Trending
- How transition finance can catalyse Africa’s green industrial revolution
- Stanbic PMI Report: Mixed performance as Kenya’s agriculture, construction offset manufacturing decline
- Uganda’s land management gets a tech makeover to boost transparency
- Nigeria’s output dips fastest in 19 months on a sharp rise in costs
- Apple faces growing backlash over Congo exploitation
- Why East Africa is staring at higher wheat prices in 2025
- Nairobi Gate SEZ pumps $7 million into Kenya’s agro-processing industry
- What impact will the US election have on Africa?
Browsing: Citi Bank
Commercial banks in Kenya have been on the limelight with accusations of abetting money laundering and being involved in national corruption scandals. Such was the case several banks which in 2018, CBK accused them of participating in payments for the National Youth Services (NYS) scandal.,
In this case, the director of public prosecution announced that he was considering prosecuting 20 senior officials in five banks, which they believe aided the laundering of at least Ksh1 billion ($10 million) looted from the National Youth Service (NYS) between January 2016 and April 2018.
These commercial banks have however developed mechanisms to conform to anti-money laundering laws developed in Kenya.
The law requires all financial institutions including banks, insurance companies, and SACCOs to file with the Financial Reporting Centre daily reports on transactions above Sh1 million and those deemed suspect. This is under the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA).
Bank
24 employees will spend four and a half weeks in Kenya to support 16 local entrepreneurs
Citi, the leading global bank, has launched the Volunteer Africa 2019, a program that engages junior employees to help entrepreneurs grow their businesses.
Now in the fourth year of the program, Citi volunteers are returning to Kenya where the program started in 2016. This year, 24 Junior Bankers will spend four and a half weeks working with local entrepreneurs based in Nakuru and Eldoret, using their skills and experience to help them to improve the overall business including growth, employment, and future investment opportunities.
Citi has been operating in Kenya since 1974, serving Corporate and Institutional clients. Volunteer Africa demonstrates Citi’s ongoing commitment to the country, driving economic growth at the community level.
Citi joins forces with Balloon Ventures, a social enterprise that runs development programs to give micro-enterprises the training, funding and support …