We raised the alarm over NYS scam, says Central Bank chief

The Central Bank of Kenya (CBK) has defended itself against accusations of complicity in the theft of funds from the National Youth Service (NYS), saying that it flagged the theft and that all approvals for payment came from the Ministry of Devolution and the Treasury.

CBK governor Patrick Njoroge Tuesday said that the financial sector regulator has no approval or oversight authority over government payments to contractors through the government’s Integrated Financial Management Information System (Ifmis), but instead acts on instructions relayed through its Internet banking (IB) platform to pay.