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Banks shift customer accounts to avoid paying cash on deposits
From left, CBK governor Patrick Njoroge, Barclays Bank CEO Jeremy Awori and CBA Group Managing Director Isaac Awuondo. Lenders have in recent days rushed to reclassify deposit accounts to avoid paying the huge interests on client funds. PHOTO | FILE
Commercial banks have moved to enforce the narrowest meaning of deposit accounts that qualify to earn the seven per cent (70 per cent of Central Bank Rate) set in the recently enacted banking law.
The lenders have in recent days rushed to reclassify deposit accounts to avoid paying the huge interests on client funds even as they moved to comply with the capping on the cost of loans.
