This archive report was first published on 22 May 2020.
On May 22, 2020, the Central Bank of Kenya (CBK) made the decision to dissolve the company owning its principal training facility, the Kenya School of Monetary Studies Limited.
The Kenya School of Monetary Studies (KSMS), a financial college, has been managed by the firm and is being wound up. The college was among a list of 36 companies against which the registrar of companies issued a notice of dissolution.
KSMS was established in 1997 with the primary mandate to build capacity for the banking industry and support CBK deliver on its core mandate of fostering a stable and well-functioning financial system.
According to the notice by the Registrar of Companies, Alice Mwendwa, the dissolution of KSMS is in accordance with section 897 (3) of the Companies Act, which states that the names of the under-mentioned companies shall be struck off the register of companies and the companies shall be dissolved unless cause is shown to the contrary.
It was not immediately clear why CBK is dissolving KSMS, but the college's website states that it was established in response to bank failures experienced in the 1980s and 1990s, which were mainly attributed to inadequate staff with requisite skills in banking, financial management, and economic reforms.
CBK and the Ministry of Finance had found it necessary to establish KSMS as a training institution dedicated to offering specialized education and training programs in banking, finance, economics, and other related studies, which were not available in other training institutions and universities.
