Chase Bank resumes RTGS, EFT services

Chase Bank (In Receivership) has successfully resumed operations of key banking services such as Real Time Gross Settlements (RTGS), Electronic Funds Transfers (EFT), Agency Banking, Trade Finance, Foreign Exchange transactions and cheque clearance facility.

This effectively gives customers access to all transactions, barely a fortnight after the Bank reopened.    

The restoration of these services, with the support of KCB Bank Limited, who is the Receiver Manager appointed by Kenya Deposit Insurance Corporation (KDIC), marks yet another important milestone for Chase Bank (IR) as it embarks on a phased implementation plan to normalize its operations.  

Paul Russo the Receiver Manager affirmed that Chase Bank (IR) remained committed to getting back to full operations in the near future, offering customers and stakeholders a major reprieve.

“Over the last two weeks, we have reached crucial milestones towards getting Chase back to full flight. We have seen massive support from our customers who have stood with us and we are keen at remaining firmly focused on our customer service objectives and we remain committed to the core values of enabling our customers, both individuals and businesses, to grow and prosper so that we live up to our promise as the ‘Relationship Bank” said Mr. Russo.

A vote of confidence by Chase Bank’s (IR) customers saw the bank successfully resume operations on the 27th April 2016, after the CBK placed the bank under Receivership. The Kenya Deposit Insurance Corporation (KDIC), in turn appointed KCB Bank Kenya Limited as the receiver manager.

“The return of Chase Bank (IR) back to normal operation is a confidence story for Kenya’s banking sector. We will continually engage all stakeholders to ensure we rebuild Chase together,” said Joshua Oigara, KCB Group CEO.

A number of operations within the Bank have since normalized, particularly with gradual increase in deposits and account opening transactions occurring across the Chase Bank (IR) network.

The activation of Chase Bank’s (IR) agency network and trade finance services, such as bid bonds and cash backed guarantees, has played a significant role in providing clients with channels to carry out various transactions, said Mr Russo.

Chase Bank’s (IR) robust agency network of 1,073 CBK approved agents is hugely popular with the bank’s SME clients and is part of an efficient and effective array of alternative banking services.

KDIC Acting Chief Executive Officer, Mohamud A Mohamud while thanking depositors and other stakeholders said: “In conjunction with KCB, we are committed to supporting Chase Bank (IR) for the benefit of all stakeholders, including depositors, creditors and members of the public, and ensure it resumes normal operations.”

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