The panic withdrawals at Rafiki Micro-finance bank were on an alarming rate after reports said that it is related to Chase bank which was put under receivership, with some reports indicating that the later owns about 75% of the micro-finance. On Thursday alone, sources said that the Micro Finance customers withdrew more than sh8 Billion.
Other institutions related to Chase bank include Chase Assurance and Genghis Capital
On Thursday morning, Rafiki Microfinance posted this message on their social media networks after their systems went down over many panic withdrawals done.
On Thursday afternoon, Rafiki Micro-finance Westlands branch had ran out of cash after many clients withdrew their savings.