they will face in severe but plausible scenarios and then demonstrate how they will remediate any disruption in a timely manner. the experience gained from this testing can then inform how firms monitor risks to their operational resilience and increase the maturity of their overall processes. policy interactions for the recent march 2022 deadline, firms had to meet the first two of these elements, namely identifying the ibs and setting impact tolerances. looking ahead to the next key deadline, which is in 2025, firms will have to prove that they are able to remain within the impact tolerances that they have set out, and this is where the assurance gained from high quality testing will be key. i would also like to highlight the interaction of these expectations with the pra ’ s outsourcing and third party risk management policy2, which was published at the same time as the policy on op res. my former colleague lyndon nelson gave a speech last year3 setting out how the approaches in the two policies complement each other. in his remarks he very clearly stressed that whilst firms can outsource services, their boards and senior management cannot outsource their ultimate accountability and responsibility for their resilience. our op res policy further emphasises this point. the identification of ibs, determining the maximum tolerable level of disruption to those services and taking measures so that firms can remain within those tolerances under severe but plausible scenarios, means firms and their boards need to assess in detail the dependencies that they have on other parties. 2. our initial supervisory assessment of firms ’ progress having provided a brief summary of the policy, i wanted to share some initial feedback on the progress that uk banks and building societies ( firms ) have made in meeting our expectations. we are still at a relatively early stage in our analysis and engagement with firms, with it being less than a month since we have received the initial responses from firms. so i want to emphasise that this initial feedback will be preliminary, and we won ’ t at this stage be able to say what “ best in class ” looks like for each aspect of the policy. however, there are some important 2 / 6 bis central bankers'speeches themes that are already emerging from our review of the board - approved lists of ibs and impact tolerances which we received. findings on important business services identification on ibs, our current view is that firms have generally made positive progress against our expectations for identifying these services. this is good to see and reflects well on the

njuguna ndung ’ u : increasing the level of financial inclusion in kenya remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the african rural and agricultural credit association ( afraca ) international exposure visit to kenya, kenya school of monetary studies, nairobi, 5 may 2014. * * * mr. saleh usman gashua, the secretary general, afraca ; mr. isaac awuondo, group ceo, commercial bank of africa ; distinguished participants ; ladies and gentlemen : it is my honour to extend a warm welcome to all of you to nairobi and specifically to the kenya school of monetary studies ( ksms ). i note with satisfaction the continued partnership that the african rural and agricultural credit association ( afraca ) and ksms have established. as afraca aspires to promote quality financial services to the rural and agricultural communities in africa, it is complemented by ksms ’ s vision of being a world class research based capacity building institution for the financial sector in africa. ladies and gentlemen : in an effort to confront poverty, that currently afflicts more than 1 billion people in the world, most of whom are in the developing countries, financial inclusion has been seen as one of the channels that can significantly reduce poverty sustainably. this is because access to financial services by the poor provides a safe haven for their savings and widens their economic opportunities through savings - investment cycles. however, in africa and other developing countries in asia and latin america, 90 % of the population do not have access to financial services. closer home, 80 % of the adult population in sub - saharan africa do not have access to financial services ( cgap, 2011 ). in this regard, for the world and africa in particular to catapult the efforts to reduce poverty, concerted action to increase access, uptake and use of financial services should be rolled out. ladies and gentlemen : several reasons have been put forward to account for the low level of financial inclusion in africa. key among these reasons are poverty, irregular income flows, high levels of financial illiteracy, high financial costs, social and cultural beliefs, and underdeveloped financial markets. acknowledging the important role that financial inclusion plays in economic development, none of the cited barriers to financial inclusion is insurmountable. what is required is for financial service providers, the government and its agencies as well as the consumers to jointly contribute in eliminating the barriers