Rogue banks must be tamed – expert
15 November 2011, 08:22
Nairobi – A research analyst is calling for tighter
regulations in the local banking industry to help tame the ‘cartel-like’
behaviour exhibited by banks.
Ochieng Oloo, Managing Director of Think Business argued that this
behaviour has been fuelled by lack of proper and stringent laws that
have seen banks arbitrarily hike their interest rates even when there is
no justification to do so.
It is these oligopolistic tendencies that have seen these
institutions ‘arm-twist’ the Central Bank of Kenya (CBK) whenever they
feel that their interests are not served.
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