The Traditional dying Banks
In Kenya and probably in Africa, banks are interested in middle income and high income earners. Banks are also keen to have people with frequent incomes. Offer structured, inflexible products designed for maximum gain from an individual customer.
Interest capping in Kenya to a decent 14.4% per annum led banks to stop lending in protest, they instead invested their money in government bonds – a big mistake by Government of Kenya allowing them to do this.
The economy suffered during that time – the so called bank esteemed customers were denied services – how can this kind of institution be a reliable partner.
Banks don’t care about low income earners except when they want to make extra money by selling merchandise – sell debit card in the name of a free bank account.
How is it free? Yet if I don’t transact for 3 months, they penalize me – they don’t realize how damaging that it is to the low income earner – or probably they don’t care, all they need is profits and huge perks.
I believe soon innovative Fintech will offer digital debit cards plus growth of ewallets and mobile wallets in Africa – how will these heartless bank make money – no one will need a plastic debit card anymore.
Common Visa and Mastercard, give license to startups looking to offer digital debit and credit cards – if you fail to do it now JCB is doing it and we welcome them.
Why do I need to carry some plastic printed card everywhere..?
