Story of Woman Behind Policies That Determine Money Circulation

  • Photo collage between Sheilla M’Mbijjewe, Deputy Governor of the Central Bank of Kenya (CBK) and money specimen
    Photo collage between Sheilla M’Mbijjewe, Deputy Governor of the Central Bank of Kenya (CBK), and money specimen
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  • Part of the success story of how Kenya has managed to keep its economy afloat is credited to one woman who is a financial guru with experience spanning decades.

    Sheilla M’Mbijjewe formulated some of the policies and regulations that determine the amount of money that can be released for circulation in the country.

    The Deputy Governor of the Central Bank of Kenya (CBK) was the founding member of the Kenyan Monetary Policy Committee which was previously known as the Monetary Policy Advisory Committee.

    Monetary policies she helped formulate have been critical in ensuring that the supply of money in the economy is consistent with objectives set by the government.

    Sheilla M’Mbijjewe, Deputy Governor of the Central Bank of Kenya during past media interview
    Sheilla M’Mbijjewe, Deputy Governor of the Central Bank of Kenya during a past media interview
    Nation

    "The objective of monetary policy is to maintain price stability in the economy. Price stability refers to the maintenance of low and stable inflation," CBK states on their website.

    Sheila also takes pride in being a founding member of the Crime and Anti-Money Laundering Act Advisory Committee that protects Kenyans from different cases of financial irregularities.

    Her contribution in the sector further earned her a spot as a board member of the Financial Reporting Centre (FRC). The government institution was created to assist in the identification of the proceeds of crime and the combating of money laundering. 

    Sheila, whose tenure as CBK Deputy Governor was extended for a second term in 2019, was also the first woman in Kenya to be appointed as an executive director of a publicly listed commercial bank. 

    Owing to her influence and knowledge in money markets, Sheila has analysed different financial landscapes across Africa and guided most countries in mitigating economic volatility.

    "It is a very interesting place that we find ourselves. E-Money is moving beyond access and opportunity to impact society. 

    When we first started our mobile journey, around 2007 we had 30 per cent financial inclusion. At the moment we are at 88 per cent inclusion. It takes E-Money to reach all the people and even villages," she stated during her interview in 2019 on the progress of electronic money in Kenya.

    Other top positions Sheila has held include director of Capital Markets Authority, member of the Technology Committee of the Nairobi Stock Exchange, Old Mutual Insurance Company and Bamburi Cement.

    In 2006, former President Mwai Kibaki awarded her the Order of Moran of the Burning Spear (MBS) in recognition of her contribution to the financial sector.

    She holds of Bachelor of Arts Degree in Accounts and Finance and is also a qualified Chartered Accountant in England and Wales. 

    Undated Photo of the Central Bank of Kenya in Nairobi
    A file image of the Central Bank of Kenya in Nairobi.
    File
    Business Daily