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The Race We Run By: Adan Mohamed
Nairobi’s status as a United Nations (UN) hub to “Category B”, meaning living and business conditions of the country have improved tremendously.
Te much-quoted Kenya mobile bank- ing success story, which is a subject of Ivy League university studies, is an example of how sound macroeconomic environments provide the foundation for free enterprise to revolutionise industries.
I
oſten recall the words of John Stephen Akhwari of Tanzania aſter he won the marathon at the 1968 Ol- ympics in Mexico City. At the time,
Akhwari was the long shot whose band- aged legs gave spectators the impression that his chances were slim – at best.
Akhwari’s story strikes a chord with his countrymen and East Africans alike be- cause his determination reflects the resil- ience of our people. And our region.
Looking at the Kenya experience, there is absolutely no doubt that we live in exciting and changed times.
In the past two years, we have seen a con- siderable amount of focus on the macr- oeconomic environment, particularly in the area of political reform and business climate reform.
Increasingly, Kenya’s regulatory environ- ment fosters innovation and incubates pro- gressive ideas. Te political will exhibited by the country’s top leadership to hoist the country to Middle Income Country status by 2030, is defined by a zealous commit- ment to encouraging private sector driven partnerships, bolstering investment, and generally creating an environment that supports economic growth that upliſts all. For this, the World Bank has given Kenya a positive rating and the International Civil Service Commission (ICSC) upgraded
An MIT study, Te Risk Sharing Benefits of Mobile Money, which was published in January this year, found that nearly 60 per cent of Kenyan households use their mo- bile phones to pay for everything, from downpayments for major transactions to school fees, groceries and utility bills.
My country did not send me to Mexico City to start the race. They sent me to finish.
Tese findings are a positive challenge to us who serve an increasingly mobile and very diverse and widespread customer base.
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Tey offer immense avenues of interven- tion and stir us to become more creative so as to reach more customers with increas- ingly relevant products.
Kenya is not alone. More than 20 countries in Africa have successfully turned around their economic systems by increasing their productivity and efficiency; privatising public enterprises; addressing inefficien- cies in their tax systems; and implement- ing capital market restructuring and con- stitutional reform.
In addition, more foreign companies as well as foreign governments have main- tained a steady pace of engagement, in- creasing their presence throughout the continent.
Tese developments have stimulated the much-needed business innovation and growth that each country has earned.
While these changes are encouraging, we do recognise there is some work yet to be done to ensure the trend becomes the sta- tus quo for the long term.
Like J.S. Akhwari, we are a hardy and ver- satile people. Te financial services sector in Kenya is equally as resilient.
At Barclays, we have operated in Kenya for 95 years and have earned the confidence and brand loyalty of customers with every step. And every success we have achieved by reinventing ourselves with our custom- ers in mind.
We banks do not take our role for granted. If anything, we see our work as the race we will continue to run side by side with our customers - for the sustainable growth of our countries.
An alumnus of Harvard Business School, Adan Mohamed is the managing director of Barclays East and West Africa. He was nominated as East Africa’s Business Leader of the Future at the prestigious PWC/Nation Media Group Most Admired Company of the Year annual survey. He has also received the Elder of Burning Spear (EBS) award for his contribution to the development of Kenya. He currently serves as the Chairman of Jomo Kenyatta University of Agriculture and Technology (JKUAT) and is a Member of the Institute of Chartered Accountants in England and Wales (ICAEW).
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