Njuguna Ndung'u: Investing differently in women
Speech by Prof Njuguna Ndung'u, Governor of the Central Bank of Kenya, at the African
Women's Economic Summit, Nairobi, 18-20 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.
with these few remarks, it is now my pleasure and duty to
The Rt. Hon. Prime Minister,
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.