Personalities making news in business 2018 : The Standard

In January, Central Bank of Kenya Governor, Patrick Njoroge, was recognised as the Central Banker of the Year, Africa by prestigious, The Banker Magazine. “In a financial services market as large and as complex as Kenya’s, it helps to have a steady hand leading the apex bank. Dr Patrick Njoroge is just that” said The Banker in its citation of the award. CBK governor in April, warned banks against dealing in cryptocurrencies citing security concerns. The caution came at the time of heightened volatility in the values of digital currencies, including the most prominent one – Bitcoin. Governor Patrick Njoroge told legislators that he had sent a circular to all banks warning them on the dangers of dealing in virtual currencies. In March, The Equity Group chief executive was voted banker of the year during the African Banker Awards held in Busan, South Korea.

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James Mwangi's win was as a result of his efforts in driving the growth of Equity Bank through innovation and diversified investment channels away from consumer loans. A former governor of Tanzania’s central bank, Benno Ndulu, won central bank governor of the year award for pushing for financial inclusion as well as sound macroeconomic management. In September, President Uhuru Kenyatta’s visit to Beijing, China, for the 2018 China-Africa summit secured loans and grants for Kenya through public private partnership (PPP) deals worth Sh230 billion to support his Big Four agenda. November, International Monetary Fund chief, Christine Legarde urged central banks to embrace issuance of cryptocurrency. Speaking during the release of ‘’Winds of Change: The Case for New Digital Currency’’, an IMF report at the Singapore Fintech Festival, Ms Legarde said that the digital currencies transactions were safe, immediate, cheap and semi-anonymous.

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The IMF chief urged the states to provide and regulate the supply of the digital currency to the economy. The Central Bank of Kenya, through a bank supervision annual report said that emerging technologies such as cryptocurrencies expose clients to risks since they are anonymous. However, on May 23, the bank regulator supported the use as alternative payment method. The United States and China have been experiencing a dramatic escalation of dangerous trade war all through the year with both factions imposing high tariffs on imports. Washington is set to raise tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent in January if there is no agreement. Washington has been accusing Beijing of not playing fairly on trade while China says the United States is being protectionist.

SEE ALSO :Obado and Ruto throw jab at Raila

In 2019, we expect more business happenings allover the world.

Related Topics

Central Bank of KenyaGovernorPatrick NjorogeEquity GroupAfrican Banker AwardsJames MwangiPresident Uhuru KenyattaInternational Monetary FundChristine Legarde