- pesa paybill for the acceptance of deposits will enable the transfer of electronic value from safaricom ’ s m - pesa money transfer platform to a customer ’ s bank account. the benefits of the pesa pap products just like other mobile products already existing in the industry cannot be gainsaid. this product is a technological solution that will provide the following key benefits : build up of savings : with the transfer of electronic value from safaricom ’ s m - pesa money transfer platform to a customer ’ s bank account, a synergetic relationship is created in terms of deposit mobilization for the bank while the customers benefit in building up their savings for future investment. convenience : access to financial services on the mobile phone will certainly lower the cost of transfer of remittances, improving the safety and security of cash and make payments more convenient. serving the unbanked and the under - banked : with 32 percent of kenya ’ s bankable population being excluded from formal and informal financial services as indicated by the national financial access survey in 2009, mobile phone banking services will reduce the cost of running banking operations in order to enhance access to affordable, flexible and faster services to customers and by and large the “ unbanked ” population in kenya. part of this exclusion has been due to costs and physical distance. these twin problems have been solved by pesa pap products. supporting vision 2030 : the rolling out of such innovative products will bring about immense contribution in deepening the financial sector. it is through financial deepening that a majority of the kenyan population will access financial services easily and affordably. this will increase savings and build up of assets through affordable credit, and through increased savings and investment we will walk the path determined by vision 2030. ladies and gentlemen : i am delighted and encouraged by the way the banking sector is embracing technology and demystifying the mobile and internet banking services from the perception that it is suited for the rich and well - educated but that the poor and the marginalized can as well be brought on board. markets are developed by increased participation. increased participation reduces unit costs. that is why cost of credit, via base lending rates are declining. as i conclude my remarks, let me reiterate that the central bank appreciates the initiatives and innovations by the banking sector in coming up with new products targeted at niche consumers and is committed to the creation of an enabling regulatory environment. we shall, on a continuous basis, revise relevant regulations that will

njuguna ndung ’ u : corporate social responsibility in kenya remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, on the occasion of the launch of equity group / master card foundation scholarship, nairobi, 8 february 2010. * * * the rt. hon. raila odinga, prime minister of the republic of kenya ; hon. prof. sam ongeri, minister for education ; mr. peter munga, chairman of equity bank ; dr. james mwangi, chief executive officer, equity bank ; distinguished guests ; ladies and gentlemen : 1. i am honoured to join you this morning on this important occasion. let me at the outset acknowledge the presence of the right honourable prime minister and the honourable minister of education. your presence here is testimony to the emphasis that the government of kenya places on education. 2. allow me also to salute the equity group foundation and the master card foundation on the launch of scholarships for top primary school performers. this is a worthy extension of the corporate social responsibility activities of equity and master card. i urge other entities to take up similar initiatives. 3. developing the requisite human capital base is the cornerstone for vision 2030. endogenous growth models emphasize the role of human capital. inadequate human capital will choke growth and condemn the country to a low equilibrium trap. 4. the focus of this foundation on high performing students from vulnerable backgrounds who may easily drop out of the education system should serve as the best signalling mechanism for hard work and excellence. 5. i look forward to the success of this foundation and the rolling out of similar schemes by the corporate sector. i am sure that these scholarships will nurture kenya ’ s next generation of transformational leaders. 6. it is now my pleasant duty to invite the honourable minister for education to address this distinguished gathering. honourable minister, you have the floor. ajith nivard cabraal : expanding financial services in sri lanka address by mr ajith nivard cabraal, governor of the central bank of sri lanka, at the opening of a new branch office in jaffna by the hongkong & shanghai banking corporation ltd, jaffna, 11 february 2010. * * * my dear friends, i am delighted to be here in jaffna today for the opening of a new branch of hsbc, one of the market leaders in global banking. the history of the hsbc in sri lanka could be traced back to 1884, when it