The Central Bank of Kenya (CBK) dismissed recent claims about the potential collapse of Kenya’s banking system, assuring Kenyans of a stable and resilient financial sector.
In an official notice issued on Wednesday, CBK encouraged the public to continue banking confidently, describing the rumors as baseless.
“The banking sector in Kenya remains stable, resilient, and well-capitalized. All customers should continue transacting as normal,” stated CBK.
The statement comes in response to online rumors suggesting that the local banking system might fail following the upcoming term of U.S. President-elect Donald Trump.
CBK clarified these allegations as false, urging the public to rely only on official CBK communications for accurate information.
The statement also cautioned that spreading such misinformation violates the Computer Misuse and Cybercrimes Act and may result in legal action.
John Gachora, NCBA Group Managing Director, echoed CBK’s reassurances, highlighting the sector’s strong capital and liquidity.
“Kenya’s banking sector is at its strongest, and we should be proud of our robust institutions,” Gachora emphasized.
CBK reminded Kenyans to check its official website for verified updates, noting that as of the latest data, commercial banks’ excess reserves stood at Ksh41.1 billion, well above the required cash reserve ratio of 4.25%.
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