11 Oct 2024

The Media Council of Kenya (MCK) has urged the media to enhance efforts to promote public trust in the banking sector.

MCK CEO David Omwoyo says 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 said today when he graced a business editors’ forum organised by the Council and the Kenya Deposit Insurance Corporation (KDIC) in Machakos.

“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”, he said.

Mr Omwoyo argued that lack of sufficient information creates room for hearsay, causing a ripple effect to the affected institutions and the economy.

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

He affirmed the Council’s commitment to collaborate with the KDIC in engaging the media in efforts to create awareness around deposit protection and enhanced financial reporting while noting the critical role editors play in the news production cycle.

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”, she added.