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More banks will collapse under Jubilee, warns opposition

10 April 2016, 09:20 Arap Yego

Nairobi - The opposition has heaped blamed on the Jubilee government for neglecting the financial sector which has seen the collapse of three banks so far.

Opposition chief, Raila Odinga who is also the Cord coalition leader on Saturday accused President Uhuru Kenyatta and his government of neglecting the critical sector, resulting to the folding up of the banks.

The Central Bank of Kenya Governor, Patrick Njoroge on Thursday put Chase Bank Kenya Limited, a midsize lender under receivership over what he termed as liquidity leader difficulties. Two other financial institutions; Dubai Bank and Imperial Bank were shut down in August and October over the same reasons.

“We see wholesale failure and neglect by the Jubilee Administration in this critical sector, which has systemic impacts on the economy. The on-going turbulence with collapse of banks creeping in again point to a crisis,” said Raila at a Nairobi Hotel.

He said that although Kenya has a relatively well-developed Financial Services sector, with a vibrant banking and capital markets, collapse of more banks  looms large if caution is not taken.

“The fact that the Central Bank of Kenya today has no Board of Directors speaks volumes about the commitment of the government to prudent financial management,” added Raila during a state of the nation address by the opposition.

Cord co-principals, Kalonzo Musyoka and Senator Moses Wetang’ula, together with several opposition leaders were present at the function, where Raila issued his a state of the nation address.

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