Here is CBK Governor’s inspirational Tweet to Chase Bank staff
Success of the plan to re-open Chase Bank on Sunday roused Central Bank of Kenya Governor Patrick Njoroge to tweet motivation messages to the troubled bank staff and its new managers, KCB Bank.
Chase Bank branches will open their doors on Wednesday after the Central Bank agreed with KCB on modalities to bring the collapsed lender back on its feet. Online and mobile banking services will also be available.
Okay Chasers @chasebankkenya, the chase is on! This is your finest hour…!@JoshuaOigara @KDICkenya @KCBGroup pic.twitter.com/P7ElZF3pIQ
— Patrick Njoroge (@njorogep) April 24, 2016
REASSURE CUSTOMERS
The message is meant to reassure customers of the confidence the Governor has in the process so they do not necessarily use it as an opportunity to drain their accounts.
Funds access
The Kenya Deposit Insurance Corporation (KDIC) provides Sh100,000 which is the minimum amount the clients of a failed bank are able to access. However, for the second time, CBK has pushed the amount up to Sh1 million.
Like Imperial Bank, Chase Bank customers will have access to their deposits to the maximum of Sh1 million as soon as the bank is re-opened. Up to 167,290 accounts, which is equivalent to 97 per cent of accounts or six per cent of total deposits, will have their funds available in full according to CBK.
REVIEW
Ms Joy Doreen Biira even asked the Governor to permanently review KDIC policy on insured deposits upwards as provided by law.
Governor Njoroge tweeted back:
Yes @JoyDoreenBiira that needs to reviewed in due time. But the Immediate Action is reopening Chase to stay open @CbkKenya @KDICkenya
— Patrick Njoroge (@njorogep) April 24, 2016
No Kenyan bank has successfully come out of statutory management since independence.
