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
William Korir
Uhuru leads talks to save South S...

President Uhuru Kenyatta has hosted talks between various stakeholders in a mission to end the current conflict affecting South Sudan. Read more...

Submitted by
Victor Tinto
Kenya to host anti terrorism talk...

Kenya will host a conference in which the effects of and proposals to deal with terrorism will be discussed.  Read more...

Submitted by
Victor Tinto
5 Kenya Meat Commision employees ...

5 Kenya Meat Commision employees have been arraigned in court for the theft of KES 11 million belonging to the organization. Read more...

Submitted by
William Korir
Jubilee's gender tinkering plays ...

The fact that the Jubilee government is seen as supporting plans to strike out the one third gender balance rule in the constitution plays right into CORD leader Raila Odinga's hands. Read more...

Submitted by
Geoffrey Kimagut
No blanket bans on Kenya, says Br...

Britain has denied claims that they have banned its citizens from visiting Kenya due to insecurity threats. Read more...

Submitted by
Victor Tinto
85 Al Shabaab youth surrender to ...

85 youths have surrendered to the government having had links with terror group Al Shabaab. Read more...