FOREWORD
Kenya Vision 2030 is anchored on three pillars, namely the Economic, the Social, and the Political pillars.
The Economic pillar aims to improve the prosperity of all Kenyans through an economic development
programme covering all the regions of Kenya, and targets to achieve an average Gross Domestic Product
(GDP) growth rate of 10% per annum over the plan period. The vision for the Financial Services Sector
(FSS) is to create a vibrant and globally competitive financial sector that will create jobs and promote
high levels of savings to finance Kenya’s overall investment needs. The FSS therefore has an important
role to play in realising the goals of Vision 2030. In this regard, the Government has set a series of
targets to be achieved in five-year successive Medium Term Plans (MTPs). The Second Medium Term
Plan MTP (2013 –2017) has identified programmes and project for implementation in the Financial
Services Sector (FSS) as part of achieving aspirations outlined in the Vision 2030.
The National Treasury, working closely with the Ministry of Devolution & Planning and the financial sector
Regulators, namely the Central Bank of Kenya (CBK), the Capital Markets Authority (CMA), the Insurance
Regulatory Authority (IRA), the Retirement Benefits Authority (RBA), and the Sacco Societies Regulatory
Authority (SASRA), has developed the Second MTP FSS Plan that is being implemented between 2013
and 2017. The lessons learnt from the financial crisis of 2008 – 2009 helped us to review our approach
in developing the Second MTP. Hence there will be increased involvement of the regulatory authorities in
implementing the plan during this period. Under the leadership of H.E. The President, Kenya’s economy
has continued to exhibit strong growth. This has resulted in the FSS growing year on year. A key priority
for the coming years will be to review the architecture for regulating the FSS in order to keep pace with
this growth and ensure financial stability is maintained.
The National Treasury would like to extend sincere thanks and gratitude to all the entities that were
involved in the development of this Sector Plan, and in particular to the regulatory authorities for their
contribution. The National Treasury would also like to thank the Ministry of Devolution and Planning for
its overall leadership and direction and Financial Sector Deepening (FSD) Kenya for working closely
with the National Treasury in drafting the Financial Services Sector Plan.
Henry K. Rotich
Cabinet Secretary, The National Treasury