The members of Parliament who sit on the National Economy Committee have put to task the central bank to rein in on high interest rates. The central bank has been tasked to explain why interest rates have remained high in spite of the many players in the sector. The central bank has always maintained that the economy is liberalised and market forces will determine the interest rates. The legislators say the central bank should intervene and reverse the trend. In spite of having over 21 commercial banks and 4 micro-deposit taking institutions operating in the country, interest rates have maintained a double digit and upward trend.
Orient Bank, CTM start non-cash deals
Orient Bank and CTM, the sellers of indoor building materials, have gone into a partnership where CTM clients do not need not to carry cash. This follows a partnership the CTM and Orient bank went into that will enable customers pay for goods using Visa debit and credit cards.CTM General Manager Jeniffer Kamusiime and Orient banks head of Electronic Banking Clay Oduor, told the media in Kampala that Electronic money cards will ease the burden on clients carrying large sums of money.All it will require is an electronic money cardholder to swipe his card at the point of sale (POS) terminal, which will deduct the amount of purchase and the cardholder will get a receipt confirming the amount deducted. Customers will be able to use Visa cards from both local and international banks. The move is aimed at serving customers more efficiently by simplifying payment procedures.
African Alliance cleared in NSSF probe
African Alliance Investment General Manager Kenneth Kitariko has welcomed the final report of the Auditor General on the National Social Security Fund (NSSF) that has cleared the stock brokerage firm of any wrongdoing.“The final report has cleared our position that we have never caused losses to our clients and to NSSF in particular,†said Kitariko. In a draft report by the Kenyan audit firm, KPMG, the African Alliance and Crane Financial Services had been reported of involvement in losses amounting to Shs 27 billion. The losses are said to have occurred when the two firms participated in buying and selling shares on behalf of NSSF.
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written by Major Adam Kifaliso, February 25, 2010
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