[kictanet] CBK lacks tech savvy team to survey local lenders

[Ali Hussein]

So how then do we expect them to execute?

How do you regulate an industry that is in the 22nd Century with tools not updated since Alexander Graham Bell invented the telephone?

The bad news (or good if you want to console yourself) is that this is not a particular Kenyan phenomenon. It's a global thing. Regulators and enforcers are finding themselves walking into a gun fight armed with a pen knife.. 

Ali Hussein
Principal
Hussein & Associates
+254 0713 601113 / 0770906375

Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim


"Discovery consists in seeing what everyone else has seen and thinking what no one else has thought".  ~ Albert Szent-Györgyi

Sent from my iPad

> On 27 Apr 2016, at 12:55 PM, Mwendwa Kivuva via kictanet <kictanet at lists.kictanet.or.ke> wrote:
> 
> http://www.nation.co.ke/business/CBK-lacks-tech-savvy-team-to-survey-local-lenders/-/996/3178888/-/438fkcz/-/index.html
> 
> The Central Bank of Kenya’s (CBK) unit charged with supervising lenders lacks a tech savvy team to watch over transactions amid a confidence crisis after the collapse of three banks, Parliament was told Tuesday.
> 
> Gerald Nyaoma, head of bank supervision department, told MPs that his unit lacks the expertise to audit banks’ Information Technology (IT) systems—which rogue and greedy directors have exploited to lend themselves billions of shillings of depositors’ funds, breaching banking regulations.
> 
> “I acknowledge the key role that ICT experts would play at the department and this is the advice I personally gave the governor (CBK head Patrick Njoroge),” said Mr Nyaoma.
> 
> 
> ______________________
> Mwendwa Kivuva, Nairobi, Kenya
> twitter.com/lordmwesh
> 
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