NAIROBI, Kenya, Jun 22 – The Kenya Bankers Association (KBA) has been shortlisted jointly with the Central Bank of Kenya (CBK) for an innovation award by the Ministry of State for Public Service under the Office of the Prime Minister.
The KBA and CBK partnerships on the ‘Cheque Truncation System (CTS)’ and ‘Credit Information Sharing System (CIS)’ were noted under the Public Service Recognition and Awards Scheme (PSR&AS), 2011 Edition.
An inter-ministerial Public Service Innovation Committee scrutinised nominations between September and December last year in a bid to identify the most outstanding innovations in the public service.
“We value our relationship with the Central Bank and are proud that we are able to work together to improve banking for Kenyans,” said KBA Chief Executive Officer Habil Olaka.
The Cheque Truncation System, which works on an electronic platform, has drastically reduced the cost of clearing cheques as well as minimised the turn-around times for cheque clearing across the country.
On the other hand the Kenya Credit Information Sharing Initiative (KCISI), launched in August 2009, is aimed at centralizing credit information through Credit Reference Bureaus licensed by the CBK.
Through this initiative, lenders are able to better assess risk and on the other hand customers are able to negotiate credit terms based on their credit profile.
Short listed institutions have subsequently been invited for an exhibition to showcase their innovations at the Kenyatta International Conference Centre (KICC) on 25 June.
The event will coincide with the United Nations Public Service Day.