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Central Bank of Kenya has conceded it is unable to fully audit the operations of 41 existing lenders in the market, after taking the unprecedented step on Tuesday blocking new entrants indefinitely.
Additional players would complicate the “hide and seek game” that is the supervision of commercial banks, which would always want to conceal their misdeeds from the regulator. Now, the banking sector regulator anticipates to build supervisory capacity before allowing any new lenders in cautionary measures that could help avert problems as the one presented by the collapse of Imperial Bank.
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