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July 2, 2025
4mo ago

15 Kenyan Banks Move Billions in Physical Cash to UK, US - CBK Report

15 Kenyan Banks Move Billions in Physical Cash to UK, US - CBK Report

CBK surveyed 38 commercial banks in the market...

✨ Key Highlights

According to a report by the Central Bank of Kenya (CBK), 15 Kenyan banks have been transporting billions in physical cash to countries including the United Kingdom and United States.

  • 15 banks accounted for 39.4% of commercial banks in Kenya involved in cash transport.
  • The report highlights cash outflows, with the UK receiving 42% of the total.
  • Primary sources of the transported cash include customer deposits and subsidiaries, despite 67% of banks noting instances of cash smuggling.

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Part of the Day's Coverage

Financial Movements and Economic Concerns in Kenya

15 Kenyan banks move billions in cash overseas, while KRA faces public outcry over tax penalties.

KRA Urged to Waive Tax Penalties After Public Outcry
KRA Urged to Waive Tax Penalties After Public Outcry

Kenyans

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