Twiga Bancorp financials are sound, strong: TR

Treasury Registrar (TR) Lawrence Mafuru has said Twiga Bancorp customers’ savings were safe and the bank was steady to offer its services.The Clarifications come following recent media reports that the financial institution is in crisis, saying the media misinformed the public on its stance. “Reports that the bank is about to be closed is not true. Such misinformation might cause panic to customers as financial institution keeps savings,” said the TR.

Mr. Mafuru explained that the government gave directives to Twiga Bancorp to address challenges facing the financial institution pointing out that the bank was in need of capital to strengthen its services.

“The government is now waiting for technical recommendations to enable the bank to address the challenges,” he said.

Mr. Mafuru said that there were different ways to enable financial institution to obtain capital thus the Ministry of Finance and Planning and the Office of Treasury Registrar were preparing recommendations on how to get the capital to attain its goals.

“We have already taken some measures to address challenges facing the bank including appointing new Twiga Bancorp management and change of the bank structure,” he said.

The Treasury Registrar pointed out that the new bank management has introduced a Five Year Strategic Plan from January 2016 and that the government appointed the new Twiga Bancorp board of directors.

“The Changes have already witnessed improvement including attaining Unqualified Opinion from the Chief Auditor General (CAG) in 2015 for first time since 2011,” said Mr. Mafuru. 

 

Name of News Paper: Daily News

Author: Ludovick Kazoka           

Date:   July 19, 2016