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Finance

Ministry of Finance calls for public participation in budget making

By Today Financial News Reporter

 

The ministry of Finance will from next week seek public participation in the budget making process as required by the new constitution.
Treasuty PS Joseph Kinyua calls for inclusive budget preparing processTreasuty PS Joseph Kinyua calls for inclusive budget preparing process
A circular by issued by the ministry Wednesday and signed by PS Joseph Kinyua said the Constitution of Kenya 2010 requires public participation in the budget making process forcing the ministry to call meetings inall the 46 counties identified in the constitution.

Small banks continue to fight for survival as six major ones control 56 per cent of the market

By Ben Kinyanjui

The six largest commercial banks in Kenya continued to dominate the industry despite efforts by the Central Bank of Kenya to increase competition in the multi-billion shilling industry.

Cooperative Bank is one of the biggest banks in the countryCooperative Bank is one of the biggest banks in the country

The banks, Kenya Commercial Banks (13 per cent), Barclays bank (10), Equity Bank (9.5), Cooperative bank (8.7), Standard Chartered bank (7.8) and CIC Stanbic Bank (5.3 per cent) controlled 56.1 per cent of the market last year.

Central Bank of Kenya tightens up funds transfer system to fight terrorism

By Today Financial News Reporter

The Central bank of Kenya (CBK) has issued guidance to the commercial banks meant to stop finances to terrorism groups and activities.

CBK Governor Prof Njuguna Ndung'u want banks to be careful not to allow funds to terroristsCBK Governor Prof Njuguna Ndung'u want banks to be careful not to allow funds to terrorists
In the guidance note issued by the bank supervision department, CBK want financial institutions to develop practices and procedures that will help to detect and deter transactions that may involve funds used in terrorism financing.

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