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Central Bank Governor Patrick Njoroge defends financial regulations requiring full disclosure

26, Feb 2019

Central Bank Governor Patrick Njoroge has once again defended financial regulations requiring full disclosure of cash transactions exceeding 1 million shillings saying they will only affect a small fraction of account holders. The governor says 99.3 % of Bank Accounts in the country have deposits of less than 1 million shillings and only 0.7 % of accounts have deposits of more than 1 million shillings.  The CBK Governor who appeared before the Parliamentary Committee on Finance says the Kenya banking sector risks being blacklisted internationally if it does away with the regulations.

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