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Kenya blames social media for bank failure.

Global Banking News-April 8, 2016--Kenya blames social media for bank failure

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Global Banking News - 08 April 2016

Kenya has blamed the social media for the failure of another bank in the nation.

The central bank said 'inaccurate social media reports,' led to the fall of Chase Bank. The bank has been put under receivership by the regulator for a year. It had run out of money to meet its financial obligations. Insider loans, loans provided to staff, had reached KES13.62bn and this was one of the reasons for its downfall.

The bank is the third Kenyan financial institution to be placed under receivership since last August.

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Publication:Global Banking News (GBN)
Geographic Code:6KENY
Date:Apr 8, 2016
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