Nairobi — Outgoing Central of Bank of Kenya Governor Patrick Njoroge has said that he leaves the county's monetary authority with his head high having spearheaded transformative reforms that fueled substantial growth in the country's monetary landscape.
In his parting shot to Kenyans, Njoroge who has dictated the country's monetary policy for eight years said despite the challenges thrown his way, he was able to navigate through them with courage.
Governor Njoroge encapsulated his CBK tenure using the Dire Straits' "Brothers in Arms" wartime song, which narrates the bond forged between Argentina and the United Kingdom soldiers during the Falklands War in the 1980s, which revolved around a territorial dispute over islands off the coast of Argentina.
Njoroge attributed his success to the unwavering support received from Kenyans and other stakeholders, allowing him to serve his full term amid a range of challenges in the global financial landscape.
Njoroge singled out innovation in the financial system as one of his major achievements during his leadership.
"Leaving Central of Bank of Kenya after 8 intense years. We faced massive challenges with courage and diligence. We leave behind a world-class central bank at the heart of a vibrant and innovative financial system. Thank y'all!"
"Cue in "Brothers in Arms" by Dire Straits Exiting stage left..." Njoroge said in a statement Saturday.
He has also been widely recognized for taking bold steps to create a healthier banking ecosystem in Kenya, including the introduction of the Banking Sector Charter in 2019 which was aimed at facilitating a market-driven transformation of the Kenyan banking sector and bring about tangible benefits for Kenyans.
It was also aimed at increasing access to affordable and appropriate banking services to the unbanked and under-served population in Kenya and promote efficiency in lending and acquisition of loanable funds among others.
In 2022, the outgoing CBK Governor gazetted new regulations to reign on rogue digital lenders who had been accessing information such as customers' phone book and other phone records and using it to coerce borrowers into paying loans, in case of default.
The regulations will also bar lenders from sharing customers' information with third parties or posting customers' personal or sensitive information online for purposes of debt shaming.
The 62-year-old exist the country's apex bank at the time when the Kenya shilling has trended downwards through the opening six months of the year.
The shilling was, for instance, quoted at Sh 139.87 against the US dollar on Friday.
Njoroge was appointed by former President Uhuru Kenyatta on June 2, 2015 and assumed office June 19 of the same year after approval by the National Assembly.
Upon his appointment, Njoroge created abuzz across the country and internationally when he turned down a mansion at the lavish Muthaiga Estate, luxury cars and other perks that come with the post.
Njoroge, who is a member of the Catholic group Opus Dei instead chose to live with his fellow members in a communal house in Nairobi's Loresho Estate.
During his tenure at the helm Njoroge experienced a number of tests with the first being the placement of Imperial Bank of Kenya under administration which went down with billions of shillings of depositors
Later this was closely followed by the collapse of Dubai Bank and Chase Bank.
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Njoroge was further tested when the National Assembly passed the interest rate capping law which set the cost of loans at no more than four per cent of the benchmark lending rate.
In July 2022, when the Country began experiencing ,the dollar shortage, Njoroge came under fire from the current Defence Cabinet Secretary Aden Duale who was serving as Garissa Township MP at the time who accused him and former Treasury Cabinet Secretary Ukur Yatani for what he described as economic sabotage.
"Bad fiscal policies by the National Treasury and bad monetary policy and regulations by the Governor of the Central Bank constricting the inter-bank forex market have led to this US Dollar shortage crisis in the country," Duale said on July 21,2022.
Governor Njoroge will be succeeded by Kamau Thugge who was appointed by President William Ruto for a four-year period effective from June 19, 2023.
