MCK calls for sound financial reporting

By Peter Ochieng

The Media Council of Kenya (MCK) wants the media to enhance efforts aimed at promoting public trust in the banking sector.

Speaking in Machakos County on Friday, MCK CEO David Omwoyo said the media remains a critical player in creating awareness around efforts aimed at protecting depositors, and enhancing public confidence in the country’s financial system.

“The media is a vital bridge in breaking down complex financial information to depositors about their investments besides playing a key role in disseminating information on matters around the safety of our financial systems,” he stated.

“When the public has the right information, they make crucial decisions concerning their savings and investment institutions. However, the lack of sufficient information has contributed to uncertainties, including the collapse of financial institutions. There is a need to assure depositors based on legal frameworks to build their trust,” added the CEO, as quoted by the Council’s website.

He spoke when he graced a business editors’ forum organised by the Council and the Kenya Deposit Insurance Corporation (KDIC) in Machakos.

“Lack of sufficient information on the status of some financial institutions has resulted in their downfall. When the public is sufficiently informed, rumours are dispelled, and the public trust and confidence is raised,” he added.

On her part, KDIC CEO Hellen Chepkwony acknowledged the role of the media in undertaking public awareness.

“KDIC recognises the centrality of the media in the dissemination of the correct public messaging to build the public’s confidence in the country’s financial systems which remains paramount,” she said in a speech read on her behalf by KDIC Legal Director, Eunice Kitche-Oduor.

“This forum is designed to deepen our engagement and enhance our capacity, aimed at promoting and safeguarding financial stability in the country.”

KDIC is conducting a two-day workshop in Machakos County with editors, in partnership with MCK. KDIC's role in protecting customer deposits and managing troubled institutions, with the workshop seeking to demystify deposit insurance and how it benefits the public.