Top 5 Kenya Bank Stories of 2015

  1. Imperial Bank collapse: The shock of the year, and probably the decade. Owaahh shows in Part 1,  2, and 3, of “The Sack of Imperial Bank”, that it was actually a 13-year saga that unravelled in 2015.
  2. The new Governor at the Central Bank of Kenya, Dr. Patrick Njoroge, had an immediate impact, not just with Imperial, but also Dubai. He also cracked down on banks that were apparently lax on large payments, legit and illicit ones.
  3. Bank profit drop or flat growth: Whether it was the local economy, bad debts (Stanchart, Bank of Africa), or East African impact (events in South Sudan, Burundi or Mauritius [for Britam], this year tested banks after years of ‘easy money’ and double digit growth in the industry.
  4. Barclays exit from Africa (really, a 2016 story)
  5. Agency banking. Even Family, I&M and Barclays, took this route. While a few branches are still opening in new malls, they are not the main channel for small transactions, as ATM’s phones, social media, and now bank agents handle lost of customer interaction.

What other stories merit ranking?

  • The law on unclaimed financial assets, and the Unclaimed Financial Assets Authority (UFAA) became active

2 thoughts on “Top 5 Kenya Bank Stories of 2015

  1. Beth

    Hope the Imperial Bank story ends with consequences for those found guilty. Not financial ones, which they can likely afford. I am convinced the reason we have these scandals in the GoK and private sector including the NSE is that nothing seems to happen to those who go away with lots of money that does not belong to them.

    1. bankelele Post author

      Was just reading in Biz.Daily that Munir (ex CEO of NBK) is the first CEO to be removed by the CBK in 10 years..mainly due to the new governor & regime at CBK

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