at 8 % in 2013. more significantly, 2 in 3 kenyans have access to formal financial services. this is an impressive trend, which if replicated across africa will poise the continent for unprecedented growth. as regards agency banking, which was rolled out in 2010, 14 kenyan commercial banks and one microfinance bank have established agency networks. as at march 2014, the 14 banks had appointed 24, 645 agents, who have executed over 92. 61 million transactions valued at over kshs 498. 97 billion ( usd 5. 77 billion ) since 2010. ladies and gentlemen : in 2013, geospatial surveys to map financial access points were undertaken in kenya, nigeria, uganda and tanzania. the survey results indicate that kenya is ahead of the other countries in terms of financial access. this is evident through the following indicators : • 76. 7 % of the kenyan population is now within 5 kilometres of a financial service touch point as compared to 47. 3 %, 42. 7 % and 35. 1 % in nigeria, uganda and tanzania respectively. • kenya has 65, 353 financial service touch points as compared to 21, 206 ; 20, 229 and 17, 212 financial touch points in uganda, tanzania and nigeria respectively. • kenya has 161. 9 financial access touch points serving 100, 000 people as compared to 63. 1, 48. 9 and 11. 4 financial access touch points serving 100, 000 people in uganda, tanzania and nigeria respectively. kenya ’ s leadership position in financial access is mainly attributable to the positive development in the financial sector, introduction of mobile financial services and agency banking, which have taken financial services to the door steps of most kenyans. in addition, completing the financial infrastructure no doubt has driven its growth and dynamism. ladies and gentlemen : having appreciated the important role that financial sector development has on the economy, it is worth noting that the financial sector can live up to its expectation only when regulators assume more than a regulatory role. regulating an underdeveloped financial market will not contribute its fair share to economic development. as a result, regulators must balance their regulatory role with a developmental role. it is with this in mind that the concept of smart and better regulation as opposed to more regulation was coined. smart and better regulation is flexible and accommodative to innovative financial products, through which financial development is registered. bis central bankers ’ speeches ladies and gentlemen : having seen the diversity of activities in the agenda of your

francois groepe : the role of chartered accountants in south africa ’ s economic growth and development address by mr francois groepe, deputy governor of the south african reserve bank, at irba ’ s public practice examination function, johannesburg, 9 april 2013. * * * introduction i wish to thank the independent regulatory board for auditors ( irba ) for inviting me to speak and to be part of this auspicious occasion at which the top ten candidates in the most recent public practice examination ( ppe ) are honoured. allow me to extend my heartfelt congratulations to each of the top ten candidates. in the most recent world economic forum ’ s global competiveness report, south africa achieved a country ranking of 52nd out of 144 countries that were ranked, and beat stiff competition to be ranked number one in the following areas : • strength of auditing and reporting ; • regulation of securities exchanges ; and • efficacy of corporate boards. it is therefore evident that south africa ’ s auditing and accounting professionals are among the best in the world, and hence you should feel a deep sense of pride to be admitted to a profession, that is not only held in high regard in south africa but very clearly throughout the world. you are fully justified to feel proud to use the designation ca ( sa ) – and so do all of us gathered here today share in that pride. i wish, however, to remind you of a quote by john f kennedy, “ to those whom much is given, much is expected. ” as newly qualified chartered accountants many of you have had the benefit of good schooling and tertiary education. you have further benefitted from the investment in you and opportunities created for you by this society. this privilege imposes upon you a moral obligation to plough back into both, your immediate communities and our society at large by ensuring that you adhere to, and promote the high ethical and professional standards of your profession. i further wish to appeal to you to retain your sense of curiosity and eagerness to learn. the attainment of this qualification does not imply that you have acquired all there is to know. i would sincerely encourage you to continue on the path of learning, whether it is the pursuit of further formal qualifications or more informal modes of learning. i would also encourage you to broaden your knowledge base by studying other disciplines as it would add further depth and perspective to your analysis, understanding and knowledge of various issues, and therefore should improve the quality of solutions you develop for the ever