BAD NEWS FROM FAMILY BANK.

Family Bank, a prominent bank in Kenya, has been ordered to pay one of its clients more than Sh67 million after misleading her into guaranteeing a loan.

The client, who was not identified in the court documents, had agreed to act as a guarantor for a loan on behalf of a friend, based on information provided by Family Bank.

However, it was later revealed that the bank had provided misleading information, resulting in the client being held liable for a loan she did not fully understand.

The ruling, which was made by the High Court of Kenya, highlighted the importance of transparency and accountability in the banking industry.

The court found that Family Bank had failed in its duty to provide accurate and complete information to its client, resulting in financial loss and undue hardship for the client.

The bank was ordered to compensate the client with over Sh67 million, which included the principal amount of the loan, interest, and damages.

Sourced from the standard.