njuguna ndung ’ u : money transfer services address by prof njuguna ndung ’ u, governor of the central bank of kenya, at the official launch of m - pesa international money transfer service, nairobi, 13 october 2009. * * * members of the board of safaricom limited, chief executive officer of safaricom limited – mr. michael joseph, distinguished guests, ladies and gentlemen : it is indeed my pleasure to be with you this afternoon on this auspicious occasion of the launch of safaricom ’ s mobile based international money transfer service. this service builds up on the very successful and world renowned domestic money transfer service – m - pesa – an extremely important tool for financial inclusion. this service has earned our nation much praise and continues to attract the attention of payments system experts the world over. i congratulate the board, management and staff of safaricom limited for the evident commitment they have shown to the needs of the kenyan market. m - pesa and other similar services offered by other service providers are a revolutionary concept not only in the market place of ideas, but also in the practicalities of technological platforms provided by advancement of technology. it started four years ago, at a time when the market was yearning for practical ideas to facilitate access to financial services to a large section of the un - banked population. four years down the line, virtually everyone on the safaricom platform has an m - pesa account. the service is used to transfer ksh 1. 35 billion per day, a tremendous success by any measure. the launch of the international leg of the m - pesa money transfer service is therefore a natural progression in the value chain. ladies and gentlemen, mobile phone based financial services offer a convenience that is not available in any other consumer channel. in developing countries like kenya, the mobile handset provides the unbanked segment of the population the potential to access all types of financial services ; transactional and informational. in addition, it is the preferred channel because it has so far ensured security, convenience and is cost effective, while the business is conducted in a non threatening environment. the growing number of the un - banked population needs a convenient, safe and affordable means in which to access financial services. at the same time, the growth of micro banking, insurance services, and mutual funds require low cost delivery channels to effectively serve their markets. the “ mobile phone opportunity ” is the answer. the mobile experience also offers remarkable opportunities

other ways. in fact, you might wonder why a middle - aged, white, able - bodied, english, male, member of the establishment ( by role at least ) cares about diversity and inclusion. well, i would argue that my good fortune by birth and upbringing does not preclude my desire for change – and, indeed, my strong belief that change is necessary. but i would accept that it is, perhaps, the diversity of my family background, my career, my experiences and my interests beyond work that increase the resonance with me of the evidence that i see. it is for this reason that, within the central bank, i am chair of the diversity & inclusion steering group and why, with the support and drive of many others, i am seeking to improve our approach to diversity and inclusion within the bank and drive meaningful change across the financial services system. diversity and inclusion in the central bank i will start with an example. in july last year, the second event of the central bank ’ s rainbow 1 / 7 bis central bankers'speeches network was held. belong to, an organisation, which no doubt is familiar to many of you, and which does fantastic work with young people who identify as lgbtq, came to talk about their work. i hosted a panel discussion with incredibly inspiring young people who spoke about their journey in coming out. i was really proud to have had a role in making this event happen in the central bank, and in sending a very clear message to my colleagues, that our organisation was supportive of diversity, and wanted to be an inclusive employer. this is important. research3 shows that many lgbtq people to not feel fully comfortable about disclosing their sexuality at work. there is no obligation for anyone to do so. but employers should provide supportive environments to show that all employees are treated equally and fairly and can bring their whole selves to work. in the central bank we are ensuring that we have such a supportive environment that helps all of our people to grow and develop and reach their potential. this was one event of many, and through these events, the creation of other d & i networks, and senior sponsorship to harness and support the energy of employee led initiatives, we have demonstrated our commitment to meaningful change and improvement. i strongly credit our women ’ s network, which has been in existence for a few years, in being a real driver of awareness and the case for change, recognising that diversity goes far beyond gender, important as that