Insight

2013: Financial sector buoyant despite bank takeovers, high rates

This year has seen a lot of key developments in the local financial sector. From the takeover of the 50-year-old BCR by I&M Bank, protest over high loan rates and the volatile franc to the recent move to amend the lease loan law, the sector was far from dormant. However, these events that shaped the industry over the past 12 months are seen by sector players as being instrumental in keeping it grounded despite the developments in the global arena, reports Ben Gasore. It has been a long and tough year for the financial industry, that saw some banks and micro-finance institutions being taken over by foreign and bigger ones. The year was also characterised by continued complaints over high lending rates and minimal product diversification.
A customer checks forex rates. The local unit had lost 5% value by mid-December. The New Times/ File
A customer checks forex rates. The local unit had lost 5% value by mid-December. The New Times/ File
Ben Gasore