There is no substitute for eternal vigilance, timely action, and public education. We are all in this together and have a shared responsibility. As policymakers and financial supervisors, we have to be in tune with these emerging market trends and evolving client needs, including the ‘millennial’ upside of our young population.
The Kenyan banking industry was also afflicted by multiple bank failures in the 1990s, with poor corporate governance playing a major role in these failures as it did in Uganda.