Inside fight between Kenya, IMF over financial inclusion
By Dominic Omondi
The International Monetary Fund (IMF) insists it will still prescribe painful financial regulations as long as Kenya’s banking system continues to face vulnerabilities.
This comes as Kenya and two other Sub-Saharan countries have protested against the fund’s stifling obsession with stability in their respective banking sectors while paying little attention to such new innovations as mobile banking.
A report authored by former Africa Development Bank Chief Economist and Vice President Mthuli Ncube, while taking stock of IMF’s financial surveillance record in Kenya, Nigeria and Ghana, cites the fund’s staff arguing that financial stability in the three economies was wanting.
Photo courtesy of Scott Mainwaring.