We should not risk these hard-won gains. The second, more positive, and more likely, response to the fiscal challenge is conviction. We have seen that conviction in recent weeks. The European financial stabilization plan, announced in May, is a bold step towards accelerated fiscal consolidation. The plan has been followed by a series of concrete actions.
This is part of CBK efforts towards intentionally developing an all-inclusive financial system that reduces the impediments to accessing finance for majority of Kenyans. The operationalisation of the Microfinance Act in 2008 and subsequent amendments over the years point to game changing efforts to providing an enabling environment for microfinance banks to grow and develop.