One Industry. Transforming Kenya

Kenya Bankers Association Statement on Chase Bank Ltd. (In Receivership)

Friday, April 8th - It is the view of the Kenya Bankers Association (KBA) that the issue at Chase Bank is neither systemic nor an indication of instability in the banking sector. Kenya's banking sector is viewed by the National Treasury and Central Bank of Kenya, as well as other financial sector regulators, namely Capital Markets Authority and Retirement Benefits Authority, as one that is robust and stable. The industry also has witnessed tremendous progress in the areas of financial inclusion and access to credit -- on the back of enhanced regulation and market innovation. And KBA fully expects this positive trend to continue.

The Central Bank Governor Dr. Patrick Njoroge in conjunction with the Central Bank's transformation program committed to enhance the supervision and governance frameworks of the industry. KBA welcomes this positive development as the banking industry is central to the country's economic growth and stability. On our part as KBA, we are working to enhance how banks operate and contribute to sustainable economic development. We therefore have embarked on a Sustainable Finance Initiative that will see banks reinforce risk management practices while enhancing corporate governance. KBA Member Banks are encouraged to proactively engage with their stakeholders, including bank customers, employees and shareholders, and to allay any misguided concerns that are currently being fuelled by speculation across social media networks.

For more information visit the following Websites.

Central Bank of Kenya: www.centralbank.go.ke

Sustainable Finance Initiative: www.sfi.co.ke

Kenya Bankers Association: www.kba.co.ke

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