The Kenya Bankers Association (KBA) has objected to proposed legislations that seek to regulate banking professionals.
Appearing before the National Assembly Public Petition Committee chaired by Nimrod Mbai, the Association’s acting CEO Raymond Molenje stated that the proposed legislations will only hinder economic growth and limit employment opportunities in the banking sector.
“The banking sector focuses on employing more on competences and skill rather than specific academic qualification. It is impossible to govern a sector that comprises of over 40 different professions working within the banking sector. Banking professionals range from executives, lawyers audit, procurement, surveyors, medical, hospitality, Human Resource and many other professions in all types of businesses,” said Molenje.
He observed that similar regulations and bills do not exist in other jurisdictions while at the same time doubting the gap that the Bills are seeking to fill.
“We welcome professional regulation within the sector, however I am afraid that these bills are centered on self-interest and intentions of having control over banking operations.” he added.
The Bankers Professionals Bill, 2024 and the Credit Professionals Bill, 2023 seek to impose regulation of the banking sector.
the Bankers Professionals Bill seek to rein in on bank executives who take part in fraudulent activities, while the Credit professionals Bill, 2023 seek for establishment of powers and functions of the Institute of Certified Credit Professional of Kenya to provide for the examination and the registration of certified credit professionals and for the regulation and development of the credit profession and for connected purposes.
By Obegi Malack
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