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
 

Tags banking money
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
Mbungu Harrison
Mazrui finally laid to rest

Thousands of mourners including senior government figures flocked the Mazrui's graveyard at Old Town Mombasa to bid last farewell to the late author, professor Ali Mazrui as he was laid to rest. Read more...

Submitted by
Mbungu Harrison
Government to decide on Lamu curf...

Interior Cabinet Secretary Joseph Ole Lenku has said government security agencies are deliberating on whether to lift or extend the ongoing dusk-to-dawn curfew in Lamu. Read more...

Submitted by
Godfrey Olukya
Australian dies from fake drugs

An Australian national who was on his way home died in his hotel after taking fake drugs.  Read more...

Submitted by
KISIKA SAMUEL
Wyre becomes Mziiki ambassador

Mziiki, the renowned African music-streaming app has signed the Kenyan R&B and reggae/Dance Hall star Kevin Wyre as its Brand Partner. Read more...

Submitted by
Mike Munga
Organised gangs in Kibera hired b...

Kibera slum has six organised criminal groups some of whom were hired by politicians and business people to disrupt rallies, rob business rivals and commit other atrocities. Read more...

Submitted by
Ben Wafula
MCA released on bail for impregna...

Bumula Ward MCA, Henry Nyongesa, was released on a cash bail of KES 40 000 or a surety of KES 150 000 after denying charges of impregnating a schoolgirl and later helping her to procure an abortion. Read more...