##meate ] … every corner of our minds. ” 3 four planks underpin our vision. first, the banking sector must become customer - centric. banks must truly adopt customer - centric business models to compete successfully in the future. products, channels and indeed pricing must be informed by customers ’ needs, preferences and affordability. technology provides banks with the opportunity to intimately understand their customers, enabling them to map their customers ’ journeys end - to - end. this will facilitate the identification of friction points for customers, allowing prompt action by banks to remove them and enhance the customers ’ experience. it is worth noting that even as banks embrace technology, their customers have the same expectations as other customers around the world and subject banks to the same standard they hold technology giants such as apple, amazon and alibaba. customers want fast and simple user experiences that serve their need. with data analytics capabilities, banks can use customers ’ digital footprints and identities to design suitable well - tailored products. customer feedback obtained through tailored research could also be used to inform the john maynard keynes the general theory of employment, interest, and money, 1935 improvements that will enhance customer experience. customer - centric models also require banks to identify cost savings that can be passed on to customers in the form of lower interest rates, commissions and fees. finally, customer relationship management must be at the heart of banks ’ business models. it should also be acknowledged that the outlook of shareholders of banks is crucial for the move towards a customer - centric business model. part of the implicit cost in the current business models relate to shareholders ’ expectations of the return on assets ( roa ) / return on equity ( roe ). high roa and roe expectations when priced into a banks model inevitably raise the costs of product delivery. there has been concerns about the kenyan banking sector ’ s high average roa of above 3 percent and roe of close to 30 percent, when compared to similar economies. shareholders must therefore temper their roa and roe expectations if banks are to deliver affordable products. in any case, the high roas and roes are not sustainable in the long term as customers cannot afford the high cost of banking services indefinitely. second, risk - based credit pricing is imperative. in cbk ’ s vision, customer credit histories must amount to something. good credit histories portend a less risky customer and therefore lower interest rates. customers cannot be treated with a broad brush, focusing on the few defaulters while not rewarding the majority

on mobile financial services thereby making it easier for investors to place their investments. the treasury mobile direct ( tmd ), which was rolled out in december 2015, offers a channel to access small denomination government securities through the mobile phone. the tmd has improved the efficiency of the existing domestic debt issuance operations, while also increasing retail investors ’ participation in the primary auctions for government securities. additionally, the m - akiba initiative seeks to increase the public ’ s participation in government securities through the existing mobile - phone money transfer services, and with a low minimum investment amount of usd30. plans are underway for the launch of the first m - akiba infrastructure bond. additional investment channels in government securities, including diaspora bonds, are also being considered. in particular, infrastructure bonds are a very popular investment channel, tied to the financing of the government ’ s long - term infrastructure projects. these bonds were introduced in february 2009, and their success has signaled the launch of similar bonds by corporates. the diaspora youth and women also have an opportunity to participate in the government gender and youth empowerment programs. currently, 30 percent of all government procurements are allocated to the youth, women, and persons living with disabilities. the government has indicated its intentions to expand the opportunities for the youth in procurement through the access to government procurement opportunities platform. as i close, i would like to challenge the kenyan diaspora to take advantage of the improved business environment and the increasing investment opportunities in the country as a way of participating in the macro - management of the economy. let me once again congratulate the kenya diaspora alliance for organizing this forum. thank you!