Homa Bay, Kitui, Nakuru Counties Own Highest Number Of Bank Accounts
Counties were running 5,476 bank accounts June 30 despite rules requiring most funds to be kept at the Central Bank,..
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Kenyan county governments operated 5,476 commercial bank accounts as of June 30, despite regulations requiring most funds to be held at the Central Bank, raising concerns about fiscal control and mismanagement. This fragmented approach exposes billions of shillings and complicates oversight.
- Homa Bay County led with 558 accounts, followed by Kitui with 350, and Nakuru with 311. In contrast, Nandi County had only 10 accounts.
- The Controller of Budget highlighted that counties should only maintain a few accounts outside the Central Bank for specific purposes, and many have not sought authorization from the Treasury as required.
- To address this, the Cabinet approved a Treasury Single Account (TSA) in January for both national and county governments, aimed at consolidating cash resources and preventing interest on public funds from accruing to private commercial banks.
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Reports and Rule Changes Highlight Kenyan Investment Trends and Financial Oversight - September 2025
A report indicates that wealthy Kenyans are increasingly investing in passion-driven assets like art and classic cars, signalling a shift from traditional real estate. In the formal market, the Nairobi Securities Exchange (NSE) has increased initial margin requirements for several single stock and index futures to enhance risk management, effective September 19, 2025. On the public finance side, it was revealed that Kenyan county governments operated 5,476 commercial bank accounts as of June 30. This is despite regulations requiring most funds to be held at the Central Bank. The practice raises concerns about fiscal control and complicates oversight, with Homa Bay, Kitui, and Nakuru counties owning the highest number of accounts.
