Sharp Daily
No Result
View All Result
Tuesday, October 7, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

CAK and KCB reach settlement over misleading credit card ads

Derrick Omwakwe by Derrick Omwakwe
July 4, 2024
in News
Reading Time: 1 min read

The Competition Authority of Kenya (CAK) has announced a settlement with KCB following a complaint that the bank misled a client about credit card charges and billing cycles in an advertisement. KCB had promoted a 45-day interest-free period for its Platinum Credit Card but still billed the client interest.

According to the CAK, KCB failed to properly inform the complainant about repayment cycles and credit billing, resulting in confusion. Earlier this year, a CAK report disclosed that KCB was required to refund over Kes 20,000 to Anthony Nderitu, who had borrowed around KES 200,000 under the assumption that no interest would be charged as per the advertisement.

“Upon examining the credit card statement, the complainant found that the bank had charged a late payment interest of KES 12,724 and a debit interest of KES 8,857, totaling Kes 21,581,” stated the CAK report.

The CAK, in a gazette notice published on June 28th but dated December 14, 2023, noted that it had launched investigations into KCB’s actions under provisions of the Competition Act that prohibit false or misleading representations and unconscionable conduct by a supplier of products or services.

RELATEDPOSTS

CAK greenlights Ramco Inc.’s sole ownership of Ramco Plexus

October 31, 2024

Mogo Auto fined KES 10.85 million by CAK for misleading loans

October 4, 2024

Several banks have been scrutinized by the CAK for unfair practices as customers lodge complaints about hidden charges and misleading advertisements. By withholding crucial information about products, customers have been unable to fully grasp the implications of the services they use. Other banks that have had to refund clients include NCBA, Stanbic, and DIB Bank.

Previous Post

Comprehensive guide to waterproofing in construction

Next Post

EACC asset recovery hits KES 3.8 billion despite fewer traces in 2022/23

Derrick Omwakwe

Derrick Omwakwe

Related Posts

News

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025
News

Argentina’s crisis and Kenya’s lessons on political economy and market confidence

September 25, 2025
News

Kenya’s financial system remains stable but faces rising risks

September 25, 2025
News

Where do Kenyan stock returns come from? A napkin framework

September 19, 2025
News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025
Private equity investment business concept
News

Private equity and insurance

September 4, 2025

LATEST STORIES

The Role of Micro-Pensions Plans in Kenya

October 3, 2025

Understanding the link between international aid and cooperative finance stability in Sub-Saharan Africa

October 3, 2025

Kenya Pipeline Company IPO

October 3, 2025

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025

Kenya’s Regulated SACCOs Cross Trillion Shilling Mark

October 2, 2025

Post-September review: What CMMF did and what’s next

September 26, 2025

Strengthening water utilities through efficiency and accountability

September 26, 2025

Retirement Benefits Schemes Trustee Governance in Kenya

September 26, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024