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    How much YouTube pays influencers for 100,000, 1 million, and 150 million views

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    Consulting firm IPE Africa rebrands, appoints new country head

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    851 million was not lost Embu County maintains

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    Hennessy launches new initiative to support bartenders in Kenya

    Hennessy launches new initiative to support bartenders in Kenya

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    Mitumba trade employs over 2 million Kenyans new report reveals

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    Equity land Ksh16.5 billion loan to support MSMEs

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    Electric Boda-Bodas’ Launched in Kenya

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    World Animal Protection calls for an End to wildlife trade

    JKIA and Moi International Airport named the best in Africa

    JKIA and Moi International Airport named the best in Africa

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    tvN – Korea’s top entertainment brand debuts on DSTV

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    New Construction Technology to help NHC deliver affordable homes

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    NCBA partners with Shelter Afrique to finance properties in 5 counties

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    Kenya’s position as a Digital Media Hub gaining momentum

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      Trouble at Britam as top executives face sack one month after new CEO takes office

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      Citibank establishes programme to support women owned businesses

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      Opinion: Now is The Time to Redeem the Nursing Profession

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Kenyan Business Feed
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    Family Bank Ink Fodder Financing Deal With Dairy Farmers

    Family Bank Ink Fodder Financing Deal With Dairy Farmers

    Hennessy launches new initiative to support bartenders in Kenya

    Hennessy launches new initiative to support bartenders in Kenya

    High impact enterprises in Africa rewarded

    High impact enterprises in Africa rewarded

    ‘Peace more powerful than war’, Pope Francis says in Iraq

    ‘Peace more powerful than war’, Pope Francis says in Iraq

    ABSA Group Deputy CEO dies of COVID-19 complications

    KenGen Shareholders to Get Sh1.65B Dividend Payout

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    How much YouTube pays influencers for 100,000, 1 million, and 150 million views

    How much YouTube pays influencers for 100,000, 1 million, and 150 million views

    Consulting firm IPE Africa rebrands, appoints new country head

    Consulting firm IPE Africa rebrands, appoints new country head

    851 million was not lost Embu County maintains

    851 million was not lost Embu County maintains

  • Markets
    Hennessy launches new initiative to support bartenders in Kenya

    Hennessy launches new initiative to support bartenders in Kenya

    Mitumba trade employs over 2 million Kenyans new report reveals

    Mitumba trade employs over 2 million Kenyans new report reveals

    African Airlines Association call for support measures to rescue continent aviation industry

    African Airlines lost Ksh1 trillion in 2020

    Equity land Ksh16.5 billion loan to support MSMEs

    Equity land Ksh16.5 billion loan to support MSMEs

    Electric Boda-Bodas’ Launched in Kenya

    Electric Boda-Bodas’ Launched in Kenya

    World Animal Protection calls for an End to wildlife trade

    World Animal Protection calls for an End to wildlife trade

    JKIA and Moi International Airport named the best in Africa

    JKIA and Moi International Airport named the best in Africa

    tvN – Korea’s top entertainment brand debuts on DSTV

    tvN – Korea’s top entertainment brand debuts on DSTV

    Samsung Named Top Global TV Manufacturer

    Samsung Named Top Global TV Manufacturer

  • Real Estate
    17% of Kenyan Billionaires looking to buy a house in 2021

    17% of Kenyan Billionaires looking to buy a house in 2021

    Kenyan Firm awarded Most Innovative Community Developer 

    #OmokaNaAlma: This is how you get awarded Sh50,000 by Cytonn Real Estate

    Developing Countries Set To Lose Sh22 Trillion Due to COVID-19

    Commercial office rents fall 13pc in quarter 3 & 4 of 2020

    New Construction Technology to help NHC deliver affordable homes

    New Construction Technology to help NHC deliver affordable homes

    NCBA partners with Shelter Afrique to finance properties in 5 counties

    NCBA partners with Shelter Afrique to finance properties in 5 counties

    New Ksh350Million Commercial centre to be constructed in Athi River

    New Ksh350Million Commercial centre to be constructed in Athi River

    Greenpark Estate injects Ksh15M to its development

    Greenpark Estate injects Ksh15M to its development

    LG’s OLED Honoured at the Technology and Engineering Awards

    LG’s OLED Honoured at the Technology and Engineering Awards

    Kenya’s position as a Digital Media Hub gaining momentum

    Kenya’s position as a Digital Media Hub gaining momentum

  • Tech
    Electric Boda-Bodas’ Launched in Kenya

    Electric Boda-Bodas’ Launched in Kenya

    Konza Technopolis, Israel to host Innovation Challenge

    Konza Technopolis, Israel to host Innovation Challenge

    TikTok releases H2 2020 Global Transparency Report

    TikTok releases H2 2020 Global Transparency Report

    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

    2 Kenyans selected to create African Inspired stickers for New Chat App

    2 Kenyans selected to create African Inspired stickers for New Chat App

    Mobile Phones contribute to the realisation of UN SDGs – 2020 GSMA report says

    realme awards fans to Valentines through DaretoLove Campaign

    realme awards fans to Valentines through DaretoLove Campaign

    Opera launch its new Chat App to rival WhatsApp

    Opera launch its new Chat App to rival WhatsApp

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    IoT predictions for 2021: Smarter tech will make better business

  • World Business
    OPPO Announces Global Partnership with Volkswagen

    OPPO Announces Global Partnership with Volkswagen

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    World Engineering Day to Be Celebrated in Kenya

    How NASA Technology Can Help Save The World’s Largest Shark

    How NASA Technology Can Help Save The World’s Largest Shark

    After fight with US Authorities Huawei CEO now want talks with Biden

    After fight with US Authorities Huawei CEO now want talks with Biden

    Ford Vehicles to be powered by Android and Google apps in new deal

    Ford Vehicles to be powered by Android and Google apps in new deal

    Columbia Africa banks on primary and preventive healthcare to grow market share

    Columbia Africa banks on primary and preventive healthcare to grow market share

    DHL Express Named Best Employer in The World

    DHL Express Named Best Employer in The World

    Meet the founder of Safari Doctors Umra Omar

    Meet the founder of Safari Doctors Umra Omar

    Kenya to receive Ksh 1 billion from Google for economic recovery

    Kenya to receive Ksh 1 billion from Google for economic recovery

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    ACCA calls for a more inclusive approach to economic recovery

    ACCA calls for a more inclusive approach to economic recovery

    Hennessy launches new initiative to support bartenders in Kenya

    Hennessy launches new initiative to support bartenders in Kenya

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    High impact enterprises in Africa rewarded

    How much YouTube pays influencers for 100,000, 1 million, and 150 million views

    How much YouTube pays influencers for 100,000, 1 million, and 150 million views

    851 million was not lost Embu County maintains

    851 million was not lost Embu County maintains

    Covid-19 brings out the resilience of Kenya’s flower industry

    Covid-19 brings out the resilience of Kenya’s flower industry

    Trouble at Britam as top executives face sack one month after new CEO takes office

    Trouble at Britam as top executives face sack one month after new CEO takes office

    Citibank establishes programme to support women owned businesses

    Citibank establishes programme to support women owned businesses

    Opinion: Now is The Time to Redeem the Nursing Profession

    Opinion: Now is The Time to Redeem the Nursing Profession

    • Agribusiness
    • Banking
      Trouble at Britam as top executives face sack one month after new CEO takes office

      Trouble at Britam as top executives face sack one month after new CEO takes office

      Citibank establishes programme to support women owned businesses

      Citibank establishes programme to support women owned businesses

      Equity land Ksh16.5 billion loan to support MSMEs

      Equity land Ksh16.5 billion loan to support MSMEs

      Safaricom PLC Announces A 14.4 Per Cent Increase In Half-year Net Profit

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      Bill in parliament seeks to have CBK regulate Mobile lenders

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      Faulu Bank to lend Ksh 3 billion to SMEs to boost growth

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      DTB Bank set to shut down 6 branches

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      Trouble at Britam as top executives face sack one month after new CEO takes office

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    • Opinion
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      Opinion: Now is The Time to Redeem the Nursing Profession

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      IoT predictions for 2021: Smarter tech will make better business

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      Why Digital Services Tax is a retrogressive policy

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      OPINION: Why Safaricom’s Fuliza is a rip off!

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

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Bank agents put on watch-list

by Kenyan Business Feed
June 6, 2019
in News
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Economy

Bank agents put on watch-list

Wednesday, June 5, 2019 20:49


By EDWIN OKOTH

Habil Olaka
KBA chief executive Habil Olaka. FILE PHOTO | NMG 

More than 60, 000 bank agents have been placed on a watch- list as avenues for cleaning illicit money.

The agents, who in 2017 handled transactions worth Sh1.07 trillion, could become easy conduits for dealers hiding illicit cash outside the banking system and in the withdrawal of old notes.

KBA Chairman Habil Olaka on Wednesday said bankers have installed a system to flag unusual transactions at the agencies, including huge daily trades and regular small deposits from a single person.

The older versions of smaller denominations will remain in circulation alongside the new ones launched Saturday, but after October 1, the older 1,000 shilling note would be invalid in the fresh drive to tackle illicit financial flows and counterfeiting.

“Agents for example have limits and range of transactions and any strange upsurges will definitely be flagged and monitored. We just want to be extra vigilant to ensure that the system is not used to clean dirty money,” Mr Olaka said

“We already have the necessary framework to check the inflow of such money but we are now being extra careful to ensure they are enforced without any slip-ups and without inconveniencing those making genuine transactions.”

Commercial banks in the country are increasingly turning to agency banking as they seek to take their services to previously under-served segments and cut costs by reducing the flow of people to their branches.

According to Central Bank of Kenya data, the value of transactions undertaken hit a record high of Sh1.07 trillion in 2017, up from Sh734 billion in 2016 and Sh152 billion in 2012, underlining its popularity.

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The agents had increased to 61, 290 in 2017, up from 23, 477 in 2013.

The withdrawal of an old version of its 1,000 shilling note does not look an easier exercise given it accounts for 83 per cent of the value of cash in circulation and 40 per cent of the currency in use, bankers warn.

Bankers lobby— KBA—says hitches are expected in the exchange of the notes and this include reconfiguring automated teller machines (ATMs), acquisition of new cash counting machines and software upgrades to accommodate the new notes.

Under the rules provided by the CBK, those seeking to exchange more than Sh5 million will require CBK approvals where a basic assessment will be done on its source and ownership before authorisation is granted.

CBK says individuals in this category are ‘“very few.”

The central bank nod will also be required for those seeking to exchange at least Sh1 million and have no bank accounts.

Those with less than Sh1 million and in need of the new currency will be required to deal at bank branches or at the CBK if they do not have accounts. But they will however need to have official identification.

The central bank has not quantified the volume of illicit flows but there had been enough evidence to force the authorities to act, the governor said.


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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