Building Capacity: Kenya's Financial Sector Grows Stronger in Crisis Management

Industry leaders have finalized a two-day transformative workshop to bolster Kenya's financial sector by enhancing its crisis management and resolution capabilities. The workshop that brought together Board members and Chief Executive Officers under the aegis of Joint Financial Sector Regulators (JFSR), marked a crucial step towards fortifying the industry's resilience amidst potential challenges.

During the event, participants focused on the importance of fostering inter-agency and cross-border cooperation, drawing insights from international experiences in recognition of the interconnected nature of global financial systems. They further identified best crisis-resolution practices and how they can be applied locally.

Themed ‘Strengthening Crisis Management and Resolution Framework for Financial Sector Regulators in Kenya’, the workshop delved into various financial resolution frameworks, equipping participants with strategies and options to address crises effectively.

From regulatory interventions to restructuring mechanisms, attendees gained a comprehensive understanding of crisis resolution approaches.

Reflecting on the workshop's outcomes, participants expressed optimism about the strengthened capacity of Kenya's financial sector to tackle future challenges. The event underscored the industry's commitment to fostering stability and resilience, laying a solid foundation for a more robust financial ecosystem.

Present were members of the  KDIC Board of Directors led by the Chairperson Mrs. Hannah Muriithi, EBS, Ms. Anne Lengerded, Ms. Melissa Ng’ania, Mr. Joseph Ng’etich, Mr. James Akali, Mr. Mohamed Adow, the Chief Executive Officer Mrs. Hellen Chepkwony alongside several technical staff of the Corporation.

The CEO underscored the importance of the training saying: “This was critical given our role of fostering financial stability. We therefore must always be prepared to deal with any potential”.  

The workshop was coordinated by the Central Bank of Kenya and facilitated by the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI).