Kenyan Traders: Bank should have given us notice

NAIROBI: Hundreds of traders and merry-go-round groups that have been depositing their money at Chase Bank are in anguish.

Joseph Okoth, who operates a hardware shop in Westlands, Nairobi, has been banking with Chase bank for two years and is now a worried man. He said he urgently needed money to purchase additional stock for his shop.

However, when he passed by the bank's branch on River Road to withdraw money on Thursday, he got a rude shock when he saw a notice on the closed bank's door.

"The closure will affect my business. I do not understand why the bank failed to inform us earlier to withdraw our money," said Okoth.

Though he had trusted the bank for the past two years, Okoth regretted why he opened an account with the bank. He said the Central Bank of Kenya could have sent out a prior warning to the customers to withdraw their money.

A businesswoman identified as Mary said the step will ruin her life as her business may close down because of insufficient funds.
"I do business and do not know what to do next. I do not have any loan with them and I need my money. I don't want to know about the duration it will take because it was not my fault. They should give us our money," she said, adding: "I have been saving my hard-earned cash in the bank for the last three years."

Abraham Sang, who has a consultancy firm business in Nairobi, opened an account with Chase Bank for his business six months ago.
"I opened an account with the bank for my business and I will be forced to seek money from elsewhere to sustain my business," said Sang.
He said customers need notices, especially when banks are planning to take such actions.

For some of the merry-go-rounds that opted to keep their savings at the bank, things may not work out for them as scheduled.
"Each member deposits Sh5,000 per month in the chama's account at the bank and we buy properties at the end of the every year. This is going to affect our operations given the fact that our year ends in May," said Christine Wambui.