Tanzania Bank top in financial reporting in East Africa

Faulu Microfinance Bank was awarded the Best Microfinance Bank this year at the FiRe awards on November 8. Tanzanian bank CRDB was named the best company in the region. PHOTO | FILE | NATION MEDIA GROUP 

In Summary

• NIC Bank in Kenya and Stanbic Bank Uganda Holdings were named as the winners in their respective countries.

By KAMAU MAICHUHIE
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Tanzanian bank CRDB has been named the best company in East Africa in financial reporting. The results were announced at this year’s Financial Reporting Awards (FiRe Award) held in Nairobi on November 8.

NIC Bank in Kenya and Stanbic Bank Uganda Holdings were named as the winners in their respective countries.

The joint promoters of the awards were the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), the Nairobi Securities Exchange and the Institute of Certified Public Accountants of Kenya (ICPAK).

The theme for this year’s edition of the FiRe Awards was “Enhancing Corporate Value Through Excellence in Financial Reporting for Cross-border Trade and Investment Facilitation in East Africa and Beyond.”

In the Sacco category, Stima was named the best, followed the UN and Ushuru saccos, respectively.

UAP was named the best in the insurance category, followed by ICEA Lions General and Jubilee Holdings.

NIC Bank and Safaricom were named the best listed companies in Kenya, and Kenya Tea Development Authority was named the best in the agriculture category.

In the category for government ministries and agencies the Presidency won, followed by the National Intelligence Service.

This year, 693 entries were made, up from last year’s 456. Out of those, 602 were from the public sector.

The award is aimed at promoting integrated reporting through enhancing accountability, transparency and integrity.

CRDB bank was established in 1996 and was listed on the Dar-Salaam Stock Exchange in June 2009.

The Bank, which also has operations in Burundi, also came top in the listed and International Financial Reporting Standards compliance category and overall best company in Tanzania.

PSASB chairman Bernard Ndung’u, who is also the director general of accounting services at the National Treasury, commended the companies that won the awards.

“The participation of public sector entities in the FiRe Awards is a demonstration of the commitment to transparency in how public resources are utilised, and an opportunity for feedback to how they can improve their financial reporting to entrench the best practices’’ he said.

ICPAK chief executive Edwin Makori said it is the mandate of his organisation to develop and implement financial reporting standards. “It is with this background that the institute teamed up with NSE, CMA and PSASB to promote the FiRe award, and will continue doing so,’’ he said.

 CMA chief executive Paul Muthaura lauded the high standards in financial reporting and corporate governance practices.

Kirinyaga and Makueni counties and Kericho County Assembly were recognised for being the best in financial accountability.

Thika Constituency National Government Development Fund was also awarded for being the best financial reporting in their category.

Nyandarua governor Francis Kimemia said devolution is changing lives and has ensured equitable sharing of resources since there is now more money in the counties.

“Counties should become centres of excellence and not centres of corruption,” said Mr Kimemia.

Makueni governor Kivutha Kibwana called on fellow governors to allow the professionals to do their jobs in their respective counties. He said his administration uses open contracts in order to ensure transparency in procurement process.

Last year, Sameer Africa won the top award.

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TRANSPARENT PRACTICES

CRDB has a network of 260 branches, 551 ATMs, 18 ATMs, 12 mobile branches and 1,184 point of sales terminals.

The International Financial Reporting Standards have been practised in Kenya since 2001, and the International Public Sector Standard was adopted in 2014 with the establishment of the Public Sector Accounting Standards Board in the country.

The financial reporting standards enhance compliance with the appropriate frameworks, and highlights other disclosures on governance, social and environmental reporting by private, public and other entities in East Africa.