President Kenyatta Renews Central Bank Governor’s Term by Four Years

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Patrick Njoroge Photographer: Luis Tato/Bloomberg

President Uhuru Kenyatta has extended Dr. Patrick Njoroge’s tenure as Central Bank of Kenya Governor for another four-year term. The President further extended the Governor’s Deputy Ms. Sheila M’Mbijjewe by four years. 

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Dr. Patrick Njoroge was appointed Governor of the Central Bank in June 2015. He holds a PhD in Economics from Yale University, USA, and a master’s and bachelor’s degrees in Economics from the University of Nairobi, Kenya.

Mrs Sheila M’Mbijjewe MBS, ACCA (UK) was appointed Deputy Governor in June 2015. She holds a BA degree in Accounts and Finance and is a Chartered Accountant, England and Wales. She has had a long career in accounting and audit.

M’Mbijjewe was a founding member of the Monetary Policy Committee and the Crime and Anti-Money Laundering Act Advisory Committee of Kenya.

According to the Central Bank Governor, the Kenya financial sector remains stable and resilient. 

In 2016, Njoroge in an op-ed in the Business Daily said with the measures that were taken to strengthen the sector has placed it in the ‘New Normal’.

Transparency

First, greater transparency on the part of banks to ensure public confidence. This entails, among others, ensuring that banks’ financial statements are credible and reflect a true and fair view. Transparency also extends to other disclosures by banks on their corporate governance and risk management structures.

Governance

Second, stronger governance with clearly demarcated responsibilities. It is only when all stakeholders of banks (shareholders, board of directors, management and external auditors) play their roles effectively that the performance of banks will continue on a positive trend.

Business model

Third, encouraging effective business models. Continued resilience of banks can only be realised when they have sound business models. The business models should be strengthened to accommodate new business lines and innovations.