central bank of kenya launch of the finaccess household survey 2019 report intercontinental hotel, nairobi keynote speech by dr patrick njoroge governor of the central bank of kenya 3 april 2019 1416 words good morning! today is a good day. not only because, it is one day closer to the rains which will bring some relief and transform the brown landscape to a lovely hue of green. today is a good day because it is one of those days when economics comes to life. often, we economists are in our own little corners, crunching away at some statistics, hoping that our work resonates with our fellow citizens. all too often, that hope does not get fulfilled. but sometimes, as it is this morning, our work has direct resonance with the vast majority of our people. it serves as a map for how they access financial services, and more broadly, the impact of policy on how kenyans live their lives. this is the fifth time we have done the finaccess survey. in every one of them since the first one in 2006, we have learned something new and profound about kenyans and their interaction with finance. this one is no different, and i will highlight some of the issues and conclusions that jumped out at me. but before i do that, let me tell you why we carry out the survey, and why it is some of the most important work that we do. globally, financial inclusion surveys have become an increasingly important source of valuable data and information that supports evidence - based policy and decision making. these surveys provide data that track progress and dynamics of the financial inclusion landscape ; and provide data to various stakeholders including policy makers, private sector players and researchers. i need not remind you, since it is something that we're consistently proud of, that we take the global gold medal in financial inclusion. so, for us kenyans, this is doubly important. even as we continue to appreciate the survey and what it does to aid policymaking, certain constants remain, well, constant. we continue to strengthen the measurement of the financial inclusion landscape in terms of access and usage, while incorporating new dimensions of a needs - based framework that measures the relevance of financial services and products, financial service providers and payments channels in meeting household financial needs. this survey also has new information on financial health and livelihoods, and perceptions on financial literacy and consumer protection. it thus measures aspects of quality and impact dimensions of financial inclusion. we at the central bank have

have negative implications on the industry image and the bank, including creating opportunities for “ rent seeking ” and corrupt practices. this has tended to create a screen between the licensing authority and potential investors in this market. c ) licensing procedures : on licensing of new bureaus, you note that the bank has introduced new licensing procedures that involve a two stage process, which include : i ) ii ) in the first stage, applicants are expected to submit application documents including : • certified copy of certificate of incorporation and memorandum and articles of association ; • a feasibility study of the proposed forex bureau ; • particulars and “ fit and proper forms ” of proposed shareholders and directors ; • declaration and confirmation that no shareholder and / or director has a similar position or role in any other forex bureau in kenya ; and • provide evidence of non - interest bearing deposit of us $ 30, 000 and core capital of us $ 30, 000. in the second stage, the central bank will issue a letter of intent to prospective bureaus to enable them commit funds by paying the requisite fees and deposits, and prepare premises for inspection before issuance of licence and approval to commence operations. the central bank has cleaned up the process and i do promise you an efficient licensing procedure. d ) compliance : let me take this opportunity to once again urge the industry to ensure that they have sound and effective internal control and management information systems to enable prompt and accurate submission of returns. 6. in conclusion, ladies and gentlemen, let me take this opportunity to invite the industry association chairman / representative to make some remarks. thereafter, we shall have a short discussion on industry concerns. i also urge you to continue to work together with my staff in development of the industry and in seeking solutions to the various challenges that will arise from time to time. thank you.