CENTRAL BANK OF KENYA
SPEECH
BY
PROF. NJUGUNA NDUNG’U
GOVERNOR
CENTRAL BANK OF KENYA
AT THE
AFRICAN WOMEN’S ECONOMIC SUMMIT
Windsor Golf Hotel and Country Club, Nairobi
18th to 20th March, 2010
The Right Hon. Raila Odinga, Prime Minister of the Republic of
Kenya;

Hon. Uhuru Kenyatta, Deputy Prime Minister and Minister for
Finance of the Republic of Kenya;
Mrs. Graca Machel, Founder, New Faces, New Voices Network;
Dr. Donald Kaberuka, President, African Development Bank;
Distinguished Guests;
Ladies and Gentlemen:
First, Rt. Hon. Prime Minister, may I take this opportunity to thank
you most sincerely for finding time from your busy schedule to grace this
important Forum whose theme is Investing Differently in Women. Your
presence demonstrates the seriousness with which the Government of
Kenya embraces the role of women and participation in the development
process and more importantly their role in the financial sector.
May I also heartily thank the New Faces, New Voices Network (NFNV), the
Founder Madame Graca Machel and the African Development Bank (AfDB)
represented by the President, Dr. Donald Kaberuka for choosing to host the
inaugural African Women’s Economic Summit (AWES) in Nairobi. This is a
great honour to us in Kenya. I also warmly welcome all international
delegates represented here including fellow central bankers from the region.
The Rt. Hon. Prime Minister, the Central Bank of Kenya is delighted to
partner with AfDB and NFVN in this Summit especially when the Central
Bank and indeed the Government of Kenya is in the process of promoting
more inclusive financial policies.
In the recent past, the Government has introduced new institutions to
support, shape and deepen the financial sector. Examples include:
• Licensing and supervision of Deposit Taking Microfinance Institutions
• Savings and Credit Co-operatives (SACCOs) and the SACCOs Regulatory
Authority

• Amendment of the Banking Act to allow Shariah Compliant Banking
products.
• Licensing of Credit Reference Bureaus to facilitate credit information
sharing
• Agent Banking for cost effective financial outreach
Since we have seen commercial bank branch expansion by over 100
branches in three years, deposits have increased from KSh.800 billion on to
KSh.1.01 trillion and accounts from 2.4m to 8.4m in the same period.
The Rt. Hon. Prime Minister, as we commence deliberations at this
important summit, it is prudent to identify the issues that limit women’s
access to financial products and services and explore innovations to expand
the access to affordable financial services to women at all income levels.
Ladies and Gentlemen, ultimately this Summit offers us the opportunity
to identify and propagate key actions that financial sector market players
and policy makers need to take to invest differently in women and towards
building stronger financial sectors and competitive economies in Africa that
are inclusive. We should therefore identify the policy drive expected in this
regard and be the agents of the change required towards this end.
The Rt. Hon. Prime Minister, with these few remarks, it is now my
pleasure and duty to welcome your Rt. Hon. Raila Odinga of the Republic of
Kenya to make a few remarks and to welcome you to address this Forum.
Rt. Hon. Prime Minister, you have the floor.