One conclusion we have arrived at in CBK is that once barriers to entry and transaction costs of maintaining bank accounts are solved, the downstream market will be vibrant and lucrative thereby improving financial access. The Banking landscape has become very dynamic. During the year Central Bank licensed two fully fledged Sharia compliant Banks, First Community Bank and Gulf African Bank.
These banks are expected to introduce novel Sharia compliant products adding to the existing variety in the sector. We believe this is in tandem with national aspirations of developing Kenya into a premier financial services hub in the region with a variety of competitive products on offer.