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Kenya

Family Bank reassures customers of its financial stability

Family Bank offices/FILE

Family Bank offices/FILE

NAIROBI, Kenya, Nov 15 – Family Bank has moved to reassure customers that it is in a strong financial position in the wake of revelations in National Youth Service scandal. 

Wilfred Kiboro, Family Bank’s Chairman, has urged customers to ignore recent negative statements and malicious rumours trying to depict the bank negatively.

“We wish to reassure our 1.7 million customers that we are open for business and you can count on us to continue serving you. Be sure that we will ensure that we live up to your expectations,” said Kiboro.

The media reports have centered on the on-going investigations of the NYS scandal, of which Kiboro says have ‘no bearing on the financial stability of the bank whatsoever,’ adding the bank has and will continue to cooperate with investigative authorities.

Kiboro says the bank is working with authorities to track down the source of the malicious statements with leads narrowing to the source of the reports.

The Public Accounts Committee – which has been investigating the scandal – earlier today revealed 28 banks were involved in the National Youth Service financial transactions.

PAC Chairman Nicholas Gumbo says the committee will continue with the investigations to determine if there was any form of impropriety in the banks or companies dealings with the NYS which lost Sh791 million in payments to suppliers.

The Financial Report Centre (FRC) at the beginning of this month reckoned that 15 of the country’s 41 banks raised 42 alerts over suspicious transactions relating to the NYS funds that were stolen through fictitious tenders.

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