×
App Icon
The Standard e-Paper
Join Thousands Daily
★★★★ - on Play Store
Download App

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.

Premium Article

Get Full Access for Ksh299/Week.

Fact-first reporting that puts you at the heart of the newsroom. Subscribe for full access.
Continue Reading  →
What you get
  • Unlimited access to all premium content
  • Ad-free browsing experience
  • Mobile-optimised reading
  • Weekly newsletters & digests
Pay via
M - PESA
VISA
Airtel Money
Secure Payments Kenya's most trusted newsroom since 1902

Related Topics

NYS Family Bank