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Originally published by The Kenyan Wall Streetbusiness
September 19, 2025
2h ago
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,..
✨ Key Highlights
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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