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{
"id": 1283486,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1283486/?format=api",
"text_counter": 201,
"type": "speech",
"speaker_name": "Kikuyu, UDA",
"speaker_title": "Hon. Kimani Ichung’wah",
"speaker": null,
"content": "professional who has served in various capacities. He therefore fits the bill. I agree with the Committee that he is, indeed, a professional who fits the bill to serve as the Chairman of the Central Bank of Kenya. Mr Musangi succeeds another lawyer, Advocate Mohammed Nyaoga. I do not know what preference there is for lawyers to head this Board, but it is probably because they have done well before. I, however, do not support Andrew Musangi because he is an advocate or a lawyer, but because he is an accomplished professional. A man whose integrity is unquestionable. I encourage Andrew Musangi to continue working as the Chairperson of the Board of Directors of Central Bank without entertaining anything that would jeopardise either his own integrity, that of the Board, or of the management of the Central Bank of Kenya. Andrew Musangi now heads a Board that is also under very capable leadership at managerial level of two former Principal Secretaries, that is, Dr Thugge, the Governor of the Central Bank of Kenya, and Susan Koech, the Deputy Governor of the Central Bank of Kenya. It is my prayer and hope that, as they govern the Central Bank of Kenya under Chairman Musangi and the Board, they will work to ensure that the integrity of our financial and banking sector is safeguarded. Kenyans should put their money in banks knowing that the banks will not collapse the following day. It is my prayer that this Board will ensure that the current management of the Central Bank of Kenya works to not only stabilise the monetary policy of our financial system as the current administration seeks to stabilise the economy, but to also have the Central Bank of Kenya actively involved in the day-to-day supervision of banks. Hon. Deputy Speaker, talking of banks, what I have said also affects all the financial sector institutions that are governed under the Central Bank of Kenya Act. This administration established the hustler fund… Hon. Deputy Speaker, before, we had predatory lenders especially in the digital space. I am glad that this has now been sorted out by the hustler fund which, to a large extent, has now enabled Kenyans to borrow money without going to shylocks. They just need to dial the prefix digits of the hustler fund and access the money without having to know anybody. This is the progression that we want to see the Central Bank of Kenya and even our banking sector players encouraging. That tomorrow you do not need to know any bank manager or credit officer in a bank to access credit. That banks will now be encouraged to develop products like the hustler fund where, on the basis of their credit rating, businesspeople can borrow and access credit in this economy without necessarily having to know anybody. As I speak about the supervisory role of the Central Bank of Kenya, in the past, we have seen some laxity. Kenyans get surprised when a bank collapses. In other instances, they walk in a bank to withdraw their money only to be told, ‘You cannot withdraw your money because the bank is collapsing.’ It is my prayer that under Andrew Musangi, the Board will ensure that the supervisory role of the Central Bank of Kenya over the banking sector is efficient and effective. It means they must do this work almost on a daily basis. It is not enough for the Central Bank of Kenya officers to sit in their offices and expect to only review reports that are sent to them by the banking sector players. They must conduct impromptu checks on banks. It is said by the English or whoever said it that, where there is smoke there is fire. So, whenever the Central Bank of Kenya smells smoke in any bank in this country, they must know that there is likely to be fire. Therefore, CBK should be proactive to ensure that it safeguards the assets that are put in banks. Hon. Deputy Speaker, let me not say much because this is just an approval process. I request Members to agree with the Committee and support Mr Andrew Mukite Musangi to now serve as the next Chairman of the Central Bank of Kenya. Let us encourage him to serve with diligence, a high sense of integrity, nationalism, and patriotism knowing that he is now charged with the responsibility of safeguarding huge national assets and assets belonging to 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."
}