NAIROBI, Kenya, July 3 – KCB Bank has entered into a settlement agreement with the Competition Authority of Kenya (CAK) after alleged unfair conduct regarding its credit billing and repayment cycles.
KCB Bank has entered into a settlement agreement with the Competition Authority of Kenya (CAK) after alleged unfair conduct regarding its credit billing and repayment cycles.
Through a gazette notice, CAK noted that it commenced investigations into the matter following a complaint regarding an advertisement on the company’s website that Platinum Credit Card holders were entitled to a 45-day interest-free period while the complainant was charged interest.
“It is notified for general information pursuant to section 39 of the Competition Act that the Competition Authority of Kenya and KCB Bank Kenya Limited have entered into a settlement agreement in respect of the investigations initiated by the Authority pursuant to section 55 (a) (v) of the Act,” CAK stated.
The Authority said the company failed to inform the complainant of its credit billing and repayment cycles, opting to enter into a settlement agreement with the Authority pursuant to Section 38 of the Act.
Sections 55 and 56 of the Competition Act prohibit false or misleading representations by a supplier of a product or service, as well as unconscionable conduct.
