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First Community Bank has clarified allegations of limited deposits across its branches.
This came following Tuesday, September 4, morning situation at the Wabera Street branch in Nairobi.
There were long queues experienced at the branch as panic continued to build for the better part of the day.
Customers at the branch were not allowed to withdraw more than KSh 10,000 per day, no cheques were cleared.
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The bank's chief executive officer Hassan Hussein noted that the lender received approval from the Central Bank of Kenya (CBK) to limit some services.
The fully-fledged Shariah bank said although the measures are not favourable to customers, but will offer both short and long-term solutions.
In September 2022, the lender flagged rumours around social media that the bank's financial position was at stake.
It condemned the information for disrupting operations in various branches, leading to customer panic withdrawals.
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The lender said the problem was caused by system disruptions that affected most services.
In other news, TUKO.co.ke reported that the high court lifted orders freezing KSh 5.6 billion belonging to three Kenyan and Nigerian companies.
The money was believed to be part of the KSh 25 billion money laundering scheme between Kenya and Nigeria.
Asset Recovery Authority (ARA) filed the suit after suspecting hidden transactions between October and November 2020.
High Judge Esther Maina directed ARA to withdraw the case involving Avalon, OIT Africa and RemX Capital Limited.
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Source: TUKO.co.ke
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