Auditor accuses CBK of delay in dissolving monetary training school

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Auditor accuses CBK of delay in dissolving monetary training school


Auditor General Nancy Gathungu in a previous interview in her Nairobi office. PHOTO | LUCY WANJIRU | NMG

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Summary

  • The Registrar of Companies published a notice of dissolution of the Ruaraka-based institution last year.
  • The Kenya School of Monetary Studies (KSMS) is owned by the CBK for the purpose of workforce training for the financial services sector.
  • The CBK and the Ministry of Finance established the KSMS as a training institution dedicated to providing specialized education and training programs.

The Auditor General blamed the Central Bank of Kenya (CBK) for the delay in closing the Kenya School of Monetary Studies in accordance with previous state plans.

The Registrar of Companies published a notice of dissolution of the Ruaraka-based institution last year.

The Kenya School of Monetary Studies (KSMS) is owned by the CBK for the purpose of workforce training for the financial services sector.

It was established in 1997 with the primary mandate of building the capacity of the banking sector and helping the CBK fulfill its primary mandate of fostering a stable and functioning financial system.

Auditor General Nancy Gathungu in her CBK audit report for the fiscal year ended June 30, 2021, dated September 27, 2021, said it was essential for CBK management to follow and expedite the conclusion of the process. dissolving the school which she said has operated without a functioning board for the past six years.

“The dissolution of the school as a legal entity was released on April 24, 2020. This was intended to address concerns about governance and internal controls at KSMS,” Ms. Gathungu said.

“However, as of the date of this report, KSMS had not been dissolved.”

The CBK and the Ministry of Finance established the KSMS as a training institution dedicated to offering specialized education and training programs in banking, finance, economics and other related studies, which were not available in other training institutions and universities.

The institution offers executive education in English and French in business sciences, agricultural finance, investment banking, business intelligence and data analysis, and financial modeling at the diploma and certificate levels.

It also has a postgraduate degree and masters coursework in Financial, Banking, Economic and Public Policy Analysis in collaboration with Moi University and Jomo Kenyatta University of Agriculture and Technology.

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