- of - right cornering of subsidies by all, which undermines their efficient and economic use. we must appreciate that these are difficult times for our economy and, therefore, we should be willing to make small sacrifices. we should be willing to live with smaller wage hikes. this is applicable to all sections of the society, especially, the elitist section. infrastructure 19. a very disquieting aspect of infrastructure usage in the country is that we demand the best infrastructure but want to access them for free. in india, vips get access to subsidies and infrastructural services first, and there is little concern for whether or not it reaches the poor and needy. we should stop this culture from becoming a moral hazard. again here, the need for good governance comes to the fore. while on the subject of infrastructure, i would like to add that one cannot fund the growth of the infrastructure sector based on debt alone. as the situation stands, many of the stalled infrastructure projects have been financed solely by debt and promoters ’ equity contribution is absolutely minimal. our observation is that often debt is raised in the holding companies and is down - streamed as equity in subsidiary ventures or spvs. this is a risky practice. corporate groups have become hugely leveraged and their debt servicing abilities have been severely constrained. the promoters of stalled infrastructure projects have little incentive to bring the projects on stream. as future business managers of the country, i would like to impress upon you to realise the importance of equity in running successful businesses, as it creates an incentive for managements to eschew excessive risks. we need ideas to be able to raise fresh equity. concluding message 20. i would like to conclude by giving you three messages, which i always do, whenever i get an opportunity to interact with students. my first message is that you must strive to be “ third generation literate ”. all of you have acquired the first and second generation literacy i. e. gained subject knowledge by reading books and the knowledge about computers and bis central bankers ’ speeches information technology. what i mean by third generation literacy is to become “ information literate ”. i read somewhere that every day, we create some 2. 5 quintillion bytes of data and more than 90 per cent of the data has been created in the last two years. i do not know how many zeroes a quintillion has, but, that definitely means a whole lot of information. every day in your

sheila m ’ mbijjewe : launch of the 2016 finaccess household survey speech by ms sheila m ’ mbijjewe, deputy governor of the central bank of kenya, at the launch of the 2016 finaccess household survey, nairobi, 18 february 2016. * * * 1. i am delighted and honoured to join you today at this launch of the key findings of the 2016 finaccess household survey that also marks the 10th anniversary of the finaccess surveys in kenya. 2. policy goal : the creation of a vibrant, efficient, stable and globally competitive and inclusive financial system to drive savings and investments necessary to achieve our development agenda as outlined in kenya ’ s vision 2030 is crucial. • there cannot be meaningful financial sector development if finance is not accessible and inclusive. • financial inclusion in terms of access, usage, quality and welfare remains one of the priority areas for the government. 3. financial inclusion landscape : i am pleased to be part of this financial inclusion agenda of improving the measurement, understanding, tracking progress and its dynamics overtime. this has been done mainly through undertaking finaccess suite of surveys since 2006. 4. key findings : the results we are releasing today reflect developments in the wider economy, infrastructural facilities, technological innovations, financial sector developments, policy and regulatory reforms as well as financial markets innovations. i am delighted to announce that kenya has made a lot of progress towards the kenya vision 2030 financial sector development agenda. in terms of financial inclusion, we have far exceeded the government target to increase the proportion of the population with access to finance to over 70 % by 2018 under the second medium term plan, 2013 – 2018. • the proportion of adult population using formal financial services rose to 75. 3 % in 2016. • the rural - urban formal financial access gap has narrowed since 2006. • kenyans are increasingly using a combinations of a variety of financial services providers and new innovations reflecting the importance of a diversified financial system with 59. 7 % of the adult population using two or more types of financial services providers compared with 18. 8 % in 2006. bis central bankers ’ speeches 5. there is need to foster appropriate and proportional regulation and supervision of the different financial services providers to enhance access to a broader mix of providers and products that meet the needs of different consumers. with this growing demand from consumers for a diverse mix of products and innovations, the financial sector requires an enabling environment to foster innovations to the changing