kenya begins fresh vetting for senior bank managers
Monday 3 February 2025
Last Updated : GMT 06:49:16
Arab Today, arab today

Kenya begins fresh vetting for senior bank managers

Arab Today, arab today

Arab Today, arab today Kenya begins fresh vetting for senior bank managers

The Central Bank of Kenya
Nairobi - Xinhua

The Central Bank of Kenya (CBK) said Friday it's vetting directors of banking institutions and senior managers afresh to weed out people with questionable integrity or conflicts of interest.

CBK chairman Mohamed Nyaoga said the re-vetting has been necessitated by recent bank failures that threatened to crush the confidence in Kenya's banking system.

"Most of the banking problems we have had were related to weak corporate governance perpetuated through internal fraud," Nyaoga said in Nairobi when he opened the Centre for Corporate Governance (CCG) Alumni Grand Reunion.

He said fresh vetting, backed with strengthening of banks' corporate governance structures, would ensure holders of board and management play their roles effectively.

"CBK has put in place stronger governance measures, among them re-vetting of directors and senior managers when they are under any disciplinary action or for any violation of the law or suspected malpractices," he said.

Anxiety gripped bank customers in the past year after three commercial banks put under receivership due to, amongst other reasons, irregularities and malpractices which exposed depositors, creditors and the banking sector to financial risk.

The recent bank failures include Dubai Bank, Chase Bank and Imperial Bank. Chase Bank was revived almost immediately while Imperial Bank, where 420 million dollars was lost, is still under receivership.

CBK says it has increased vigilance on banks to ensure stability in the industry.

Nyaoga said the regulator has fortified its supervisory staff and recruited more experts in ICT and auditing to enhance scrutiny of banks processes including corporate governance practices, integrity of information and disclosure requirements.

During the event, the Centre for Corporate Governance launched a continent-wide network of good corporate governance champions drawn from its pool of 13,184 alumni, which will ensure the transformational role of best practices is felt in various organizations.

"We must see the impact of corporate governance beyond boardrooms into the societal, national and international arena," said CCG chief executive Dr Joshua Okumbe.

Okumbe said corporate governance has a significant impact on the strategic direction economies take, both at corporate and national levels in mobilizing and allocation of resources.

He noted that recent corporate failures in Kenya such as Uchumi Supermarkets were a result of lack of best practices in governance.

Okumbe said corporate governance is especially important in banks since financial institutions affect the lives of many people.

Source: Xinhua

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kenya begins fresh vetting for senior bank managers kenya begins fresh vetting for senior bank managers

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kenya begins fresh vetting for senior bank managers kenya begins fresh vetting for senior bank managers

 



GMT 20:29 2017 Wednesday ,12 July

Dollar exchange rate stable at major banks

GMT 10:55 2017 Monday ,30 January

Somaia al Khashab denies bad health rumors

GMT 16:41 2017 Saturday ,19 August

Free People names PR and Marketing Coordinator

GMT 14:02 2017 Saturday ,14 October

Dozens of IS fighters surrender as Raqa's fall nears

GMT 09:27 2017 Thursday ,06 July

Hana Shiha aspires to work with Al Fakharany

GMT 21:00 2017 Friday ,29 September

Proust paid for good reviews of his masterpiece

GMT 07:37 2017 Friday ,10 February

Gaza's 'Spider-Man' contortionist enters record books

GMT 17:42 2018 Saturday ,20 October

US-backed Syria offensive kills 35 Daesh fighters

GMT 14:19 2018 Friday ,12 October

Women's strides in Bahrain and UAE highlighted

GMT 19:31 2018 Thursday ,11 October

Young Egyptian woman serves as minister for a day

GMT 13:25 2018 Sunday ,07 October

13-year-old girl crowned bowling champion in Riyadh

GMT 13:26 2018 Thursday ,04 October

Putin says Presence of US forces in Syria illegitimate
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday