenya’s leading banks were united in a war against M-Pesa, and they urged the government to curb the potential for M-Pesa to be used for money laundering or criminal possibilities.

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Imperial Bank Unlikely to Reopen

Last week, I watched some very moving clips of customers of Imperial Bank who lost their investments and life savings when the bank was closed on October 13, 2015. The Jeff Koinange Live TV show (part 1, 2, 3), featured  three different depositors who spoke of their shock on getting the news and the impact that the last month has had on their families, businesses, and plans for the future.

#CountingtheLosses

#CountingtheLosses

The program featured Aleya Kassam who’s blogged about her lost money at Imperial Bank and two others, a businesswoman who runs a children’s home and a Nigerian businessman who lives and invests in Kenya. They also narrated tales of other people they know who lost colossal amounts  (Kshs 30 million, Kshs 65 million, and even Kshs 500 million (~$4.9 million), some of who were retirees who had had all their life savings at Imperial bank

Jeff and the business lady had a light moment when they realized they had both been customers of Diners Bank which collapsed in the mid-1990’s and in which she lost Kshs 200,000 (a large amount then)  that she never recovered. How cruel was it then that she was going to lose money in another collapsed bank that offered good rates and good services twenty years later, but which also collapsed?

You could see the depositors frustration with the process over the last month since the closure. They were at times angry with the Central Bank of Kenya Governor, the shareholders of Imperial Bank, the directors of Imperial Bank, the companies that took illegal loans from the bank, and the auditors of the bank. They kept asking how did Kshs 34 billion ($333 million) vanish in fifteen years and none of  these regulators and guardians at the bank not realize something was amiss? How could they allow a bank to operate that even took in their money the day before it closed?

They were doubly frustrated on hearing of plans being formulated over the last month for the bank, with little involvement, or communication, to them as depositors. Why is the bank not open when the Governor said it would resume in a month? Why can’t the government allow controlled withdrawals by the ‘legitimate’ deposits and customers? Why has the (new) bank CEO not made a statement, and Is he even in the country or has he fled to Canada like the CEO of another large collapsed bank? Why has the Central bank not involved depositors in their talks with the shareholders and directors of the bank? Etc.

What’s been in the news seems to have taken the bank further back from reopening including revelations of “off the books” loans, some of which the takers have offered to partially return. The Kenya Deposit Insurance Corporation [KDIC], who insure all depositors up to Kshs 100,000 [$980], have asked customers to ignore fraudulent emails asking them to convert their deposits into shares at the bank in their desperation to get the bank reopened. There have also been stories of there being a Kshs 40 billion hole at the bank, and shareholders only offering a quarter of the amount, while insisting that they want immunity before they place the money in.

Imperial Bank was an award-winning Kenyan bank

Imperial Bank was an award-winning Kenyan bank

In addition the family of the former CEO,  who’s widely blamed for the bank fraud,  are now denying that he stole money, and shareholders of the bank also blaming the Central Bank for failing in its regulatory and oversight role at Imperial which won numerous awards for growth, finances, customer service and marketing. Shareholders of the bank want to sue the companies who had borrowed off the books, and depositors want to be included in cases as they also accused the government of being slow in reopening the bank and for being lax in oversight.

The outlook for Imperial Bank is not good. Even if the estimated Kshs 43 billion in ‘official’ loans, along with the Kshs 17 billion of government securities Imperial Bank had, and whatever amount is in ‘unofficial’ loans, are recalled and paid, the official amount owed to depositors is Kshs 60 billion. But the day the bank doors reopen, you can expect all the depositors to run to the bank to draw their funds in full. They will not be banking at Imperial in a week’s time and are unlikely to ever entrust their funds to the management or shareholders of the bank ever again. The same goes for other banks, and financial intermediaries, who rely on trust and confidence as a basis for banking relationships.

Kenyan bank depositors being administered by KDIC

Kenyan bank depositors being administered by KDIC

The current issue of the East African compares the situation at Imperial to Trust Bank which was placed in receivership in 1998. It briefly reopened after depositors converted their funds into shares at the bank, then again shut down, this time permanently, in 2001 after finding it hard to win new business.

The only way for Imperial Bank to survive is if it is bought out by a large, multi-national, or regional bank. That bank will have deep pockets and will have done its due diligence on the true value and exposure that Imperial Bank carries, and received a waiver of obligations above an agreed threshold and from additional liabilities, prior to their agreeing to buy the bank. And if such a deal happened, the new bank will want to take on the Imperial customers and business but erase all traces of the Imperial Bank name, forever.

Correction: There has been no demand by shareholders for any immunity 

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SME Lending in Kenya

The Central Bank of Kenya, Financial Sector Deepening Trust Kenya and the World Bank, have published a study on bank financing of Small and Medium Enterprises (SMEs) in Kenya ($1=Kshs 100). Excerpts

  • The total SME lending portfolio in December 2013 was estimated at Kshs. 332 billion, representing 23.4% of all banks’ total loan portfolio
  • Donor Support: Nearly all of the banks interviewed received some form of donor support or were in discussions with donors for support directly related to financing of SMEs. In several cases there were banks with support from as many as four donors at a time.
  • Limited Government Intervention: In 2010 The Government (though the Treasury) established a special SME scheme, called the MSE Fund, but since 2012 no new loans have been approved by the fund. According to Treasury, the scheme was discontinued because “the intention was not for the Government to lend, but to create an incentive for banks to engage with SMEs”. After only a year of the fund’s operation, banks started to lend more to SMEs from their own books, especially Equity Bank, and therefore Treasury did not see any reason for the continued operation of the fund. In addition to the MSE fund, the Government set up a Youth Fund and a Women Entrepreneur Fund, in which a number of banks are participating. The Government is also contemplating a partial credit guarantee for agricultural loans.
  • Courts Not Good at Dispute Resolution:  Enforcement of secured claims appears to be slow and costly, affecting the cost of credit. It takes 4.5 years, costs 22% of the value of the debtor’s estate, and only yields 30% of what is owed
  • PE & VC’s: The majority of around 15–20 active private equity funds focused primarily on SMEs with a perceived financing gap of typically between US$50,000 and $5 million. The funds target deal sizes of around $1–3 million, which is still at the high-end of the SME segment and is therefore out of reach for most SMEs in Kenya. The venture capital industry is still nascent with about 10 venture capital type funds, but interest from international firms, as well as local ones, especially in the emerging ICT industry, has recently been on the increase. There are several incubators which have been set up to help build the pipeline for such deals, but the sector is still at an early stage of development
  • 3 Kinds of Banks: Banks target the market segments they are most effectively able to service. There are 1. Corporate oriented (Barclays, CfC Stanbic, Standard Chartered)  2. Supply-chain oriented (BoA, Chase, DTB, Ecobank, FINA, I&M, NIC) 3. Micro-oriented (Co-op, Equity, Family, KCB, KREP, Jamii Bora)
  • Overdrafts are Bad: The most interesting finding from this analysis is arguably the central role played by overdrafts in SME lending in Kenya. While overdrafts can be useful to meet immediate liquidity needs and to avoid firms having to turn to informal lenders or shadow banking, a problem arises when firms use overdrafts to fund specific working capital or investment financing needs. Overdrafts tend to be very expensive and inefficient in addressing specific business funding needs. Banks, on the other hand, may have limited incentives to reduce firms’ reliance on overdrafts, as the overdrafts usually provide high profit margins. Nonetheless, during the interviews some bank managers confirmed that over-reliance on overdrafts can be a major hindrance to the development of SME finance in Kenya: overdrafts are a financial ‘black box’ because they do not reveal why firms are borrowing nor how the loans are used.
  • Interest Rates: The average annual interest rate is 20.6%  for microenterprises, 18.5% for small enterprises, 17.4% for medium enterprises and 15.3% for large enterprises.
  • Potential 20 Million Credit Reports: As of 31 December 2014, a total of 5.2 million credit reports were requested by banks, compared with 2.3 million as of December 2012. Adding the information from the over 20 million registered mobile money/mobile financial services users would lead to a significant expansion of the underlying information base.

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Government takes over Imperial Bank

The Central Bank of Kenya has appointed the Kenya Deposit Insurance Corporation (KDIC) to manage Imperial Bank for a year following their awareness of unsafe or unsound business conditions.

Unlike previous banks, liquidity appears to not have been a problem in the decision, and the bank has just raised Kshs 2 billion (~$20 million) via a 5-year, 15% bond that was to list today at the Nairobi Securities Exchange. Imperial Bond

Imperial was Kenya’s 18th largest bank, with assets of almost Kshs 57 billion last year, including deposits of 47 billion, loans of 31 billion and had a pre-tax profit of 2.7 billion ($27 million) in 2014.

Another blog on the intrigues at Imperial notes that the shocking development comes against the backdrop of the death of the bank’s group managing director, Abdulmalek Janmohammed, on September 15, 2015 of a reported heart attack.

EDIT: The KDIC statement notes

  • The Bank was placed under receivership due to, amongst other reasons, irregularities and malpractices in the Bank which exposed depositors, creditors and the banking sector to financial risk. 
  • Normal operations of the Bank are suspended except for collection of loan re-payments or any other payments into the Bank. Debtors are therefore encouraged to continue servicing their obligations.

EDIT: The Central Bank and the Capital Markets Authority released a joint statement

  • The Capital Markets Act, has directed the Nairobi Securities Exchange to suspend the introduction to listing and trading of the Corporate Bond issued by Imperial Bank which closed on September 17, 2015. This suspension has been imposed in the public interest and to protect the interests of investors.
  • The board of directors of Imperial Bank Limited brought to the attention of the CBK inappropriate banking practices that warranted immediate remedial action in order to safeguard the interest of both depositors and creditors.
  • CBK and the board of directors of Imperial Bank Limited are working closely on a feasible resolution mechanism for Imperial Bank Limited (In Receivership). CBK assures members of the public that Kenya’s banking sector remains safe and robust.

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Mwalimu SACCO acquires 51% of Equatorial Bank

EDIT: Jan 27:  The Government has ordered an inquiry into Mwalimu National Sacco’s bid to acquire Equatorial Commercial Bank. The Commissioner of Co-operatives has appointed an inquiry team report to him following a protest by the Co-operative Alliance of Kenya (CAK) 

Last week, Mwalimu SACCO became  the majority shareholder of Equatorial Commercial Bank (ECB), acquiring  51% of the bank for Kshs 1.6 billion (~$18 million). The acquisition was cleared after no objections were received from the Central Bank of Kenya (CBK), Competition Authority of Kenya (CAK) and Sacco Societies Regulatory Authority (SASRA). There was another objection, but not from any of the regulators, who were aware of the issues raised.

Mwalimu with Kshs 24.5 billion of assets (2013), acquired the stake in ECB,  the country’s 27th  largest bank (Kshs 15 billion) which has been boosted by an earlier merger with Southern Credit Bank. Mwalimu will have three (3) seats on the board of ECB, but the Society is not converting into a bank nor merging with ECB. Due diligence of the financial and legal processes was done by Ernst and Young and Mose & Mose Advocates.

This comes two years after the LAPTrust, a pension scheme and the Kenya Tea Development Agency acquired a combined 22% stake in Family Bank – and LAPTrust estimated their stake was worth 1.6 billion in 2013, just two years after paying a 1/4 of that amount.
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