Kudos CBK governor for defending Wanjiku

Central Bank of Kenya governor has finally fought the good fight to shield Wanjiku from rogue bankers. The story of their pain must have reached God. This is painful! How can a common mwananchi pay his tax while entrusted banks to remit the same evade paying? Indeed, the Central Bank of Kenya (CBK) has demonstrated its capacity to defend the common mwananchi by reigning over rogue banks.

The regulator need to step up the effort and seek ways to weed out shadowy banks and investors who exercise evil control or influence decisions in banks’ lending policies that are not intandem with CBK. Those in violation of the suitability standards, including having a history of fraudulent activities, should face the prospect of forfeiting their banking rights in Kenya and having their shares sold among other penalties to recover monies stolen from innocent depositors whose monies have gone under receivership too!

Kenyans are fed up with high interest rates and bank’s evil schemes to sabotage economy. We cannot tolerate rogue bankers, those who in effect steal from depositors. Those banks flouting CBK regulations must be punished. They have seriously paralyzed our economy. Ironically, the same banks that have refused to lower the interest rates are the same banks stealing depositors’ monies causing unnecessary economic sabotage. Indeed, low interest rates were one of the issues the Jubilee government promised. It was also in the CORD manifesto. People have been asking why the rates are not coming down. On this, President Uhuru Kenyatta must be ready to go the full hog and reign completely over bank fraud and high interest rates

Kenyan banks are on a tight rope due to their shoddy deals that have seen common mwananchi suffering due to inflation and high interest rates. Corrupt bank officials have been allocating themselves billions of shillings risking small depositor’s monies. A string of high profile investigations linking several commercial banks to alleged corruption and tax evasion syndicates has put Kenya’s economy on a long evil-dive yet again. The mess is even worse when leading financial and reputable auditing firms hide their reports to safe the banks. In case of Chase bank, Deloitte East Africa confirmed that they could not certify whether or not the accounts and financial statements represented the actual situation at the institution. This is gravies!

DEAN- School of Governance, Peace and Security
Africa Nazarene University

DISCLAIMER: These are my own views and NOT of the Institution I work for