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The Nairobian

Our banking sector is stable; central bank assures Kenyans

Business

By Winfrey Owino | Nov 13, 2024

The Central Bank of Kenya (CBK) has dismissed speculations of a mishap in the country’s banking sector, assuring Kenyans of a stable economy.

This comes at a time when several social media users have made posts insinuating that there is an economic meltdown in the country.

In a communique issued Wednesday evening, CBK has termed the claims as ‘erroneous’ saying the bank sector is ‘stable and adequately capitalised’.

“The Central Bank of Kenya (CBK) is aware that malicious actors may attempt to circulate erroneous information online and other channels about the banking system. The banking sector in Kenya remains stable and resilient and is adequately capitalised. All customers should continue transacting as normal.”

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CBK has also clarified that it has not issued any communication related to the state of the country’s banking sector and has threatened to take legal action against individuals sharing the false information.

“The intent behind these malicious attempts is usually to induce panic, leading to action which may destabilise the market. We wish to emphasise that creating or circulating such information is in contravention of several laws including the Computer Misuse and Cybercrimes Act, and will lead to criminal prosecutions.”

The public has been urged to ignore the false information, CBK says.