StanChart shuts down SME accounts with low cash flows

Standard Chartered Bank of Kenya last year spent Sh205.63 million on redundancies.

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Standard Chartered Bank Kenya is closing accounts of small businesses that fail to hit a monthly cash inflow of Sh10 million, a move the institution said has mostly affected inactive clients.

The move has seen affected small and medium-sized enterprises (SMEs) seek banking services at other lenders.

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