The rise of ATM Card Skimming fraud cases has seen local banks experience great losses because they often have to compensate their customers.
The high cost of borrowing makes it hard forKenyans to borrow money from banks. This is quite a challenge because loans are a major source of income to the banks.
Theft cases: Banks have lost lots of money stolen from them by their own employees, their security providers, and other external individuals.
Local mobile money transfer services like Mpesa and Airtel money have brought in a lot of competition to banks. Since their introduction, many people are finding it easier to save and transfer money through these mobile money transfer services as opposed to banks.