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From bankers, a bow for Central Bank of Kenya Governor as he bows out

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Outgoing Central Bank of Kenya Governor Prof Njuguna Ndung’u (above) is being celebrated for initiating growth in the industry and promoting financial inclusion. At an event attended by bank CEOs, Kenya Bankers’ Association CEO Habil Olaka profiled the various CBK and KBA initiatives, including the Credit Information Sharing Initiative that has made great strides in mitigating risks associated with information asymmetry.

Other notable areas are the introduction of the agency banking, integration with mobile banking, and the cheque truncation project which has dramatically reduced clearing times to just one day.

“Indeed, the relationship our industry has had with the regulator has very much been a dynamic one and positive developments have come with each new governor – especially in the most recent past,” said KBA Chariman Joshua Oigara, who is also the CEO of KCB. “We have seen the Central Bank redefine its mandate, beyond ensuring market stability, to advancing economic development through a concerted financial inclusion agenda, which has broadened the number of citizens with access to formal financial services.”

Prof Ndung’u acknowledged that financial sector players had over the last 10 years achieved substantial progress towards improving stability, accessibility, inclusivity and efficiency of the banking system. “It is no exaggeration that the resilience of our banking sector in recent years is largely an outcome of valuable partnership between the Government, the regulator, and the regulated,” said Governor Ndung’u.

He noted that many of the achievements realised were a result of partnership between the government, Central Bank of Kenya and the Kenya Bankers Association. “This is not a common occurrence in most sectors. However, I can confidently tell you that CBK and the KBA have successfully demonstrated over the years that their otherwise conflicting objectives of protecting public interest and maximising profits can be optimised at the same time,” he said.

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