Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
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/FILE

Kenya

Bankers association up for a govt award

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/FILE

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.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...