##ring sector boundaries and product lines. for example, we have banks that want to offer bancassurance while insurance companies are underwriting financial risks that were once a domain of investment banks. as a result, it is becoming increasingly difficult for one regulator to set up a regulatory regime without taking into consideration the impact it bears on the other financial sub - sectors. in the same vein, we are increasingly seeing banks acquiring brokerage firms in the capital market. harmonisation of regulatory regimes in the entire financial sector is therefore critical in order to offer consistency and maintain financial stability. the ongoing global financial crisis has only served to underscore the inter - linkages of financial systems. the crisis has demonstrated that risks and shocks that originate from one area can be transmitted internally within a group or externally through converging products, markets or cross borders. in this regard, financial sector regulators should base their supervision on a consolidated basis by reviewing risks across the entire financial spectrum rather than purely on an industry solo basis. ladies and gentlemen, before i conclude my remarks, allow me, on behalf of my fellow regulators, and on my own behalf, to express our sincere gratitude to all the guests who responded to our invitation and set aside time to grace this ceremony. i am sure also, the totality of the financial market will appreciate this move by the regulators. finally, ladies and gentlemen, being aware of the task ahead of us, let me take this opportunity to invite our chief guest to address this gathering. welcome deputy prime minister, hon. uhuru kenyatta.

njuguna ndung ’ u : reflections on inclusive business in africa keynote speech by prof njuguna ndung ’ u, governor of the central bank of kenya, at the g20 inclusive business workshop in africa, nairobi, 30 october 2013. * * * representatives of the german and saudi arabian governments who are the cofacilitators ; the g20 challenge partners ; distinguished guests ; ladies and gentlemen : it is my honour and pleasure to join you this morning at this very important workshop where we reflect on inclusive business in africa. before making my remarks, let me express my gratitude to the g20 challenge partners, the conveners of this workshop, for the invitation and choice of nairobi as the venue for the workshop. may i also take this early opportunity to welcome our distinguished guests from all over the world to this beautiful land of kenya, which enjoys a diversity of stunning and captivating landscape, wildlife and culture? i kindly urge you to take part of your time during your stay to enjoy this diversity and to always come back to enjoy it. ladies and gentlemen : the timing of this workshop could not have come at a better time for our continent. africa is composed of developing economies with untapped wealth, a youthful population and low volume of trade with itself due to infrastructure gaps. the binding constraints that the infrastructure gaps have created has not turned around the rich potential that exists in africa. but most of its economies are developing into a class of frontier and emerging economies. the g20 challenge on inclusive business innovation is a global entity that promotes employment through innovative, scalable and commercially viable ways of working with lowincome people in developing countries. this development should be appreciated in this region. ladies and gentlemen : building inclusive businesses holds the key to unlocking africa ’ s potential. this will integrate the poor into the businesses value chains in various capacities whether as producers, distributors, suppliers or employees. when the challenges of scaling and replicating the businesses are overcome, profitable and sustainable ways of engaging with the low - income segments of the population create sustainable livelihoods and contribute to sustainable poverty reduction. inclusive business models, as is said, aim to “ do well by doing good ” through creation of more stable jobs that provide sustainable income flows, build technical skills and local capacity at the bottom of the pyramid. if we achieve this we will not only have created inclusive businesses, but also inclusive growth and shared prosperity. this is the dream for africa on shared growth that will support end