Inter-agency Collaboration Will Inform Policy Formulation, Decision-making: Chepkwony

Our acting CEO Mrs. H. Chepkwony is joined by the Technical Working Group in a group photo soon after the workshop in Naivasha.

Industry players in the financial sector, have been challenged to enhance inter-agency collaboration in the development and management of Monetary Financial Statistics aimed at informing formulation of relevant policies and decision-making.

 According to the Kenya Deposit Insurance Corporation’s acting Chief Executive Officer Mrs. Hellen Chepkwony, a structured engagement amongst players, will strengthen the capabilities in the collection, compilation, analysis, publication and dissemination of monetary and financial statistics in the country.

While underscoring the centrality of data in decision-making, Mrs. Chepkwony at the same time, reminded players on the need to protect the integrity of data mined, ensuring that it is not only clean and timely, but also of high quality.

She pointed out that, “the quality and usefulness of Monetary and Financial Statistics (MFS), like other economic statistics was depended on various variables such as clear information on the methods used to collect and compile the data, timeliness, regularity, reliability and accuracy and completeness of the data”.

She made the remarks during the closing ceremony of the 4^th quarter of the Monetary and Financial Statistics of the Technical Working Group workshop held in Naivasha.

At the same time, Mrs Chepkwony noted that the update on the development of the financial services sector will facilitate policy development across the financial services sector. She added that: “The review of banking, capital markets, pensions, insurance, Saccos, gives an integrated environment and information to show the relationships and the need to holistically review the data and information in decision making”.

In order to accelerate envisioned achievements, Mrs Chepkwony implored players in the financial sector as well as stakeholders to redouble their effort in their respective areas, noting that reconnection of depositors with their bank-balance and cooperatives sector was equally critical. “As such, this meeting therefore is critically important in bringing together players who can build the necessary information to inform decisions now and in future,” she observed.

The workshop brought together participants from KDIC, Central Bank of Kenya, Capital Markets Authority, Kenya National Bureau of Statistics, Retirements Benefits Authority, Insurance Regulatory Authority and Sasra.