Nairobi, May 24 -- As Dr Patrick Njoroge exits the Central Bank of Kenya (CBK), he leaves behind a mixed legacy, and this can probably be best looked at through the lens of the core functions of the apex bank, namely price and financial stability, monetary policy formulation and national payment systems.

On financial stability, which is a condition in which the financial system is generally stable, he had to go through a curve.

Two months into his first term, he shut down a little-known Dubai Bank. But two months later, he would face his first real test when he closed Imperial Bank, a medium-sized lender.

Six months later, in April 2016, he had to deal with another bank failure in the form of Chase Bank, another SME-focused medium-size...