Kenya, Nigeria, S.A and Zimbabwe lead Africa in fraud

 

Friday, 23rd of November 2012 – A new report by global consultancy firm KPMG says that Kenya, Nigeria, South Africa and Zimbabwe account for 74% of all fraud cases reported across the African continent.


The report, the second in KPMG’s Africa Fraud Barometer series, lays out how the four countries account for a disproportional amount of reported fraud cases.


According to Mr. William Oelofse, KPMG’s East Africa Director responsible for Forensic Services, Kenya has the dubious honor of leading the way in terms of reported fraud cases in the East Africa region;


“In the East African region, Kenya in standing out with 7.75 per cent of reported fraud cases, well ahead of Uganda (2.98 per cent) and Tanzania (2.78 per cent).”


Tucked in the report was also some good news though. According to KPMG’s Forensics Chief Mr. Petrus Marais, the continent has recorded a reduction in the value and number of fraud cases reported in the past year;


“This is only the second barometer we are publishing, but we have noticed a decline both in terms of reported fraud cases and their monetary value. We see this as a positive trend, there is an increasing interest in Africa as an investment destination, but the continent struggles with a rather negative image.


“We are providing an analysis of fraud profiles in individual African countries to foreign investors since a generic approach to assessing fraud risks on the continent is not possible. The overriding point is that investors need to assess the prevailing environment in each country.”

 

Source:The Kenyan DAILY POST

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