The Central Bank of Kenya’s (CBK) unit charged with supervising lenders lacks a tech savvy team to watch over transactions amid a confidence crisis after the collapse of three banks, Parliament was told Tuesday.
Gerald Nyaoma, head of bank supervision department, told MPs that his unit lacks the expertise to audit banks’ Information Technology (IT) systems—which rogue and greedy directors have exploited to lend themselves billions of shillings of depositors’ funds, breaching banking regulations.
“I acknowledge the key role that ICT experts would play at the department and this is the advice I personally gave the governor (CBK head Patrick Njoroge),” said Mr Nyaoma.
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