njuguna ndung ’ u : promoting access to affordable credit in kenya remarks by professor njuguna ndung ’ u, governor of the central bank of kenya, at the launch of the strategic plan for the association of kenya credit providers ( akcp ), nairobi, 27 october 2014. * * * mr. charles ringera, chairman, association of kenya credit providers ; mr. habil olaka, chief executive officer, kenya bankers association ; mr. benjamin nkungi, chief executive officer, association of microfinance institutions of kenya ; association of kenya credit providers governing council members ; chief executive officers of credit reference bureaus, microfinance banks and development finance institutions ; commercial banks, representatives of ifc, fsd kenya and usaid firm ; members of the press ; distinguished ladies and gentlemen ; good morning... it is my honour and pleasure to join you this morning to launch the association of kenya credit providers ( akcp ’ s ) 2015 – 2019 strategic plan. as you may recall, almost exactly one year ago, akcp was officially launched in this same room. today marks the start of akcp ’ s concrete journey of providing a solid platform through which all credit providers in kenya can actively engage in the pursuit of a comprehensive and all - embracing credit information sharing mechanism. ladies and gentlemen : the success of any entity depends on its strategic orientation. i applaud akcp for moving with speed to develop a five year strategic plan that maps out its priority focus over the period. the main mandate of akcp is to promote the development of an effective functioning credit information sharing ( cis ) mechanism in kenya. i note with appreciation that the strategic priorities identified for the five years including : institution building, legal reform, capacity building, communication & awareness and knowledge generation, are all relevant for akcp to kick - start the process of strengthening the cis mechanism in kenya. this has well defined its place in the financial ecosystem in kenya as well its viability and sustainability. ladies and gentlemen : the rate of a country ’ s economic growth is driven by investments and these investments are largely dependent on the ease with which productive enterprises access funding to transform their viable ideas and opportunities into productive ventures. that is why i am proud to be associated with akcp ’ s tag line : “ towards a more open credit market ” because with more transparent credit markets, investors are able to easily access affordable funding. as a result of implementation of several innovative initiatives and reforms in kenya ’

also a regulator. this approach will ensure innovative policies that work for the market and ensure financial inclusion for all kenyans, lower unit cost of financial services and also ensure the market stability. ladies and gentlemen : in conclusion, i would like to assure the banking sector and other market players that the central bank will continue to support the market development by providing an enabling environment for growth in the banking sector. we shall continue to ensure that the sector operates efficiently, effectively and soundly, supported by the following three pillars : • first, strengthening financial stability, through a robust supervisory and regulatory framework. in this regard, the central bank has adopted a consolidated supervision approach to take cognizance of the growing pan - african nature of the kenyan banking sector – and where applicable, supervisory colleges will be used. • second, enhancing financial integrity in the banking sector so as to ensure that the financial systems are safeguarded against money laundering and financing of terrorism in line with international best practice. • third, promoting financial inclusion for financial deepening and development in line with the aspirations under the kenyan vision 2030. we expect banks to strengthen their screening and monitoring role of their clients, new or potential ones for market development. the kenyan bank of india should take advantage of the market vibrancy as well as initiatives put forth by the central bank to grow its market share even further in the coming years. ladies and gentlemen : with these few remarks, let me once again applaud the kenyan bank of india, as you celebrate your diamond jubilee and wish the bank continued prosperity in the years to come – not only in kenya but also in the east african community region. thank you and god bless you all. bis central bankers ’ speeches