Only last year, he would easily have got about a 13 per cent return on deposits of a comparable amount. CAK does not rule out cartel-like tendencies in the banking sector, but is guarded in making such a declaration before an ongoing study is finalised. “The best offer we could get from the bigger banks is 7 per cent,” said Wang’ombe. PHOTO: FILENo one better understands how brutal Kenyan banks can be than Francis Kariuki Wang’ombe — the man mandated to protect consumers from cartels. It would be especially worrying as seven of the largest banks Wang’ombe was referring to control 80 per cent of all banking business of accepting customer deposits and giving loans.

Source: Standard Digital June 06, 2016 21:10 UTC