The Banking Sector is stable, says CBK Deputy Governor Nominee

The Banking Sector is stable, says CBK Deputy Governor Nominee

𝐌𝐨𝐧𝐝𝐚𝐲, 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟐𝟓, 𝟐𝟎𝟐𝟒
𝐌𝐢𝐧𝐢 𝐂𝐡𝐚𝐦𝐛𝐞𝐫, 𝐂𝐨𝐮𝐧𝐭𝐲 𝐇𝐚𝐥𝐥

The Senate Finance and Budget Committee jointly with the National Assembly Departmental Committee on Finance and Planning, today held a joint approval hearing for Central Bank of Kenya Deputy Governor Nominee Mr. Gerald Arita Nyaoma.

While introducing himself to the joint committee, the nominee said “When Safaricom Limited was introducing M-Pesa in Kenya, Michael Joseph first met me in Central Bank of Kenya and I issued Safaricom with interim license to roll out mobile banking, I take that as an achievement that helped Kenya to open up financial inclusivity.”

The nominee declared wealth to be Ksh. 169 million but with a caveat of absence of updated valuation of his residence which he gives a conservatory value of Ksh. 25 millions.

Turkana South MP, Dr. John Ariko asked the nominee what he proposes to be the solution to get more money to the pockets of wanainchi.

Mr. Arita answered, “The Interest rate is still high in Kenya but with stability of macroeconomics in the country, we shall increase money in the pockets of citizens in Kenya.”

Sen. Oketch asked the nominee why commercial banks are not lowering the interest rates even after Central Bank lowers the interest base rate. 

Further, Sen. Khalwale asked, “Tell me five people that you helped to develop career wise in Central Bank.”

While responding to the members of the joint committee, the nominee said that he had moved a lot in many departments of the Central Bank, along the way he had trained a lot of staffers to take his responsibilities after he left the bank. He exuded confidence that despite leaving the bank a month ago, he believed that the people he have left behind are competent enough to take Central Bank to a higher level due to vigorous training.

Baringo North MP Joseph Makilap asked the nominee to explain to the committee how he will work with the Governor Dr. Thugge considering that he has worked in Central Bank of Kenya for more years than the Governor.

“I worked with Dr. Thugge when he was Principal Secretary for Treasury. We marketed the Eurobond together in Europe. The Eurobond was successful.” Said the nominee Mr. Arita.

Sen. Faki asked the nominee why the Central Bank of Kenya does not have a stronger framework to ensure financial inclusion for mama mboga.

The nominee told the committee that as Central Bank, they had enhanced stricter penalties for commercial banks that do not comply with Central Bank regulations that include financial inclusion for mama mboga.