Kenya's grey list status a threat to economy, job creation, say CEOs

Security Advisor Eric Kiraithe, Flywheel Advisory founder and Executive Director Grace Mburu and Jubilee Holdings CEO Julius Kipngetich at the Anti-Financial Crime Summit in Nairobi, on October 24, 2024. [Wilberforce Okwiri, Standard]

Panellists at the inaugural Kenya Anti-Financial Crime Summit say the increased flow of illicit funds within the country's financial system contributed to Kenya being put on the Financial Action Task Force (FATF) grey list early this year.

The greylisting has increased Kenya's risk profile, which has made foreign investors shy away from investing in the country, impacting job creation. Speaking at the event, Jubilee Holdings CEO Dr Julius Kipngetich emphasized the critical need for foreign direct investment (FDI) in Kenya.