Thursday, March 28, 2024

Patrick Njoroge

by Hideo Nakamura
Patrick Njoroge

Patrick Njoroge is a Kenyan economist and the current Governor of the Central Bank of Kenya (CBK). He has been in this position since 2015.

Njoroge was born in 1974, and obtained his bachelor’s degree from the University of Nairobi, before going on to get a master’s degree in economics from Yale University. After completing his studies, he worked as an economic advisor for Central Bank of Sri Lanka and then at African Development Bank (AfDB) as Director-General for East Africa. In 2011 he joined CBK as Deputy Governor, before being appointed Governor by President Uhuru Kenyatta two years later.

As governor, Njoroge has taken several steps to strengthen financial regulation within Kenya’s banking sector – including introducing new rules regarding loan limits and interest rates – as well setting up a credit information database that allows banks to access information about borrowers’ credit worthiness more easily. Additionally, under his tenure CBK introduced its first electronic currency pilot programme called M-Akiba Bond which allowed citizens to buy government bonds via their mobile phones or other digital devices.

In addition to these initiatives concerning traditional banking practices, Njoroge has also expressed support for cryptocurrencies such blockchain technology initiatives too: During a 2018 conference on FinTech held in Kenya he said “The potential benefits arising from crypto assets are immense… We must leverage FinTech innovations while ensuring we protect consumers.” This statement indicates that Patrick Njoroge is open minded towards cryptocurrency development within the country; something which could have positive effects on both individuals looking to invest in cryptocurrences such Bitcoin but also businesses operating with them too.

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