CENTRAL BANK OF KENYA
Remarks by
PROF. NJUGUNA NDUNG’U
GOVERNOR
FAREWELL CEREMONY FOR MR. JOHN WANYELA,
IMMEDIATE PAST EXECUTIVE DIRECTOR
KENYA BANKERS ASSOCIATION
Hilton Hotel, Nairobi
February 3, 2011
Mr. Richard Etemesi, Chairman, Kenya Bankers Association;

Governor’s at Farewell Ceremony for Mr. John Wanyela, Former Executive Director, KBA – February 3, 2011
Mr. John Wanyela, Immediate Past Executive Director, Kenya
Bankers Association;
Mr. Habil Olaka, Chief Executive Officer, Kenya Bankers
Association;
Chief Executives of Commercial Banks here present;
Distinguished Guests;
Ladies and Gentlemen:
It is my pleasure to join the banking fraternity this evening to bid farewell to
Mr. John Wanyela. Let me therefore express my gratitude to the Chairman of
the Kenya Bankers Association for inviting me to also, on behalf of the Central
Bank of Kenya, pay tribute to the immediate past KBA Executive Director.
Ladies and Gentlemen: I am informed that Mr. Wanyela joined KBA in
1998. This is a period when the banking sector was beset with a public
confidence crisis following a number of bank failures. It was therefore a very
challenging time not just for the banking sector but also the Central Bank and
the Government. There was need for fundamental reform to turnaround the
industry and ensure it played its role in lubricating economic growth. This
called for bold decisions and transformational leadership on the part of all
players.
The banking sector has certainly come a long way from this period and is now
buoyant, with excellent growth prospects and enhanced public confidence.
John certainly played a pivotal role in this transformation of the banking
sector from his vantage leadership position at KBA. I therefore wish to
commend and appreciate his commendable service not just to KBA and the
banking sector but also to the Kenyan economy at large. At the Central Bank,
we treasure Mr. Wanyela’s partnership in the various initiatives that we have
undertaken in the recent past to ensure that Kenyans have access to inclusive,
affordable and convenient banking services.

Governor’s at Farewell Ceremony for Mr. John Wanyela, Former Executive Director, KBA – February 3, 2011
More importantly, the drive by Central Bank to reduce cost of doing business
has received immense support from the KBA and its Executive; let me mention
three of these initiatives without elaboration:
Agency Banking
Credit Referencing
Currency Centres
These worked because KBA and its Executive supported them whole heartedly.
We are all seeing the fruits of these efforts.
Ladies and Gentlemen: As John exits the stage, it is my pleasure to also
welcome Habil Olaka to the banking sector fold as the new Chief Executive
Officer of KBA. I am appraised that Habil is no stranger to the banking sector
having had a distinguished career in the financial sector. I assure Mr. Olaka of
the Central Bank’s support as he settles into his new role and we look forward
to continued partnership with KBA to take the banking sector to the next level.
As I draw to a close, let me once again salute John Wanyela for the indelible
mark he has left. I wish him well in the endeavors he will undertake and trust
that he will continue to avail his wise counsel to the banking sector when called
upon.
Thank You