Kenya: New Central Bank boss keen to clean up banking mess

“I hold no financial assets, except my bank balance.” This was one of the shocking revelations that Dr Patrick Njoroge made to a parliamentary committee when he was asked to state his net worth during his vetting. The Yale-educated economist had no future benefits or deferred income, other than the monthly pension he expects to receive after he retired from the International Monetary Fund (IMF).
That is not all, the man did not have any investments in Kenya or abroad despite earning Sh3 million per month. He gave most of his earnings to charity. And to set the tone of his leadership at the Central Bank of Kenya (CBK),   Governor Patrick Njoroge      (Photo: Elvis Ogina/Standard)

Dr Njoroge declined all the trappings of his job that included high-end cars among them a Range Rover, Mercedes Benz and a VW Passat. He also would not accept all the heavy security that came with his office and said no to a lavish home in Nairobi’s Muthaiga estate.

 Instead he chose to lead a humble life among his church members. For a man who did not value wealth above character, banks had just found one of the firmest Central Bank governors in Kenya’s history. He is described as thorough, sensitive and tireless.

The economist is now cleaning up the banking sector, fast. He says that for years, what mattered for banks in the country were profits and the trend must stop. After zeroing in on Dubai Bank, Imperial and National Bank, the Yale-educated economist has now set his eyes on Chase Bank.

 He maintains that his job is simply to create a resilient banking system in the country. military operation “We are unwavering in terms of discharging our responsibility in protecting the financial sector,” Dr Njoroge said at a media briefing yesterday.