Njuguna Ndung’u steps down after successful tenure as Central Bank of Kenya Governor

Kenya’s Central Bank Governor, Njuguna Ndung’u is stepping down after 8 years of running East Africa’s largest financial sector. His term expired on Monday.

Ndung’u, a professor of economics, leaves behind a legacy of monetary policy and financial services regulation that has been quite successful.

His successes included the improving of financial inclusion in the country, increased stability of the banking sector and the introduction and usage of mobile money.
Under his watch, the east African nation has become a world leader for mobile money; he facilitated the roll out of the country’s first mobile money transfer service M-Pesa. Kenya’s banking industry has grown rapidly to the extent that it is one of more the competitive sectors on the African continent.

His leadership led to licensing of micro-finance banks, which target lower-income segments, and expanding institutional branch network countrywide, allowing banks to introduce Shariah compliant (or participatory) banking products, and the credit information sharing mechanism to build information capital to solve information problems in the financial sector. He will also be remembered for boosting the Bank of Kenya’s transparency. The institution now publishes quality and detailed statistics on various aspects of the economy.

Prior to his assignment as the Bank of Kenya Governor, Njuguna Ndung’u was the director of Training at the African Economic Research Consortium. He also taught at the University of Nairobi, where he was Associate Professor of Economics.

Ndung’u leaves the helm of Kenya’s Central bank with the country on a strong footing in terms of fighting inflation.