{"id":97698,"date":"2024-07-03T09:09:46","date_gmt":"2024-07-03T06:09:46","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=97698"},"modified":"2024-07-03T08:18:45","modified_gmt":"2024-07-03T05:18:45","slug":"kcb-settles-alleged-credit-billing-repayment-cycles-violations-with-cak","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2024\/07\/kcb-settles-alleged-credit-billing-repayment-cycles-violations-with-cak\/","title":{"rendered":"KCB settles alleged credit billing, repayment cycles violations with CAK"},"content":{"rendered":"

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.<\/strong><\/p>\n

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.<\/p>\n

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.<\/p>\n

\u201cIt 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,\u201d CAK stated.<\/p>\n

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.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":14459,"featured_media":79264,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[18749,934,1964,14110,11516],"coauthors":[13385],"class_list":["post-97698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kenya","tag-credit-billing","tag-featured","tag-kcb-bank","tag-settles","tag-violations"],"yoast_head":"\nKCB settles alleged credit billing, repayment cycles violations with CAK - Capital Business<\/title>\n<meta name=\"description\" content=\"NAIROBI, Kenya, July 3 - KCB Bank has entered into a settlement agreement with the Competition Authority of Kenya (CAK) after alleged unfair conduct Kenya breaking news | Kenya news today |\" \/>\n<meta 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