Ndengwa said the banks were however working with the Central Bank and the Kenya Bankers Association to help address the issue. He said banks have also taken steps to deal with employees who collude with fraudsters. "Statistics indicate that there are so many cases of fraud within the banking sector and that is not good news to us. Investors have raised concern and we have to strongly deal with the problem", said Ndegwa.
He was speaking during the official opening of the Consolidated Bank Eldoret branch where the chairman of the National Olympics Committee of Kenya Kipchoge Keino was the chief guest. Chairperson of the bank Eunice Kagane was present.
Ndegwa said the banking sector and the entire economy were going through difficult times because of runaway inflation which had caused increased costs of living affecting all Kenyans.
However he said the government and other economic players need to review physical policies with the aim of tackling some of the problems affecting Kenyans like unemployment among youth. "We need to put in place long term measures that will help Kenyans deal with the challenges we are facing like unemployment and famine.", said Ndegwa. He noted that some parts of the country were experiencing famine because of poor distribution of food available in other parts of the country.
Keino challenged Kenyans to be more patriotic to the country so that they can help to deal with the challenges in the country. He said Kenyans need to invest heavily in projects aimed at expanding the economy. "We have athletes and other people endowed with resources. We need them to invest locally so that they can help to create jobs for our people", said Kipchoge. Kagane said the bank was on an expansion wave aimed at helping small scale traders access financial assistance.
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