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{
"id": 1561172,
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"speaker": null,
"content": "SPECIAL MOTION"
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"id": 1561173,
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"text_counter": 425,
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"content": "APPROVAL OF NOMINEES FOR APPOINTMENT AS MEMBERS OF CBK BOARD"
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{
"id": 1561174,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1561174/?format=api",
"text_counter": 426,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
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"content": " Hon. Temporary Speaker, I beg to move: 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 on the 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."
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{
"id": 1561175,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1561175/?format=api",
"text_counter": 427,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
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"content": "approval hearing of nominees for appointment as members of the Board of Central Bank of Kenya, laid on the Table of the House on Tuesday, 29th April 2025, and pursuant to Section 11(2) of the Central Bank of Kenya Act, Cap 491, this House approves the appointment of the following nominees as members of the Board of Central Bank of Kenya – (i) FCPA Sophie Moturi. (ii) CPA Abdullahi Mohamed Abdi. (iii) Ms. Beatrice Kosgei. (iv) Mr. David Simpson Osawa Owuor. The Board of Directors of the Central Bank of Kenya (CBK) is established under Section 10 of the Central Bank of Kenya, Cap 491. Further, Section 11 (1)(d) of the Act provides that the Board shall consist of a chairperson appointed by the President, a Governor, a Principal Secretary to the National Assembly or his or her representative who shall be a non-voting member, and eight other non- executive directors. The Board of Directors of CBK is established under Section 10 of the CBK Act. It is responsible for the following: 1. Determining the policy of the bank, excluding policy formulation. 2. Setting the bank's objections, overseeing its financial management, and strategic direction. 3. Continuously reviewing the bank's performance according to its functions. 4. Consistently monitoring the Governor's performance in fulfilling the responsibility of the office and ensuring achieving the bank objectives. 5. Assessing whether policy statements issued under Section 4(b) align with the bank's primary functions and objectives under Section 4. 6. Maintaining constant oversight over the use of the bank's resources. Appointment of the Director of the Board of CBK shall take provisions of Section 11(7) of the CBK Act into consideration. The Section provides that persons shall be eligible for appointment as Director if the person is a citizen of Kenya, is knowledgeable, and experienced in monetary, financial, banking and economic matters, or other disciplines relevant to the functions of the Central Bank of Kenya. The Committee assessed the nominees against criteria of their academic and professional qualifications, leadership and integrity, financial probity, political neutrality, and conflict of interest. The Committee also received clearance reports from the Ethics and Anti- Corruption Commission (EACC), the Kenya Revenue Authority (KRA), the Directorate of Criminal Investigation (DCI), the Higher Education Loans Board (HELB), and the Office of the Director of Public Prosecution (ODPP). All four nominees demonstrated knowledge and professionalism in the banking sector and that they possess extensive experience relevant to monetary policy, banking, finance, and regulatory matters. They fulfilled all legal and constitutional requirements for appointment. There is brief Curriculum Vitae (CV) of the nominees. I will start with FCPA Sophie Moturi who is a seasoned finance and governance expert, with over 38 years of experience spanning through public service, accounting, non-governmental organisations (NGO), corporate boards and international development work. She has served in various capacities. They include being an accountant at the Clients Accounting Department (CAD) of the PricewaterhouseCoopers (PwC) and a finance administration manager at the Action Africa in Need Kenya. She was a director at Life in Abundance International, a chairperson of Association of Women Accountants of Kenya, and 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": 1561176,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1561176/?format=api",
"text_counter": 428,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "a member of the selection panel of the Independent Electoral and Boundaries Commission (IEBC). Sophie was a trustee at the Microenterprise Support Programme Trust, a member of Association of Professional Societies in East Africa (APSEA), a trustee of Kenya Professionals Development Fund, and a board member of the Public Sector Accounting Standards Board. She was also a member of the public policy and governance committee of the Institute of Certified Public Accountants of Kenya (ICPAK), a commissioner at the Salaries and Remuneration Commission (SRC), and currently the chairperson at the Life Abundance International that is an NGO. FCPA Moturi holds a master’s degree in Banking and Finance from Moi University, a bachelor’s degree in Commerce from the University of Nairobi and a Certified Public Accountant (CPA), having studied at Strathmore University. The nominee advocated for a strong regulatory framework, correct regulation in internet banking at the county level, and monetary stability. CPA Abdullahi Mohammed Abdi is a finance governance practitioner with over 23 years of experience, especially in the NGO sector. He also served in different capacities in operation and leadership roles, that includes serving an Accountant in Finance and Administration Manager at Womankind Kenya, a Senior Relationship Manager at Chase Bank Kenya Limited, a Board Director at Coast Development Authority, a Chairperson of Board Trustees of Adoption Consortium Trust, and currently serves as an Executive Director at Womankind Kenya and Council Member at Koitalel Samoei University College. He holds an MBA in Finance and is currently pursuing his PhD in Development Studies and Leadership. The nominee advocated for strategic governance, climate resilience, and technology innovation impairment system. Another nominee is Ms Beatrice Kosgei, a legal expert with over four years of progressive experience in public service and corporate governance. She is an advocate of the High Court of Kenya and holds a Masters of Law in Commercial and Corporate Law. She has served as a State Counsel at the Attorney General Chambers, a Legal Officer at Kenya Industrial Estate, an associate at Jim Choge & Company Advocates, as an in-house counsel at Council Liberty Assurance Company, and a Managing Partner at Kosgei and Company Advocates. She has also served as a Corporate Secretary at Agricultural Development Corporation, Head of Legal for Kenya Trade Network Agency, General Manager, Legal Services, and Company Secretary for Geothermal Development Company Limited, and is a Senior Consultant at Limo & Njoroge Advocates. The other nominee is David Simpson Osawa Awuor, who is an IT and FinTech professional with over 15 years of experience in digital and financial technology across Africa. She has served in different capacities in the private sector, including serving as a Systems Administrator Technology Transfers at Craft Silicon Limited, a Software Developer, Systems and Support Engineer, Senior Systems Engineer, a Team Leader in Internet Business General and a Division Head of Mobile Banking at Craft Silicon Limited, and also served as a Head of Projects at Code Matrix and is currently a Senior Project Manager at Craft Silicon Limited. He holds a Bachelor of Science Degree in Information Technology from Jomo Kenyatta University of Science and Technology (JKUAT), and in his interview, he advocated for technological modernization of financial systems and emphasized on cybersecurity and innovation in banking. The Committee found that all four nominees possess the requisite knowledge and experience in either banking, finance, IT, law, and governance, as specified in the requirements of the Central Bank of Kenya Act. They exhibited leadership traits needed as board members. 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": 1561177,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1561177/?format=api",
"text_counter": 429,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "All the nominees displayed zeal to strengthen the Central Bank's regulatory and oversight role, enhancing financial stability and supporting Kenya's economic growth. In recent years, the global financial landscape has witnessed rapid innovation, particularly in the realm of blockchain technology, virtual assets, and cryptocurrencies. These technologies are shaping traditional banking models and introducing new regulatory and security challenges. It is therefore important that, as this House approves these four nominees, they need to update the Central Bank of Kenya systems to make sure that they are cognisant of the use of blockchain technology. They need to leverage on use of virtual assets and cryptocurrencies, including making sure that the Virtual Assets Bill in this House, is well up to date with best practice. They need to ensure that they do risk checks and ensure that there is no collapse of these particular systems. They also need to guide the bank on policy and regulatory considerations and make sure that they use up-to-date technologies to advance the issue of cybersecurity and innovations. In the last few years, the traditional banking sector has changed. For a very long time, Kenyans relied on banks and bank products in the traditional way of banking. But of late, for example, you have seen an uptake of digital loans now accounting for 52.79 per cent of all active loan accounts with a total outstanding balance of Ksh158 billion. Loans like Fuliza, that overdraft facility under M-PESA, disbursed Ksh834 billion in the last 12 months as of March 2024 which averaged Ksh2.3 billion daily. Other products like KCB M-PESA, and M-Shwari disbursed Ksh83.7 billion and Ksh42 billion, respectively. However, despite this growth, although credit platforms provide great convenience and are easily accessible within a very short period of time, especially to those outside formal employment, the interest rates on these platforms remain very expensive. I have done a small analysis of the interest rates, and I will just give an example of KCB M-PESA. When you hold a KCB account and take a digital loan, the interest rate is 7.5 per cent per 30 days on amounts between Ksh50 and Ksh1 million. The repayment period is 30 days. When you calculate the effective annualised interest rate, it comes to 130 per cent. If you take M-Shwari loan, the product by NCBA Bank and Safaricom, at 7.5 per cent for 30 days, they offer loans from Ksh100 and Ksh1 million, which brings an annualised rate of 130 per cent. If you take another product, the MCo-op Cash App, which is available to most Members here with Cooperative Bank accounts, they charge between 8 and 12 per cent for a period of 30 to 90 days. They will offer you between Ksh1,000 and Ksh500,000, with a repayment period of one to three months. The annualised interest rates, taking the spread between 8 and 12 per cent, range from 107 and 207 per cent per annum. Therefore, the Central Bank of Kenya, which should supervise and ensure that interest rates remain affordable to Kenyans, should not just focus on products within the traditional banking system. The access to digital loans, especially with our commercial banks, emphasises the need for Central Bank of Kenya (CBK) to go out of its way to ensure that interest rates remain affordable. We cannot have a situation where when seeking to secure a loan with a log book you are charged interest rates between 12 and 20 per cent, but the same loan offered through a digital platform, which actually incurs less cost for the bank, ends up with an effective interest rate of up to 100 per cent or more. In fact, if I went through the list further, you would see some of them exceed 300 per cent. The challenge for this Board of Directors is to view the banking sector not just as a traditional banking system, but to take into consideration the digital space, cryptos and blockchain technology staying up to speed rather than being reactionary. Some people have lost their monies through some of these platforms, like one of the cryptos that collapsed last 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": 1561178,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1561178/?format=api",
"text_counter": 430,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "week, I think it was called Ibex Limited where members, including some from this House lost millions of shillings. They should be proactive and not reactive. Lastly, the Business Laws (Amendment) Bill, now the Business Laws Amendment Act, that this House passed in December last year, gives additional responsibilities to the Central Bank of Kenya. This includes bringing under the purview of the Central Bank of Kenya the ‘Buy Now, Pay Later’ programme such as the Lipa Pole Pole on our phones, especially when people buy phones or get into the boda boda sector and use Lipa Pole Pole . This additional mandate therefore means that the Central Bank must be up to speed to ensure they have the requisite human resource and technology to take on the new responsibilities. As the CBK transitions into a modernised future, the new board's capacity to balance innovation, stability and consumer protection will be very critical. Hon. Temporary Speaker, in view of the following, the Joint Parliamentary Committee recommends that this House approves FCPA Sophie Moturi, CPA Abdullahi Mohamed Abdi, Ms Beatrice Kosgei and Mr David Simpson Osawa Owuor for their appointment as members of the Board of the Central Bank of Kenya. Their wealth of experience will be instrumental in steering Kenya's financial sector towards a future of stability, innovation and inclusive economic growth. I respectfully urge my colleagues in this House to approve and adopt the Joint Committee's Report for the appointment of these board directors of the Central Bank of Kenya. I beg to move and request Hon. CPA Rutto, the great Member of Parliament for the people of Kesses Constituency, to second."
},
{
"id": 1561179,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1561179/?format=api",
"text_counter": 431,
"type": "speech",
"speaker_name": "The Temporary Speaker",
"speaker_title": "",
"speaker": null,
"content": "(Hon. (Dr) Rachael Nyamai): CPA Ruto."
},
{
"id": 1561180,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1561180/?format=api",
"text_counter": 432,
"type": "speech",
"speaker_name": "Kesses, UDA",
"speaker_title": "Hon. Julius Rutto",
"speaker": null,
"content": " Thank you so much, Hon. Temporary Speaker. As I rise to second, I also want to confirm, as one of the Members of the Departmental Committee on Finance and National Planning that joined with the Standing Committee of Finance and Budgeting of the Senate, that indeed, we established that the candidates who were nominated for this particular position had the requisite experience and knowledge of what is expected of them. I will be right to say that the economic situation of countries – Kenya being one of them – requires people who can understand and measure the direction a country is going. Bringing on board such people is the direction that Kenya is focussing on in expanding its economy through the right policies. Even as I request this House to approve the nominees, I call upon the nominees to ensure that they bring on board good governance and a focus that will accommodate the changes in technology, so that we can develop our economy in terms of industrialisation and innovation, and onboard young Kenyans who are energetic and passionate to participate in building our economic blocks. Lastly, during vetting, we had a challenge with one nominee, Mr David Simpson Osawa Owuor. His names were varying in his documents. As a committee, we had to undertake due diligence to establish the ownership of the documents that he provided. What I want to request Kenyans is that whenever they have a challenge with a name in their documents, they should not waste time. They should regularise their name so that it does not bring a challenge like what faced us as a committee. We had to fact find to ensure that the person we were vetting was indeed the right person, Mr. David Simpson Osawa. Having said that, I beg to second the Motion."
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"id": 1561181,
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"speaker": null,
"content": "(Question proposed)"
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