Ndung’u named African banker of the year

Money Markets

Former CBK governor Njuguna Ndung’u. PHOTO | DIANA NGILA 

By GEOFFREY IRUNGU

Former Central Bank of Kenya (CBK) governor Njuguna Ndung’u has been named the central banker of the year by the London-based African Banker magazine.

Prof Ndung’u was commended for successfully guiding the CBK and the economy out of crises and for ensuring that Kenya led the way in mobile money transfer revolution.

He was given the award in absentia at a ceremony held in Abidjan, Cote d’Ivoire.

“The African Banker Awards Committee has chosen you from amongst your peers to be the winner of the Central Bank Governor of the Year Award for the past year,” said a letter sent to Prof Ndung’u by the magazine.

Prof Ndung’u was cited for having led the central bank through crises, stabilising inflation and currency at times of turbulence. Inflation has remained at single digit levels since July 2012.

This was after weeks of turbulence peaking at 20 per cent in November 2011, when many critics called for Prof Ndung’u to resign, accusing him of being slow to act on the turbulence even when other experts pointed to the need for urgent action.

“The Committee has highlighted your extraordinary and continued leadership in successfully steering Kenya’s economy throughout various crises, stabilising inflation and currency at a time when Kenya has been facing many headwinds,” said the letter.

The CBK had to raise the benchmark policy rates to as high as 18 per cent in December 2011 after inflation soared and the Kenya shilling depreciated to a historic low of 107 units to the dollar.

“Maybe Kenya’s most widely recognised achievement over the past 10 years has been the widespread use of mobile banking,” said the African Banker.

In East Africa, Rwanda’s Claver Gatete was named the Finance Minister of the Year while the Bank of Kigali was awarded the Best Bank in East Africa.