Nyoro: Stop foreign institutions from taking over Kenyan banks

Kiharu MP Ndindi Nyoro has urged the Kenyan government to take steps to prevent foreign entities from acquiring control of the country's banks. Nyoro, speaking during a political briefing in Nairobi, argued that Kenya should safeguard its local financial institutions and aid their expansion across the African continent. The remarks were made in the context of Nyoro's plans to declare his political stance before the 2027 General Election, following his recent distancing from President William Ruto and the government.

Nyoro pointed out that Kenya boasts over 40 banks, both large and small, all of which generate profits. He questioned the rationale behind allowing international institutions to take over local banks when the sector is already profitable. "Kenya must covertly frustrate the takeover of the Kenyan banks by international institutions," he stated, emphasizing that protecting Kenyan banks should be part of a broader strategy to bolster the domestic economy and create revenue-generating institutions beyond the country's borders.

The Kiharu MP called for deliberate measures by regulators to enable Kenyan banks to grow into significant regional and continental players. "We must deliberately create an atmosphere where we can have big banks, Kenyan banks, competing regionally and continentally," he argued. Nyoro emphasized the need to develop financial institutions large enough to compete with major banks operating across Africa.

He believed that stronger Kenyan banks would not only intensify local competition but also allow the country to earn revenue from other African markets. "Even as we grow competition in our finance industry, we also have big enough institutions that can compete across the continent, which fetches Kenya money from other markets," Nyoro concluded.