Fintechs may finally get regulatory clarity as Kenya’s Central Bank reviews laws
- The Central Bank of Kenya is preparing to review the Central Bank Act and the Banking Act.
- Consultants have been invited to assist in the review to strengthen digital banking and fintech regulations.
- The review aims to resolve legal grey areas that have impeded fintech expansion in Kenya.
The review of the Central Bank Act and the Banking Act is a crucial step towards modernizing Kenya's financial regulatory framework. However, the effectiveness of these changes will depend on the implementation and clarity of the new regulations. Stakeholders must engage in the process to ensure that the laws foster innovation while protecting consumers.
