Such an account would have low or nil minimum balances as well as minimal charges if any. Indeed such an account would be a vehicle to bring more Kenyans into the banking system. India and South Africa have developed such products to enhance financial inclusion.
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.