Governor Njoroge wants better customer care

CBK Governor Patrick Njoroge

NAIROBI, KENYA: The Central Bank Governor Patrick Njoroge has urged banks to change the way they do business so that they can convince Kenyans to back the removal of rate caps.

Speaking at the Kenya Bankers Association 6th Annual Banking Research Conference, Dr Njoroge said banks need to start treating customers better and be upfront about fees and charges.

“When you are having that conversation with the relationship manager and the customer, I think they should talk about those charges, because they are not hidden, but written in very small print at the end of pages of the loan terms,” he said.

The governor also stated that bank owners need to stop pushing for higher profits which is essentially passed on to the borrower.

“What I focus on is the commitment by the sector that it will move towards this direction. Banks want to do the right thing in keeping the interest of depositors and customers first not the shareholders or managers,” he said.

He also called on bankers to be ethical including changing their mindset over their role in the economy.