The governor of the Central Bank of Kenya, who confirmed the revocation of Bonto's license.
Kenya’s Central Bank, the guard dog that won’t bite
The Central Bank of Kenya has cut the central bank rate from 13% to 9.5% since October 2024. Commercial banks have only reduced their lending rates from 17.2% to 15.2%, which is insufficient for small businesses.
Why Kenyan remittance startup Bonto is shutting down after two years
Bonto Kenya ceased processing transactions on August 15 and requested the revocation of its license from the Central Bank of Kenya. The Central Bank of Kenya confirmed the revocation of Bonto's license, highlighting regulatory challenges for fintechs in the country.
Kenyan banks to lower interest rates following pressure from the Central Bank
CBK reduced the benchmark rate by 75 basis points to 11.75%. The gap between CBR and lending rates rose to a 31-month high.
Fintechs Face Delays in Kenyan Expansion Due to Lengthy Licensing Procedures
Fintech startups struggle to obtain operating licenses in Kenya. A Payment Service Provider (PSP) license can take up to two years due to approval delays.
Slow licencing process is a headache for fintechs expanding to Kenya
Fintech startups struggle to obtain operating licenses in Kenya. Payment service provider licenses can take up to two years due to approval delays.
