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{
"id": 1503082,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1503082/?format=api",
"text_counter": 322,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": " My apologies, Hon. Speaker. Hon. Speaker, I beg to move the following Special Motion: THAT, taking into consideration the findings of the Joint Committee of the National Assembly Departmental Committee on Finance and National Planning and the Senate Standing Committee on Finance and Budget in its Report on the vetting of a nominee for appointment as the Deputy Governor of the Central Bank of Kenya, laid on the Table of the House on Wednesday, 27th November 2024, and pursuant to Section 13B(1) of the Central Bank Act, CAP 491, and Sections 3 and 8 of the Public Appointments (Parliamentary Approval) Act, 2011, this House approves the appointment of Mr Gerald Nyaoma Arita as the Second Deputy Governor of the Central Bank of Kenya. Article 231 of our Constitution sets out the establishment of the CBK, which is responsible for formulating monetary policies, promoting price stability, issuing currency and performing other functions conferred to it by an Act of Parliament. The Joint Committee conducted approval hearings of the nominee to ascertain his suitability for the role of the Deputy Governor of the CBK. The Deputy Governor plays a very critical and pivotal role in ensuring that the institution fulfills its constitutional and statutory mandates. Those responsibilities are outlined in the Constitution of Kenya and the CBK Act, CAP 491. They include, among others, the development and execution of monetary policies to maintain price stability and to promote sustainable economic growth, financial stability, bank supervision, ensuring efficiency in the payment systems, and supporting the Governor in executing duties that may be assigned to the Deputy Governor."
},
{
"id": 1503083,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1503083/?format=api",
"text_counter": 323,
"type": "scene",
"speaker_name": "",
"speaker_title": "",
"speaker": null,
"content": "[The Speaker (Hon. Moses Wetang’ula) left the Chair]"
},
{
"id": 1503084,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1503084/?format=api",
"text_counter": 324,
"type": "scene",
"speaker_name": "",
"speaker_title": "",
"speaker": null,
"content": "[The Temporary Speaker (Hon. Peter Kaluma) took the Chair]"
},
{
"id": 1503085,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1503085/?format=api",
"text_counter": 325,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
},
{
"id": 1503086,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1503086/?format=api",
"text_counter": 326,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "In determining the nominee’s suitability, the Committee considered the provisions on leadership and integrity as outlined in Chapter 6 of our Constitution. Also, the Committee considered the nominee’s academic qualifications, employment record and work experience, membership to relevant professional associations, roles in public office, political activities and affiliations, potential conflict of interest, suitability to that position, tax compliance obligations, and other thematic areas relevant to the duties and responsibilities of the job that would be assigned to him, if this House approves him as the Deputy Governor of the CBK. Having considered his suitability, the Joint Committee noted that the nominee is a Kenyan citizen and is not a citizen of any other country and, therefore, meets the requirements of Article 78(1) of the Constitution. He demonstrated an aspiration for integrity in public service, and thus meets the requirements of Chapter 6 of the Constitution on leadership and integrity. After scrutiny of his educational background, academic credentials and professional qualifications, work and professional experience, personal integrity, as well as his performance during the approval hearing, the Joint Committee found that the nominee possesses the relevant experience for the position of the Deputy Governor of the CBK, having served for over 36 years in the banking and financial regulations sector, including playing pivotal roles such as that of Director of Banking Supervision, Financial Markets and Banking Services at the CBK, in addition to being an alternate board member in several key boards in the country. The nominee holds a Master’s Degree in Philosophy from the University of Cambridge in the United Kingdom, and a Bachelor of Arts Degree in Economics from the University of Nairobi. He is a Certified Public Accountant (CPA) and a Certified Public Secretary (CPS), certified through the Kenya Accountants and Secretaries National Examinations Board (KASNEB). He is also an associate of the Kenya Institute of Bankers. The nominee has over 36 years’ experience across many sectors in the CBK, including payment systems, quality control, banking supervision, banking services and financial markets. He said that working in those sectors has equipped him with the skills and experience needed to be the Deputy Governor of the CBK. A key factor to note is that when M-Pesa was introduced in this country, it is this nominee, through his role at the CBK, who gave a hearing to the investors who wanted to invest in M-Pesa and facilitated the issuance of the appropriate licences. He is one of the reasons why we have such a robust mobile payment system like M-Pesa, which is one of the best mobile payment systems, not just across Africa, but across the globe. Were it some other public servant who this idea came to, they may have been threatened because this was a new technology. They may have been afraid, developed cold feet and not given such approvals. However, his role in the revolution of mobile payments shows that he is visionary and best suited to be the Deputy Governor of the CBK. Hon. Temporary Speaker, you may remember the crisis that came with the collapse of Chase Bank, and the merger of the National Bank and Spire Bank. This nominee, sitting at the CBK, and in charge of bank supervision, ensured that despite the challenges with those banks, there was minimal crash in the financial sector. The challenges found in these banks resulted in minimal crashes in the financial sector and minimal losses in Kenyan deposits. This demonstrates someone able to work under pressure, make a difference, and has a revolutionary mindset when making development in this country. It is also inspiring to see someone who joined the Central Bank of Kenya as a management trainee, as a very young man, rising through the ranks to become the Deputy Governor of the Central Bank of Kenya. Hon. Temporary Speaker, when we appoint individuals who have worked in other sectors to head institutions at the expense of officers who have diligently worked their way up through the ranks of that particular institution, it sometimes demoralises the professionals. However, it can be good for diversity. This is a clear demonstration that Kenyan systems work:"
},
{
"id": 1503087,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1503087/?format=api",
"text_counter": 327,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
},
{
"id": 1503088,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1503088/?format=api",
"text_counter": 328,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "you can be employed as a young person and rise all the way up to the position of Deputy Governor of the Central Bank of Kenya."
},
{
"id": 1503089,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1503089/?format=api",
"text_counter": 329,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "The nominee exhibited a clear understanding of the current issues affecting the Central Bank of Kenya and shared practical strategies to address these issues. Additionally, he demonstrated a satisfactory understanding of the Central Bank of Kenya's mandate and extensive knowledge of payment systems, monetary policy, and risk-based supervision. The nominee also emphasised the need for adaptive regulatory frameworks for emerging technologies such as fintech, digital currencies, virtual assets, cryptocurrency and blockchain technology. He advocated for robust internal controls to prevent financial fraud. He highlighted strategies to ensure effective monetary policy implementation and address challenges such as high non-performing bank loans. The Joint Committee, having conducted approval hearings of the nominee regarding his stability, observed that due process was followed in his nomination in accordance with Article 153 of the Constitution, as read together with Sections 3 and 5 of the Public Appointments (Parliamentary Approval) Act, 2011, and Section 12 of the Competition Authority Act of 2010. Therefore, the Joint Committee recommends that this honorable House approve the nomination of Mr Gerald Nyaoma Arita as the Deputy Governor of the Central Bank of Kenya."
},
{
"id": 1503090,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1503090/?format=api",
"text_counter": 330,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "It is against this background that the approval of Mr Gerald Arita is before this honorable House for consideration and adoption of the Report by the Joint Committee of the Departmental Committee on Finance and National Planning and the Standing Committee of Finance and Budget of the Senate. Hon. Temporary Speaker, I beg to move. I request Hon. Caroli Omondi to second."
},
{
"id": 1503091,
"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/1503091/?format=api",
"text_counter": 331,
"type": "speech",
"speaker_name": "Suba South, ODM",
"speaker_title": "Hon. Caroli Omondi",
"speaker": null,
"content": " Thank you very much, Hon. Temporary Speaker. I also thank Hon. Kimani for giving me the opportunity to second this Special Motion. I have known this gentleman for quite some time. During my days at the University, he was slightly ahead of us. I believe Gerald exhibits all the qualities required for the position of Deputy Governor of Central Bank of Kenya, especially at this particular time in the history of our country. If you look at his academic record, he graduated with First Class Honours in Economics from the University of Nairobi. He then proceeded to Cambridge, where he graduated with a Master's Degree in Philosophy and Economics with distinction. There are very few people who can boast such a record."
}
]
}