Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.

 

Bankers body refutes fake money reports

05 November 2013, 09:31

Nairobi - The Kenya Bankers Association has refuted reports that fake currencies had infiltrated the financial system.

The rejection follows media reports that some automated teller machines were dispensing counterfeit money.

In a quick response to the story published in a local daily, the KBA, via its twitter handle noted that it was yet to receive official complaints regarding the reports.

“Members of the Kenya Bankers Association have not raised any concern and therefore are not aware that this is an industry wide issue,” the organisation stated.

The Consumer Federation of Kenya (CofeK) however remained firm in demanding that the banks do more in safeguarding consumers who trust the institutions with their currency and further rubbished claims by the KBA that the issue of counterfeit money was not an industry-wide problem.

A Cofek senior official added that it was not the consumer’s responsibility to verify the authenticity of the currency especially ones that came through legalized institutions such as banks.

He noted that it was the banks’ mistake to allow fake currency into their systems.

“The consumer should not pay for the institutions’ mistakes,” he said.

Locals took to social media to affirm allegations of fake money, with each recounting an incident where they withdrew such currency from both the ATMs and over the counter.

Meanwhile, four people were arrested in Nakuru on Monday and found in possession of fake currency amounting to KES2 million ($22 988) as they attempted to purchase a number of vehicles from a motor vehicle dealer.

The suspected criminals drew the owner’s suspicion after posing to be too much in a hurry to conduct a road test for the purchased vehicles.

– CAJ News
 

NEXT ON NEWS24 KENYAX

Read News24’s Comments Policy

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining

Read more from our Users

Submitted by
Eugene Odanga
Uhuru loses cousin in grisly road...

President Uhuru Kenyatta has lost his cousin in a grisly road accident along Thika highway. Read more...

Submitted by
Eugene Odanga
Gospel artistes in Christmas coll...

Gospel artistes have collaborated for a massive Christmas carol. Read more...

Submitted by
Shakila Alivitsa
6 types of women to avoid

There are women to have and women to totally avoid. Read more...

Submitted by
Shakila Alivitsa
Not all rich men are good men

Women must not always fall for the guy with the money and fancy living standard. Read more...

Submitted by
DareelEric
MCAs allocate themselves huge per...

Residents of Vihiga County are threatening to take their Members of the County Assembly to court to explain the legality of apportioning themselves thousands of shillings as Christmas gifts. Read more...

Submitted by
Ken Wekesa
Suspected Kaloleni police camp ra...

The Mombasa law court has charged 53 men suspected to have raided a police camp in Kaloleni within Kilifi County last month for being members of the outlawed Mombasa Republican Council. Read more...