Kenya's central bank to licence two new banks

Mar 14, 2017

This lifts the 2015 moratorium on licensing of new commercial banks.

The indefinite suspension on issuing new licences put in place by Kenya's central bank in November 2015 is coming to an end as the regulator finalizes the process of licensing two new banks. In a statement last Monday, the regulator disclosed that it will be issuing licences to DIB bank Kenya and Mayfair Bank Kenya because the banks had received "approval in principle" before the 2015 suspension of licensing. "The Central Bank of Kenya announces its intention to finalize the processing of licence applications for two institutions that had already been granted an "approval in principle", as a first step to lifting the moratorium on licensing of new commercial banks. "The entry of these banks on the fulfillment of all the pre-licensing conditions will expand the range of banks' business models and underscore Kenya's growing stature as a regional financial services hub." DIB Bank Kenya Limited (in formation) is a wholly owned subsidiary of the Dubai Islamic Bank PJSC, a leading sharia compliant bank in the UAE while Mayfair Bank Limited (in formation) is owned by a diverse group of Kenyan investors with interests in various sectors.