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Meet the man trying to eliminate banking fraud

Reports indicate that local financial institutions lose billions of shillings each year to fraud.

The Banking Fraud Investigations Department (BFID) says criminals defraud banks through electronic funds transfer, bad cheques, credit card transactions, loans, forgery and through the internet.

Among the many objectives of Kenya Bankers Association (KBA) is to cut down on the vice. Its chief executive ensures efforts are made towards progressive development of banking institutions. Mr Habil Olaka, the man at the helm of KBA, has no easy task.

As the annual ATM and Card Safety Awareness campaign dubbed “Kaa Chonjo” begins, KBA is striving to reduce losses suffered by financiers and clients.

Mr Olaka has led the adoption of the new card design based on chip technology. It is said to be more secure compared to the widely used magnetic strip cards.

Last Monday, KBA announced that 44 members had adopted the EMV (Europay Mastercard Visa) compliance standard.

“We appreciate that clients are keen to have EMV-compliant chip cards and our expectation is that more banks will roll them out in May,” said Mr Olaka.

He joined KBA in October 2010 after a long spell at East African Development Bank (EADB). Before EADB, he was the chief Auditor at Bank of Africa.

He represents KBA on various boards including the Kenya School of Monetary Studies, National Tasks Force on Antimoney Laundering, Higher Education Loans Board, Federation of Kenyan Employers, Auctioneers Licensing Board and Countering Financing of Terrorism.

He is also a member of Institute of Certified Public Accountants of Kenya and CFA Institute.