This impasse contributes to an explanation of the virtual stagnation of mortgage lending and residential construction in the United States.3 A second source of obstacles in the United States appears to be the unintended consequences from the corrective measures after the crisis, which might have resulted in heightened uncertainty.
This is encapsulated in the shift towards sustainability aptly captured in the 3Ps acronym, People, Purpose and Planet. The Kenyan banking sector to its merit established the Sustainable Finance Initiative in 2015. Some of our banks have signed up to global sustainability initiatives most notably, the UN Principles for Responsible Banking unveiled on the margins of the UN General Assembly in September 2019.