These mist-covered mountains are a home now for me, but my home is the lowlands and always will be. Someday you will return to your valleys and your farms, and you will no longer burn to be brothers in arms.
These are the opening words of the 1985 song 'Brothers in Arms' by British rock band Dire Straits adopted from the military concept where soldiers showed the unique bond between them after serving together on the frontline.
This is the song outgoing Central Bank Governor Patrick Njoroge used to sign off as he leaves office to pave the way for his successor Kamau Thugge.
In a message on his Twitter page, Njoroge expressed pride in his performance at the CBK despite the challenges he said he faced throughout his eight-year tenure.
"Leaving CBK after eight intense years. We faced massive challenges with courage and diligence. We leave behind a world-class central bank at the heart of a vibrant and innovative financial system. Thank y’all!" he said.
"Cue in “Brothers in Arms” by Dire Straits Exiting stage left…" he added.
Njoroge was appointed by former President Uhuru Kenyatta on June 2, 2015, and assumed office on June 19 the same year after vetting by the National Assembly.
Among the highlights of his reign at the bank is the 2019 demonetisation of the old Sh1000 banknotes whose aim was to curtail illicit cash flows and the emergence of fake currency notes.
Njoroge will also be remembered mostly by the 'hustlers' for reining in on rogue digital lenders whose predatory antics pushed many on the brink of hopelessness borne from high-interest rates on loans they offered.
The governor introduced measures to regulate the sector to ensure that providers treat retail customers fairly.
All fintech lenders were also supposed to be licensed by the CBK to stop a proliferation of mobile lenders into the market that had banks struggling to catch up.
Njoroge will also be remembered for introducing the Banking Sector Charter whose role was to entrench discipline in the banking sector.
It empowered the CBK to issue directions with respect to the standards to be adhered to by banking institutions in the conduct of their businesses in Kenya.
The move was motivated mostly by the collapse of banks such as Dubai Bank, Chase Bank and Imperial in a twelve-month period primarily due to underreporting of insider loans and not meeting the statutory banking ratios.
