In recent years, there have been growing concerns about the relationship between certain banks and the government in Kenya.
One key figure, Jimmy Wanjigi, a prominent businessman, has been vocal about his suspicions that some banks are colluding with the government to enrich themselves at the expense of the public.
He points out that this trend became particularly noticeable during the tenure of former President Uhuru Kenyatta, specifically highlighting the role of NCBA Bank, which was seen as gaining significant influence and power during this period.
Wanjigi’s concerns are rooted in the belief that certain banks, with the backing of the government, have been engaging in practices that unfairly benefit them.
This includes favorable regulations, access to lucrative government contracts, and perhaps most concerning, the use of state resources to support their operations.
According to Wanjigi, is a form of crony capitalism where the lines between public service and private gain become blurred.
Formed from the merger of NIC Group and CBA Group in 2019, NCBA has since become one of the largest banks in Kenya.
During Uhuru Kenyatta’s administration, the bank’s ties to the government raised eyebrows, especially considering that the Kenyatta family had significant stakes in the CBA Group.
This close relationship fueled speculations that the bank received preferential treatment, which allowed it to grow rapidly and secure major deals with the government.
Wanjigi’s assertions reflect a broader concern about the concentration of economic power in Kenya.
When banks are perceived to be too closely aligned with the government, it undermines public trust in both institutions.
It also raises questions about the fairness of the financial system and whether it serves the interests of all citizens or just a select few.
While these allegations remain a topic of debate, they highlight the need for greater transparency in the relationship between the government and private financial institutions.
As Kenya continues to develop its economy, ensuring that all businesses compete on a level playing field is crucial for sustainable and inclusive growth.
The public deserves to know that their government is acting in their best interests, not in the interests of a few powerful entities.
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