REMARKS
by
PPRROOFF.. NNJJUUGGUUNNAA NNDDUUNNGG’’UU
GOVERNOR
CENTRAL BANK OF KENYA
MMoonnddaayy,, JJuullyy 1144,, 22001144

Governor’s Remarks-MoU Signing Ceremony - CAK and CBK –
July 14, 2014
Distinguished Guests;
1. Ladies and Gentlemen: It is
my pleasure to be here today at
this signing ceremony of the
memorandum of understanding
between the Competition
Authority of Kenya and the
Central Bank of Kenya.
2. Ladies and gentlemen: The
Central Bank of Kenya is
mandated under Section 4A 1(d)
of the Central Bank of Kenya Act
to “formulate and implement
such policies as best to promote
the establishment, regulation

Governor’s Remarks-MoU Signing Ceremony - CAK and CBK –
July 14, 2014
and supervision of efficient and
effective payment, clearing and
settlement systems”. This
mandate is being carried out in
close co-operation with various
stakeholders in the sector.
3. This MOU is entered into in
order to establish the manner in
which Competition Authority of
Kenya and CBK will interact
with each other concerning the
investigation, evaluation and
analysis of matters arising or
incidental to the Competition
Act, Central Bank of Kenya Act,
Banking Act, National Payments

Governor’s Remarks-MoU Signing Ceremony - CAK and CBK –
July 14, 2014
System Act and Microfinance
Act.
4. Today we sign the
memorandum of understanding
on the basis of mutual respect,
in a spirit of goodwill which
does not affect the independence
of both regulators to undertake
their respective statutory
mandates, but more importantly
to combine and collaborate on
analytical prowess of the two
institutions to improve the
functioning of the market we
serve.

Governor’s Remarks-MoU Signing Ceremony - CAK and CBK –
July 14, 2014
5. With the signing of this
memorandum of understanding
we set out a spirit of cooperation in the common pursuit
to promote a fair, competitive,
efficient and sound financial
environment in Kenya.