Patrick Njoroge: Re-imagining banking in Africa in a post-COVID world

Remarks by Dr Patrick Njoroge, Governor of the Central Bank of Kenya, at the ABSA Africa Banking Conference, 7 September 2021.

The views expressed in this speech are those of the speaker and not the view of the BIS.

As prepared for delivery

Good morning! I am pleased to join you at the ABSA Africa Banking Conference. Let me at the outset express my gratitude for the invite. The theme of the conference- Re-imagining Banking in Africa in a Post COVID World- is timely, as we reflect on the challenges and opportunities that the coronavirus (COVID-19) pandemic has brought to the fore. I am sure that your deliberations over the next two days will illuminate the path forward for the African banking sector.

We meet at a critical juncture and I want to set the context by highlighting three pertinent themes. First, as was highlighted by the International Monetary Fund in its July 2021 World Economic Outlook, COVID-19 vaccine access has become the principal fault line for global recovery from the pandemic. On one s ide are the advanced economies, with access to vaccines and who can look forward to some semblance of normalcy. On the other side, are emerging and developing economies including Africa, with limited vaccine access and who face a steeper climb out of the pandemic valley. However, the recovery remains uncertain even in the advanced economies as the virus continues to mutate and circulate elsewhere, posing a significant downside risk