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We picked painful lessons from NYS scam, admits Family Bank

CEO David Thuku

Mid-tier lender Family Bank has admitted that the National Youth Service (NYS) scam almost scuttled its 33-year journey in the financial space.

The bank, which was among 28 lenders believed to have handled NYS money from suspicious transactions, added that negative social media sentiments in addition to eroded confidence in Tier II and III banks caused a run on its deposits.

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NYS Family Bank