Joint Committee Vets CBK Board Chairperson Nominee
Nominee for the position of Chairperson of the Board, Mr. Andrew Mukite Musangi has told the Joint sitting of the National Assembly Committee on Finance and National Planning and the Senate Standing Committee on Finance and Budget that he will ensure proper governance at the Central Bank of Kenya if Parliament will approve his nomination.
Appearing before the Joint Committee co-chaired Mandera Senator, Hon. Ali Roba and Molo MP, Hon. Kuria Kimani, Mr. Musangi said for the public to have confidence in CBK, there must be proper governance assuring the Lawmakers that he will implement policies that will convey transparency and accountability.
He said CBK as a public institution must be accountable to Kenyans appealing for firm oversight from Parliament and Kenyans at large over CBK.
“CBK must remain accountable to the public and be open to scrutiny,” declared Mr. Musangi. The nominee further promised to impart fidelity to the rules at the CBK to ensure the institution serves Kenyans better.
Members of the Joint Committee put the nominee to task on his suitability with Molo MP and Chair of Finance and National Planning asking, “According to the Central Bank Act which provides requirements and qualifications for this position, do you think you are experienced in matters monetary, financial sector?”
To which the nominee spoke about his experience in public sector governance. He added that, “I principally see the role of the Chairperson is to provide leadership and not replicate the role of CEO, To ensure alignment to banking policies and monetary policies.”
Responding to the question of conflict of interest, Mr. Musangi gave a firm stance indicating that under his Chairmanship if approved by Parliament, he will not tolerate conflict of interest at any point of service delivery.
On Shariah Complaint Banking, Mandera Senator, Hon. Ali Roba and Mandera County MP, Hon. Umul Ker Kassim questioned the nominee regarding the Central Bank of Kenya’s lack of policy on shariah complaint banking.
In response the Mr. Musangi expressed his willingness to spearhead the development of the policy. Adding that “In my view CBK needs to develop mechanisms to understand it fully and implement it. There is merit in growing Shariah Complaint Banking.”
On the question of fraudulent withdrawal of money from Bank Accounts owned by Kenyans, Mr. Musangi regretted that investigations over such occurrences have not been beefed up at the moment assuring members that once his nomination is endorsed by Parliament, he will ensure CBK puts in place sufficient strength to curb the fraudulent activities that have been directed to innocent Kenyans.
“I will strengthen the CBK fraud investigation units and create mechanisms for immediate recourse for victims of fraud and actions for banks that perpetrate fraud,” he added.
Responding to the question of a continued decline of the Kenya Shilling against the US Dollar, Mr. Musangi said he will put in place fiscal and monetary policies with support from relevant authorities among them Parliament to stabilize the Kenya shilling.
On the question of the East African Community Common currency, the Nominee noted that the idea should be implemented revealing to the Members of Parliament several benefits of the region having one currency.
He added that at the helm of CBK if approved, he will spearhead realization of a common currency to enable the region to unlock its economy widely.
The 52 year old Musangi holds a Bachelor of Laws from the University of Hull (UK) and a Diploma in Law from the Kenya School of Law.
An alumni of Alliance High School, Musangi whose net worth is 1.18 billion shillings having held several positions in different institutions both public and private for the last 28 years.
The Joint Committee will.prepare a report which will be tabled before the National Assembly and the Senate at their next sittings.
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