Friday, 29 November 2013

Penny For Your Thoughts

When people lose trust in the money they are given by their banks, its usually the beginning of the end in some regard ..... for example the hyper inflation of the German Deutschmark in the 1920's was one of the aids to the election of the Nazi Party.

So one has to wonder what the news that Kenyan bank ATM's are accused iof dispensing fake notes could mean. The reports state that the money being dispensed by the ATM's is then being declared as 'fake' by shops, and the very same banks that dispensed the notes outside.

Fake Money Not Easy To Spot

Of course the banks have denied the accusations, and the 'Kenyan Bankers Association' tweeted: "We are not aware that it is an industry-wide issue; it appears as five isolated cases." But this denial has been ridiculed by all and sundry, including 'The Consumer Federation of Kenya', and more rumours are swirling around following a financial crime survey in Kenya by Deloitte's, which suggested that most of the money the banks lose to theft, is in fact the result of collusions between bank staff and outsiders.

'The Nation' newspaper, has suggested that genuine notes are being replaced with counterfeits when the security agents hired by banks refill the ATM machines, and a senior official of the consumer federation, reacting to the spread of these stories, demanded that banks do more to safeguard customers.

We at PC Towers, will be watching this story with interest, because it has the potential to destabilise East Africa, if the notion that the money is not real, spreads .....

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