The Business Daily reported that low-income earners shun banks over fear of losing savings.

The study found that most low-income earners see banks as lacking in transparency and accountability, making it difficult for them to pursue any loss of funds or even negotiate flexible financing for their needs — giving banks more food for thought.

Guess why?

Four lenders broke banking rules in 2013 – CBK report

Four banks flouted Central Bank regulations on loan ceilings for single borrowers, property investments, consumer protection and board meeting attendance.

Six separate incidents of non-compliance were recorded, affecting five sections of the Banking Act and the CBK Prudential Guidelines

Two banks violated the consumer protection guideline requiring them to guard customers against fraud, loss of privacy, unfair practices and lack of full disclosure.