CBK Warns Against Fake News Targeting Banking Collapse Rumors
The Central Bank of Kenya (CBK) has dismissed alarming claims circulating online suggesting an impending collapse of the country’s banking system. In a statement issued on Wednesday, CBK reaffirmed the stability and resilience of Kenya’s financial sector, urging citizens to continue banking confidently.
“The banking sector in Kenya remains stable and resilient and is adequately capitalized. All customers should continue transacting as normal,” read part of the CBK’s official statement.
The statement came in response to rumors linking the supposed collapse to the upcoming inauguration of U.S. President-elect Donald Trump in January. CBK categorically rejected these allegations and cautioned Kenyans to disregard such baseless information.
“CBK has not issued any press release, or other information with regard to the operation of the banking sector or any other element of its mandate. We thus advise the public to disregard any such purported information,” the bank clarified, emphasizing the importance of verifying news through its official channels.
The CBK attributed the rumors to malicious attempts aimed at inducing panic, warning that such actions could destabilize the market. “Creating or circulating such information is in contravention of several laws, including the Computer Misuse and Cybercrimes Act, and will lead to prosecutions,” the statement added.
NCBA Group Managing Director John Gachora joined CBK in debunking the claims, reassuring Kenyans of the sector’s robustness. “The Kenya Banking Sector is at its strongest in capital, liquidity, and other measures. We should be very proud as a country of our strong banking institutions,” said Gachora.
CBK also highlighted that the country’s commercial banks are well above the mandatory liquidity threshold. The apex bank reported that excess reserves currently stand at Ksh41.1 billion, far exceeding the 4.25 per cent cash reserves requirement.
Kenyans have been urged to rely solely on CBK’s official communication channels for accurate information and to avoid spreading unfounded rumors that could disrupt the financial system.
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CBK Warns Against Fake News Targeting Banking Collapse Rumors
