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The banking system in Kenya is regulated by the Companies Act, the Banking Act, and the Central Bank of Kenya Act. In addition, there are several existing guidelines. The responsibility for monetary policy and the banking system is held by the Central Bank of Kenya, which also releases information about interest rates, banking guidelines, and ...
Kenya Deposit Insurance Corporation is a statutory institution established under the Kenya Deposit Insurance Act, 2012 (KDI Act, 2012). The Corporation is mandated to provide a deposit insurance scheme for customers of member institutions, to provide incentives for sound risk management and generally promote the stability of the financial system and prompt resolution.
The Central Bank of Kenya (CBK) (Swahili: Banki Kuu ya Kenya) is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded by in 1966 after the dissolution of East African Currency Board (EACB). Dr. Kamau Thugge, CBS is the current Governor and Dr. Susan Koech is the Deputy Governor.
The banking sector in Kenya is regulated by The Central Bank Of Kenya. Kenya's banking sector is mainly dominated by local commercial banks, namely Equity Bank, Kenya Commercial Bank, NCBA Bank, Diamond Trust Bank, Cooperative Bank, and National Bank. The Kenya Commercial Bank is the largest bank in Kenya by asset size and branch network as of ...
At this time the Banking Act did not provide a basis to regulate products offered by non-banks, of which M-PESA was one such very successful product. As at November 2014, M-PESA transactions for the 11 months of 2014 were valued at KSh2.1 trillion, a 28% increase from 2013, and almost half the value of the country's GDP. [citation needed]
A banking agent in Kenya is a commercial entity that has been contracted by a commercial bank and approved by the Central Bank of Kenya to provide specific services on behalf of the bank. This entity is equipped with the skills necessary to provide basic banking services according to standards set by the Bank.
Faulu Microfinance Bank is a limited liability company duly incorporated in Kenya under the Companies Act. The company changed its name to Faulu Kenya Deposit Taking Microfinance (DTM) Limited in 2008 as part of the requirements to obtain the Deposit Taking Licence from the Central Bank of Kenya.
SMEP Microfinance Bank Limited is a public limited company incorporate under the companies Act (Cap 486) and licensed under the Microfinance Act (Cap 493D) regulated by the Central Bank of Kenya [1] to offer banking services focusing on Group banking, SME & Church banking. SMEP has a subsidiary company, SMEP Insurance Agency, which provides ...