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City Hall To Close 30 Dormant Bank Accounts

Nairobi County government will close all its dormant bank accounts as it seeks to streamline management of county funds. The new development follows several reports indicating City Hall has more than 30 bank accounts. According to the plan, any money held in the said bank accounts will first be transferred to the County Revenue Fund account before they are closed. The plan is contained in the Nairobi City County Annual Development Plan for the financial year ending June 30, 2023.

Part of the plan by the County’s Treasury reads that, “all dormant bank accounts under the county’s name will be closed as a matter of priority. Any balances in the accounts will be transferred to the County Revenue Fund before closing them,” In 2014, a report by the then Auditor General Edward Ouko revealed that City Hall had 31 accounts during the transition period.

The report fingered the county government for having all the accounts yet some of them were dormant or with few transactions and others were used ‘when need arises.’ According to the Public Finance Management (PFM) Act, 2012, the county should have a Development Fund account to receive money from the Central Bank of Kenya for development and a Revenue Fund account for receiving disbursements from the Exchequer and internal revenue.

Content created and supplied by: PrinceJemoh (via Opera News )

County Revenue Dormant Bank Edward Ouko Nairobi City County Nairobi County

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