Banks should scrap nuisance fees

Banks should scrap nuisance fees

There was a capping of interest rates where Parliament passed the law. But banks are pushing the central bank to raise customers charges and the bank has had 16 requests so far to the central bank. How on earth do banks charge someone who deposits money in their banks? These charges have pushed Kenyans to use safaricom services and other unorthodox services as they are first, quick and cheap. Monetary policy committee of central Bank want lenders to focus on having  happy clients instead of money alone. Banks have been on the spot over allegations of imposing illegal levies on their customers since last year following the coming into force of the new law capping interest rates. It is a relief that the central governor insisted that banks need to review and scrap all "nuisance fees" imposed on customers. Banks should focus on on solving customers need which can attract sustainable revenues  instead of looking for shortcuts. At the moment the economy is not doing well but banks don't care. Let other bodies in charge of regulating banks consider customer's needs and caution banks of these "get rich quick schemes"
By
Veronica Onjoro
Mombasa

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