2016-10-03 | 1459800079

Banking Circular No 6 of 2016 - Increase of Charges and Conversion of Savings Products to Transactional Products

The Central Bank of Kenya (CBK) has received complaints from customers about banks increasing charges and converting savings accounts to transactional accounts without consent. CBK reminds banks that any changes to charges or product features must be approved by the CBK and properly communicated to customers, emphasizing that non-compliance is illegal and will result in consequences.

Kenya

Central Bank of Kenya

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