This archive report was first published on 20 October 2021.
On the eve of the 2022 General Elections, President Uhuru Kenyatta has called for reforms in Kenya's banking sector, urging the National Treasury to revise the cash transactions threshold for KSh 1.0 Million.
Speaking during his last Mashujaa Day celebrations, President Kenyatta emphasized the need to balance the country's commitment to anti-money laundering efforts with the growth of small and medium-sized enterprises.
“However, Banks and other financial institutions will retain their financial reporting obligations to the Financial Reporting Centre,” said President Kenyatta.
Kenya's Banking Sector: A Hub for East Africa ¶
President Kenyatta highlighted Kenya's banking sector as a key driver of the country's economic growth, citing the sector's efficiency and technology-driven approach.
“The gains made in digitization of financial processes and transactions have made it possible to better track and trace illicit flow of cash,” said President Kenyatta.
He also directed the Treasury to put a moratorium on the listing of non-performing loans of less than KSh 5 Million with Credit Reference Bureaus for a period of 12 months ending September 2022.
Additionally, defaulters with loans of less than KSh 5 Million listed with CRBs from October 2020 to date will not have that listing incorporated in their credit report for the 12 months period ending September 2022.
