KBA
The banking industry body representing all registered banks in Kenya, Kenya Bankers Association (KBA) on Thursday signed on to the “Code of Ethics for Business in Kenya”, and announced plans to adopt a Self-Regulatory Framework and Conduct Standards for member banks during the KBA Annual General Meeting to be held in June 2016.
Speaking at the event, KBA Chief Executive Officer, Habil Olaka, said that the Association will work closely with key partners to introduce requirements that are tied to the “Code of Ethics,” which was developed on behalf of the private sector by Kenya Private Sector Alliance (KEPSA), Global Compact Network Kenya, and Kenya Association of Manufacturers (KAM), and has been endorsed by H.E. President Uhuru Kenyatta as a key intervention towards addressing corruption and unethical practices within the government and private sector.
“In the wake of the current financial situation, the strengthening of consumer protection and wining back consumer trust is paramount. KBA has taken this proactive approach to seek to cultivate a culture of governance and transparency in the banking industry and safeguard the interests of customers, investors, suppliers and all other stakeholders. As KBA, we are committing to establish specific ethical standards and requirements that our members must adhere to and that are tied to the private sector ‘Code of Ethics’,” said Mr. Olaka.
KBA now joins other institutions and companies in signing onto the private sector Code of Ethics that seeks to enhance an organisation’s ethical standards and business conduct. Similar to other business membership organisations within KEPSA that advocate for ethical standards across their networks, KBA also will lead the adoption of the standards across its member banks.
“Banks play a critical role in enabling people to save for their future, and for businesses to grow. This is a tremendous responsibility which is built heavily on trust. Given that trust is the very foundation of banking, we need to commit to work both collectively and individually to enhance our governance frameworks and banking practices to provide better protection for all our stakeholders. By signing on to this Code at the industry level as the KBA, we take the first step towards strengthening our industry and keeping our members accountable to the standards that are expected of us by the national government, the wider private sector, and more importantly, our customers.” KBA Chairman Joshua Oigara.
The “Code of Ethics for Business in Kenya” is an initiative by the business community in Kenya to promote and enhance the ethics of business conduct. The code was developed under the United Nations Global Compact which asks companies to embrace, support and enact, within their sphere of influence, a set of core values in the areas of human rights, labour standards, the environment and anti-corruption. The Code was developed and domesticated by the Global Compact Network Kenya, which is hosted by KAM.
KBA’s endorsement and participation in the private sector Code of Ethics is in conjunction with the Association’s Sustainable Finance Initiative that seeks to reinforce the industry’s role in the economy and society.
