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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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