Uhuru Directs Payment of Chase Bank Depositors

President Uhuru Kenyatta on Thursday lauded the move by Central Bank of Kenya Governor Dr Patrick Njoroge to put Chase Bank under receivership due to financial malpractices. 

Addressing Kenyans in Germany, Kenyatta asked the CBK governor to ensure Chase Bank and its Rafiki Micro finance customers were given their deposits.

The President further reiterated that the crack down on non-compliant banks was in order so that depositors money could be safe-guarded and the law upheld to the letter.

“I believe the governor is doing the best for the sector. The banks must follow the law. The cleaning up doesn't mean it is falling down. We must strenghten the financial sector as we move forward,” Kenyatta stated.

He also sought to reassure Kenyans that the banking sector was not in a crisis, but all it needed was to be strengthened to keep it from crumbling.

President also tasked Treasury Cabinet Secretary Henry Rotich with ensuring that depositors are protected from non-compliant banks.

“I have emphasised to my Treasury Cabinet Secretary to ensure depositors, especially small depositors, are protected. This is the most important thing, I think. All depositors must remain protected,” he said.

Kenyatta was speaking after Chase Bank customers were gripped in anxiety as they remained uncertain of their bank's fate and whether they would receive their deposits. The customers have been flocking the bank's branches across the country while anticipating to recover all their money.