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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