The Central Bank of Kenya (CBK) has clarified that it lacks the constitutional authority to regulate the numerous unauthorized bank accounts opened by county governments, despite being the main financial regulator.

• 2,421 unlawful bank accounts have been reported by counties, according to Controller of Budget Margaret Nyakang’o.
• Dr Kamau Thugge, the Governor of the Central Bank of Kenya, presented these findings to the Senate Standing Committee on Devolution and Intergovernmental Relations.
• Counties opened accounts in commercial banks, violating the Public Finance and Management Act which stipulates accounts must be managed by the CBK.