24 banks could collapse due to rushed increase in core capital

24 Banks are on the verge of a total shutdown that will affect 7,000 employees if the proposed increment of Core Capital from 1 to 10 billion shillings in three years time is done. This came during a session where the Kenya Bankers Association made submissions on the proposed Business Laws before the National Assembly Finance Committee. The Bankers warned against introducing additional taxes on financial transactions, stating that the effect will reflect on interest rates charged through loans.