Kenya Bankers Association moves to quell fears in the banking sector

Kenya Bankers Association moves to quell fears in the banking sector

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Kenya Bankers Association has moved to quell fears that more Banks could be closed just few days after Imperial bank was placed under statutory management.

KBA CEO Habil Olaka said Wednesday that Imperial Bank only represent 1.8% of the banking sector thus the incident does not present a systematic concern for the sector.

‘’KBA is providing appropriate support and information to the banking industry to stop a situation that may undermine market confidence’’ Mr Olaka added.

He reiterated that Kenya’s banking industry is leading in Africa in terms of financial inclusion and access to formal banking services.

Earlier this week, the CBK had issued three notices assuring Kenyans that the sector is safe.

Meanwhile, Imperial bank ATMs and mobile applications remain closed with their customers turned away in various branches.

A forensic audit is being carried out by Kenya deposit insurance co-operation (KDIC) to determine the elements that caused the problems at the bank and the appropriate course of action.

By the end of June, the Bank had Sh.58 Billion shillings in customer deposit.

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