A section of business people and traders at Kiambu town want the government to vet banks and financial institution’s operating in the county.
According to the residents, the move will tame out rogue banks that are out to swindle depositors money.
Speaking on Wednesday , the traders said that Kenyans are losing trust in banks and financial institutions.
“The government should vet all banks to ensure that they conform to the laid down standards and laws,” said James Mburu.
Mburu alleged that many banks were flouting regulations and laws a move he said has seek Kenyans lose their money in unclear circumstances.
Sharon Kinyua, a business-lady at Kiambu said the government should formulate stiffer laws that will provide sanity and professionalism in the sector.
The residents also want the government to arrest and prosecute bank directors and board members who bring down their institutions. The locals said that the countries economic is at risk if the banking sector is left to looters.
The trader’s comments and concerns come in the wake of the Chase Bank being put under receivership.
On Thursday last week the bank was put under the control of the central Bank of Kenya.
Inspector General of Police Joseph Boinnet has since called for arrest of Chase bank directors said to have led the bank to receivership.
On Sunday, while addressing worshippers at St Andrews ACK Church in Thika, President Uhuru Kenyatta assured Kenyans that the banking sector is stable.
The President warned that the government will take stern action against people who fleece depositor’s money. President Uhuru assured depositors of banks that have been put under receivership that they will not lose their money.