What Kenyans Own in their Bank Accounts Portray a Hungry Nation, CBK

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How much do you have in your bank account?

Well, the latest revelation by Central Bank of Kenya CEO Patrick Njoroge will definately give you hope and at the same time make you think if your financial status are the same as mine.

According to Governor Njoroge, Majority of Kenyans have less than 1 million shillings in their bank accounts with only 0.7 percent of Kenyans having more that 1 million shillings.

He further defended banking regulations that require full disclosure of cash transactions exceeding Sh1 million.

He said the regulations as enshrined in Section 33c of Banking Laws are in line with the International Anti-money Laundering regulations. 

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Njoroge said if Kenya goes against global measures by doing away with Section 33c, the country will be cut off from the international financial fabric.

”Consequences of doing away with anti-money laundering are harsh. Kenyan banks will be blacklisted in the international market with international banks operating in the country recalled. Kenya will be regarded as a safe haven for money laundering,” Njoroge said.

Njoroge was Speaking when he appeared before the Parliamentary Committee on Finance.

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