- Retirees have raised concerns over persistent delays in pension payments by some commercial banks.
- They say late crediting of pension accounts exposes senior citizens to unnecessary financial hardship.
- Others have praised banks that process pension payments promptly and offer additional financial support.
A group of retirees from across the country have decried the unwarranted delay in the payment of their pensions.
Writing on their welfare wall and speaking to this writer, they singled out specific banks as being notorious for delaying pension payments. These banks, they claimed, have been a big disappointment when it comes to crediting pensioners’ accounts with their pension money. They pointed out that they receive their alerts between the 8th and 12th of every month, exposing them to severe financial embarrassment.
“It is strange that while banks like Equity and Mwalimu National credit those accounts sometimes as early as the 20th, these others wait until almost mid-month. How come?” asked Pondi Kamuyi, a retired teacher. “They don’t seem to care that we, being senior citizens, should not be kept waiting for our hard-earned cash. It is very inhuman.”
The affected banks could not be reached for comment, as their answering machines appeared to be unresponsive. Repeated efforts bore no fruit.
Some banks earn praise for prompt payments
As some pensioners expressed their frustrations, others praised their banks for processing pension payments promptly.
“I got my money last week,” a customer of Equity said. “We rarely go beyond the 25th before being paid. I am not trying to praise them unduly. I am just saying they pay us early enough. That is the plain truth.”
Mwalimu National also received praise.
“It is not just the fact that I was a teacher, but Mwalimu, as far as prompt payment is concerned, is in a class of its own,” said Letewa Arua. “I sometimes sympathise with colleagues when they complain about delays in pension payments. My bank is prompt. What is more, it is possible to get a loan from them. If the worst comes to the worst, they give you a pre-payment, since your pension passes through them anyway. Why deny you money when they know that sooner or later it will come? Talk about being human: plain and simple.”
One official of the welfare group, who requested anonymity, asked members to make informed and deliberate decisions about which bank best suited their convenience.
“What is the sense of sticking with a bank that probably trades with your money for two weeks before thinking of you, the faithful customer?” she posed. “I cannot recommend specific banks. But it is obvious that whichever bank you choose should be one that puts your convenience ahead of anything else. If a bank inconveniences you month after month, shift. Otherwise, it will be like the proverbial mwiba wa kujidunga.”
Pensioners seek answers
The surprising thing about the whole rigmarole, they said, is that pension money is released to the banks at the same time. Why, then, does it reach pensioners at different times?
“Ask the banks that question,” a pensions officer, who spoke on condition of anonymity because he was not authorised to comment publicly, said. “It is a mystery. Of course, one hears of deliberate acts of commission. There is also the rumour of trading with such money, but what do we know? That would be very unprofessional, and I hope it is just a rumour.”
As the back-and-forth continues, helpless pensioners continue to suffer. They wait patiently for the bank message or for the welcome picture posted on the group wall showing a moving train spewing white smoke, with the name of the bank emblazoned on its bodywork.
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The alternative, one pensioner observed sardonically, is to migrate en masse to a more customer-friendly bank.
Time will tell.
By Charles O. Okoth
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