In the last 32 years, almost all bank failures in Kenya have been of Kenyan-owned banks. Here is why they failed.
Among the flurry of tweets that became viral the day Chase Bank was finally placed under receivership, one stood out. Jimnah Mbaru, one of Kenya’s veteran bankers, tweeted “The problems facing Chase Bank has brought to the surface the enormous hostility towards indigenous capitalism by Kenyans.”
The tweet has since been deleted, and those of us who took the time to call Jimnah out on it promptly blocked. But it caused such furor because of who was saying it. It seems like a pretty profound if not innocent accusation, but it needs some context.