CBK deputy governor nominee faces legislatures for approval hearings

By Peter Ochieng

The Senate Finance and Budget Committee jointly with the National Assembly Departmental Committee on Finance and Planning, on Monday held a joint approval hearing for Central Bank of Kenya (CBK) Deputy Governor nominee, Gerald Arita Nyaoma.

President William Ruto mid-November nominated Arita as CBK deputy governor, and he is expected to succeed Sheila M’mbijiwe who retired in June.

Until his appointment, he was director of the bank Supervision Department at CBK, having held multiple positions within the institution.

The nominee told legislatures that his major contribution in the banking industry is the success of mobile banking in the country.

“When Safaricom Limited was introducing M-Pesa in Kenya, Michael Joseph first, then CEO, met me in the Central Bank of Kenya and I issued Safaricom with an interim license to roll out mobile banking. I take that as an achievement that helped Kenya to open up financial inclusivity,” he stated.

While declaring his wealth, Arita said he is worth Sh169 million.

“The Interest rate is still high in Kenya but with stability of macroeconomics in the country, we shall increase money in the pockets of citizens in Kenya,” he said while responding to Turkana South MP, Dr. John Ariko, who wanted to know what the nominee proposes to be the solution to get more money to the pockets of Kenyans.

Baringo North MP Joseph Makilap asked the nominee to explain how he will work with the Governor Dr. Thugge, considering the fact that he has worked in the Central Bank of Kenya for more years than the Governor.

“I worked with Dr. Thugge when he was Principal Secretary for Treasury. We marketed the Eurobond together in Europe. The Eurobond was successful,” was his response.

Arita holds a Master of Philosophy in Economics from the University of Cambridge, earned under the Commonwealth Scholarship.