My challenge therefore to the Kenya Bankers Association is to spearhead an initiative in this regard, to develop a uniquely Kenyan “Mzalendo” basic transactional account. The Central Bank stands ready to support this kind of innovation. Ladies and Gentlemen: Another possible area of cost cutting is through innovations that reduce the cost of delivery of banking products.
In this regard, the Central Bank is seeking to facilitate the use of agents such as microfinance institutions by banks in the comprehensive review of the Banking Act that I have alluded to in my remarks in the recent past at other fora.