Dr. Oburu Odinga

All parliamentary appearances

Entries 1131 to 1140 of 1641.

• 12 Aug 2010 in National Assembly: Mr. Speaker, Sir, this is very difficult but the CBK initially tried to assist by freezing the accounts of some of the pyramid schemes. However, when the owners of the pyramid schemes went to court, Kenya does not have a law which deals with this specific crime and they won those cases. The accounts which were frozen were, therefore, freed to them. There is an association of people who lost monies in the pyramid schemes. They have petitioned us but it is very difficult for us to deal with this kind of thing because these people invested in illegal schemes. view
• 11 Aug 2010 in National Assembly: Mr. Deputy Speaker, Sir, I beg to reply. (a) I am not aware that the recently introduced Real Time Gross Settlement or RTGS in the banking industry has increased incidences of fraud by bank employees since none of the 43 participating banks has ever complained about the security of the RTGS system. (b) In view of “a” above, “b” does not arise. view
• 11 Aug 2010 in National Assembly: Mr. Temporary Deputy Speaker, Sir, in fact, the Question that the hon. Member is asking is the very reason why the RTGS system was introduced. That is because the cheque system proved to be very inefficient and it was prone to fraud. There is a clearing house at the Central Bank of Kenya where people used to commit fraud, steal and even replace cheques with fake ones. It used to take a lot of time to know the person who conspired within the banking system to replace and redirect the payment to another account which was not intended. The RTGS ... view
• 11 Aug 2010 in National Assembly: Mr. Temporary Deputy Speaker, Sir, I did not say that there were no such cases. I said that the banks which deal with customers directly have a tight system and that is why they are able to detect any fraud. However, if the frauds were widespread, they would report to the Central Bank of Kenya. At the Central Bank of Kenya, we have not had such complaints from the commercial banks. view
• 11 Aug 2010 in National Assembly: Mr. Temporary Deputy Speaker, Sir, I have just explained. He was asking whether the Minister or the Government was aware that the recently introduced Real Time Gross Settlement System in the banking industry has increased incidences of fraud by banking employees. I am not aware of that. Fraud has been there. It was even more when the cheque systems was being used. So, the mere fact that a few cases have been cited does not mean that the RTGS system has increased the fraud cases. That is what I am not aware of. view
• 11 Aug 2010 in National Assembly: Mr. Temporary Deputy Speaker, Sir, the hon. Member is an expert in these things. So, I might not be quite exact in what he is saying, because the term he has used is also new to me. I know that this is a new system which we introduced in 2005. Since we introduced it, we have tried to improve on it. It is something which was new to our country, but we introduced it in conjunction with the Central Banks of the other five East African countries and the Banking Association. We have tried to comply with the international standards, ... view
• 11 Aug 2010 in National Assembly: Mr. Temporary Deputy Speaker, Sir, the Central Bank is tightening the supervision of commercial banks and has advised them to improve their internal controls to ensure that there is less fraud, although it cannot be prevented 100 per cent. Looking at the volumes that are handled through the RTGS system, it is now ranging between Kshs71 billion to Kshs100 billion per day. This has jumped from about Kshs25 billion. The RTGS system should be used by anybody who is transferring from Kshs1 million upwards. The control systems also include further training of the Banking Fraud Unit in the Central Bank ... view
• 11 Aug 2010 in National Assembly: Mr. Temporary Deputy Speaker, Sir, that is what normally happens. This is called real time transfer because the person who is receiving the money is supposed to get the money credited to his account immediately. The hon. Member is asking me to make sure that the teller gives the transferee a printout to show that the money has gone to the right account. We will advise the banks to do so immediately. As it is now, the money is transferred immediately and the recipient receives it. view
• 7 Jul 2010 in National Assembly: Mr. Speaker, Sir, I beg to reply. (a) I am not aware that Kenya is losing a lot of foreign investors to Rwanda, Uganda and other neighbouring countries due to Government bureaucracy, red tape and corruption. On the contrary, the Government is pursuing measures aimed at attracting more investment into the country. These include infrastructure development with a view to reducing the cost of doing business, and implementation of business regulatory reforms which have, among others; simplified business registration and eliminated a number of licensing and regulatory procedures and, thereby, created a more enabling business environment; (b) In order to ... view
• 7 Jul 2010 in National Assembly: Mr. Speaker, Sir, at the Port of Mombasa, the OSS concept has already been implemented and Government agencies have been brought together to process the importation and exportation of goods online. The Customs Department has also started what is called the “Simba System”, where goods are now processed online through a system which is operated from the headquarters here. Mr. Speaker, Sir, also the Kenya Investments Authority is already allocated rooms at the Railways Headquarters where officers from different agencies, with sufficient authority and senior enough to give authority and give licences, are already being posted. Some have been posted ... view