Universities told to issue regular financial reports

Kenya’s universities have been ordered to publish regular financial performance reports as part of sweeping regulations which take effect this year, aimed at lifting the veil of secrecy that has shrouded institutions’ financial status and effectively put millions of dollars at risk. Currently, the publication of financial performance for public universities takes as many as four years, a situation that has seen most institutions drift into financial problems. In addition, none of the private universities in the country has ever made public their financials despite their handling millions of dollars in student funds annually.