MACHAKOS, November 15 – Vice President Kalonzo Musyoka has appealed to Kenyans to be patient as the Government and Parliament consult on the best way to implement the Kriegler and Waki Reports.
Mr Musyoka said that people should not be anxious because eventually the Cabinet and Parliament will take a decision on the way forward on the two reports.
He said whereas the Waki report was not put on the agenda of the Cabinet during its last sitting, Members of Parliament were scheduled to discuss the matter at a National Cohesion and Reconciliation Seminar that takes place between Monday and Wednesday at the Safari Park Hotel.
The Vice President spoke in Machakos on Friday during the official opening of Family Bank branch, where he was the Chief Guest.
Mr Musyoka called on financial institutions in the country to partner with other players in the private sector and the government to fast track penetration into the rural areas.
He regretted that many banks have tended to concentrate in Nairobi and some major urban centers leaving the rural people without access to financial services.
“The degree of penetration of banking and other financial services in Kenya is still very low considering that more than 30 million people do not have bank accounts or insurance cover. This calls for greater public and private sector cooperation to spread these services to all areas of the country,” Mr Musyoka said.
The Vice President commended the bank for offering quality services to Kenyans over the last 25 years.
He at the same time lauded the bank’s corporate responsibility activities, noting that the institution has contributed to education through the University Talents Development Programme, HIV/Aids awareness and support of poverty alleviation programmes.
Mr Musyoka underscored the critical role the banking sector play in the country’s economic development including collaboration with the government towards the realization of vision 2030.
“Whereas the attainment of the envisaged middle income status by the year 2030 may seem a tall order, we are convinced that it is attainable through a partnership that brings together both the public and the private sectors,” he added.
Mr Musyoka appealed to financial institutions to mobilize resources for lending at affordable interest rates to enable many Kenyans access capital for development.
He reiterated the government’s commitment to providing an enabling environment for private sector to operate and realize their objectives.
The Vice President assured wananchi in Ukambani that the government is rehabilitating and constructing new dams to alleviate the persistent water shortages in the area.
Mr Musyoka added that roads were also being rehabilitated to link the area with the neighbouring markets.
Family Bank Chairman Titus Muya urged the government to improve the communication network in the country so as to facilitate the establishment of banks closer to the people.
He said the bank has an asset base of Sh10 billion, a deposit base of base of over Sh7 billion and a loan portfolio of over Sh6 billion.