The Central Bank of Kenya (CBK) will lift a decade-long moratorium on licensing new commercial banks on July 1, it said on Wednesday.
The prohibition was imposed in 2015 against a backdrop of governance, risk management and operational challenges, the central bank said in a statement.
"Since then, significant strides have been made in strengthening the legal and regulatory framework for Kenya's banking sector," the CBK said.
A tenfold increase in the minimum core capital requirements for commercial banks to 10-billion Kenyan shillings (R1.46bn), which was introduced last December, will further strengthen the sector, the bank said.
Kenya central bank to lift moratorium on new commercial bank licenses
Image: 123RF/johan10
The Central Bank of Kenya (CBK) will lift a decade-long moratorium on licensing new commercial banks on July 1, it said on Wednesday.
The prohibition was imposed in 2015 against a backdrop of governance, risk management and operational challenges, the central bank said in a statement.
"Since then, significant strides have been made in strengthening the legal and regulatory framework for Kenya's banking sector," the CBK said.
A tenfold increase in the minimum core capital requirements for commercial banks to 10-billion Kenyan shillings (R1.46bn), which was introduced last December, will further strengthen the sector, the bank said.
READ MORE:
Kenya land standoff sends warning to foreign-owned tea estates
UK's Tullow Oil to sell Kenya assets for at least $120m
Kenyan agents bust plot to smuggle giant ants for sale to foreign insect lovers
Kenya pivots to China, away from France for R28bn highway deal
Kenya thinks it can win from US tariffs, but global recession risk looms
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
News and promos in your inbox
subscribeMost read
Latest Videos