Kenya Post Office Savings Bank, popularly known as Postbank, is making losses of Sh3 million per day or Sh90 million a month. Following the cash crisis, the bank’s operations and cost of management are eating into depositors and shareholders’ capital by an estimated Sh1 billion per year. The trend, which has been a continuation over the years, has led to Postbank posting a working capital of negative Sh15 billion. On further enquiry, the Star established that the board is yet to agree on the proposals contained in the draft strategy paper developed by the consultant – KPMG. Postbank chairman Ntoros ole Senteu denied claims that the board has delayed in submitting the strategy paper.

Source: The Star June 01, 2021 02:00 UTC