Kenya Commercial Bank in South Sudan : Looting or Smart theft in Investment’s name?
BY: Akolde N. Jinub, Rumbek. “One man’s pain is another man’s soothing”! APR. 29/2011, SSN; South Sudan is where the one-eyed man becomes a king among the blind, but in business language it is called monopoly without questions. However a little look of the background is worth noting in this regard. KCB is pretty in business enterprise exploration but very poor in its commerce sustainability, and also rigid in its policies when times change! Back in Kenya, it is the last bank to go for when banking needs arise. It was the first bank to operate, and it is the last bank to opt to at present. This can be true of KCB in South Sudan as well soon after South Sudan proclamation of independence in July 2011. Just two months away. If you are traveling through Rumbek or intending to come over and you have banked with KCB South Sudan Ltd, be prepared to stand in queue for not less than three to four hours of your day(s) while in Lakes state! After South Sudan’s long fight for freedom which ended with the CPA, South Sudanese found themselves at cross road of being fooled, looted, and their resources smartly stolen, and they are saying no problem! “Why no problem when banking business is turned into quick trick and take game of stealing rather than investment as was envisioned”!? Behind common cheap rhetoric called investment comes curse and not blessings as would have been thought by the few elites of South Sudan. Are South Sudanese being fooled, innocent or party in all that is robbing their region? In this open looting by the so-called investors, Kenya Commercial Bank leads in quick tricks and elegant stealing process. It begins from high foreign exchange rate, high commission charges in transfers whether local or international, loans and advances. The daily explanation to delays happening in KCB Rumbek branch is always attributed to network being down, so clients can’t transfer or receive any money to and from anywhere even if locally, KCB can’t pay you Western Union sent money, can’t pay certain amount for this same network poor infrastructure, said the Management! The Kenya Commercial Bank (KCB) - South Sudan Ltd Management signed a silly Memo of understanding with SPLM, the then first hand stakeholder of the Government of South Sudan that KCB will risk its entire resources to invest in banking sector in South Sudan and that there will be no any other bank(s) to be allowed to operate concurrently in all of South Sudan till CPA expiry in July 9th 2011. This is like binding on ground and was meant for ten states of South Sudan, however, it is not in other states, but only in Lakes state of Rumbek, where it is manipulating, monopolizing everything to do with commercial banking. KCB has a lot of doom than expected blessing! In its curse processes, KCB is tactically stealing hell of monies from South Sudanese and in particular from Lakes state of Rumbek public, where people are too ignorant or lack banking knowledge all together to question why are things should move as this!??. Why is it that it is one bank of KCB operating in this large state? What are the benefits of monopoly and competitive banking services to this world of 21 century? What are these consequences of one bank monopoly over people, time management of course to those working in institutions, and especially for busy organizations? If anyone thinks of going to KCB Rumbek branch for any transactions, bear in mind that you won’t come back to do your other businesses, office works or go anywhere far, because you are going to spend three to four hours there! Here, KCB deducts from every client current/saving account holder SDG 10 + for bank service, SDG 4 per every withdrawal, SDG 50 + for Ledger fees, SDG 32 + for debited interest, SDG 50 + for overdraft, SDG 10% (SDG 100 per SDG1, 000) for Salary advance, SDG 15% per SDG 1,000 loan request. An interim evaluation indicated that every client is likely to lose about 20% of his/her annual premium of income to KCB South Sudan Ltd for service provision only. It has little service value to clients and receiving more profits by means available at its discretion in South Sudan. Not only is KCB South Sudan venturing a weirdly gainful business at the expense of ignorant communities of South Sudan – Lakes state of Rumbek, but also exploiting its South Sudanese who are its employees more than they deserve as international standard of labor are concerned. Of course, you can’t expect anything tangible in an environment where untrained government officials are sitting relaxed on top of everything with nothing and on few resources at their discretion, but also not doing enough for the same communities. What will you expect of a foreign institution coming in under disguise of investment, nevertheless its true color mission is to make enough profit it could be deemed possible at any cost at reach! In its feat of exploitation of locals, there are only three tellers (in seven tellers drawers) to serve all clients in the whole state of Lakes, when they are supposed to be seven or more, plus, customer care staff (one staff doing work in two places), loan officers (one currently) to serve the entire state government employees, UN agencies, INGOs, business groups and anyone in cash commerce! It takes you three to four hours to get what you want in KCB Rumbek branch. It has been going on since 2006, when it was first opened to operate in here. On the other hand KCB has got rivalries such as Equity, Ivory, Buffalo, Agricultural banks etc in other cities of South Sudan of Juba, Wau, Malakal, Aweil, Bor, Yambio; thus their service provision in these other locations is a little proper than in Rumbek. Another ill issue in this rivalry field and KCB has hooked up with these other banks is its dominant to be the source of wiring money to other banks from the authorization of the Bank of South Sudan as is experienced in Juba. This is un-expectable deal by BOSS with foreign commercial bank. Home enmity (opposition on tribal lines-Kikuyu vs other Kenyan communities) between KCB and Equity banks has also been imported to South Sudan. Equity gets money in local and hard currencies through KCB South Sudan. Is it proper for BOSS to do this? Be the judge! What are impacts, consequences and benefits in this adversary dealing between the two banks? When elephants fight, it is the grass that suffers. South Sudanese are the suffering. It is even worse in South Sudan, where illiteracy and ignorance prevail more than anything else in lives of many! Nonetheless, Equity Bank is being praised for its efficiency, affordability, sincerity, honesty and other open chances to their staff by clients! Equity Bank charges, processes and everything about its banking is worth taking! So KCB is jealous and afraid for being ridden someday by Equity and other banks soon. Can you someone tell me, why are other banks not being allowed/granted investment/stealing permits as is KCB Rumbek branch doing in Lakes state for over six years now to invest or steal from Lakes state communities!? Another common rhetoric by its management is refusal to deal with issues presented to them. In this line, they would always refer you to their Headquarters in Juba, and you know how long it will take??, one month plus to get an answer. One case at hand is loan process. It takes not less than a month plus to be approved, while in Juba, it takes only five days to get approval after presenting all needed documentations and collaterals. Can KCB South Sudan Ltd and in Rumbek branch check itself for all that have been written about it above and start to endeavor improving for better. Is Government in Lakes state serious in checking for crises for the welfare of her public or is it party to these crises itself? Of course, one can’t rule out the later. It can be seen from their service provision when official pops into a bank in Rumbek, he /she is given first hand service even by the bank Manager! Can KCB Rumbek branch also rethink to training, coaching and nurturing their abilities for the betterment of the bank, community of South Sudan? These trainings and coachings should be on clients’ communication, approach and response. Akolde N. Jinub lives in Rumbek, he is reachable at [email protected] COMMENTS, PLEASE CLICK HERE Disclaimer: The views expressed above are solely those of the author(s) and do not represent those of the website. -- You received this message because you are subscribed to the Google Groups "JFD info" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/jfdinfo?hl=en.
