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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
 

Tags banking money
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