First Community Bank dismisses claims it is collapsing

First Community Bank (FCB) has dismissed claims that it is on the verge of closure.

In a statement dated 4 October, 2022, the bank assured its customers that it is in a good position to serve long term.

The CEO Hussein Hassan has acknowledged technical hitches experienced by customers while withdrawing money.

"We acknowledge that our customers may currently be experiencing challenges in some of their transactions occasioned by panic withdrawals informed by malicious rumours," says Hassan. 

Hassan has blamed unprecedented numeral withdrawals for disrupting daily operations. 

"The unprecedented withdrawals have caused a strain in our daily operations, necessitating the bank under the guidance of the regulator to limit some services."

Measures to restore normal operations

"As a responsible bank, FCB understands that these restrictive measures have not been favourable to our customers but are necessary to maintain stability in the short and long term."

"We are working very closely with the Central Bank of Kenya (CBK) to ensure that we continue to achieve our core mandate, which is to bring good and reliable Shari'ah-compliant banking services to Kenya."

Hassan has urged customers to seek clarity from the bank directly in order to obtain accurate information. 

"We are and are continuing to implement a number of measures to address the challenges customers are currently experiencing. We urge our esteemed customers to maintain confidence in First Community Bank, reposed in us over the years and for the general public to engage us directly to obtain accurate information."