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In Kenya, all Licensed Banks and Specified Financial Institutions have for many years, and between 1991 and 2004 at least, not complied with Section 44 of The Banking Act, Cap. 488, and with Section 39 of The Central Bank of Kenya Act, Cap. 491.
IRAC's experience is that 99% of all facilities scrutinized and analysed are regularly and routinely overcharged interest. It is a serious, multi-billion shilling problem that the Central Bank of Kenya should be very worried about. This problem is not unique to Kenya, and has been established even in first-world financial markets such as England's (See the Cruickshank Report on Banking Services).
In IRAC's experience, the most important point in successful recovery of interest overcharges is good record-keeping. To prevent customers from reconstructing their banking records and causing ‘problems', banks have been known to charge up to Ksh 500 (US$ 7) for a single sheet photocopy of bank statements. For Clients who cannot afford this prohibitive and deterring fee, the bank gets away with it.
This is why IRAC strongly recommends that you keep and maintain complete records of all your banking transactions, correspondence to and from your bank, emails, etc. This assists greatly in claiming refunds of interest overcharged without problems. If your own records are complete, and if you have subscribed to The IRAC Process, most banks will negotiate a settlement of your claim in short order.
Those that refuse to settle then have to meet a watertight case in court. This assists greatly in claiming back interest overcharges without problems.
Claiming Refunds
Interest Rates Advisory Centre Ltd,
Ambassador Court, Block A, Flat No. 3,
Milimani Road, (Directly Opposite Heron Hotel, next to former CID Hqtrs)
P.O. Box 9034-00100,
Nairobi, Kenya.
Talk to us
Phone: +254 020 2722294, 2723572
Fax: +254 20 2727554
Mobile: +254 722 873796, +254 735 - 796984
E-mail: info@irac.co.ke
