CBK: Why we can't compel counties to close unauthorised bank accounts

Central Bank Governor Kamau Thugge when he appeared before the National Assembly Finance and National Planning Committee on the printing of new currency notes at Parliament on August 21, 2024. [Boniface Okendo, Standard]

Central Bank of Kenya Governor Kamau Thugge has said that the regulator has no powers to compel county governments to close unauthorised bank accounts.

Thugge, who appeared before the Senate Devolution and Intergovernmental Relations Committee, said there is limited visibility by CBK banking teams over accounts opened in commercial banks unless flagged by investigative agencies.