Microbanks can be admitted to KBA

Dec 20, 2012

A new membership category has been created by the Kenya Bankers Association (KBA).

A new membership category has been created by the Kenya Bankers Association (KBA).

The organisation had been set up to represent financial services providers that are commercial banks first and foremost, the Star reports.

However, the terms of its constitution have now been amended so microfinance institutions can also become members.

Attendees of the body's annual general meeting also agreed to admit representative offices of foreign banks.

This comes after extensive lobbying from deposit taking microfinance institutions and representative offices, so the KBA can speak up for their interests as well as those of commercial banks.

The KBA will formally introduce its new membership category at the start of 2013.

Forty-three banks licensed under the banking act in Kenya are currently members of the organisation, which aims to encourage innovation and efficiency across the Kenyan banking industry.

The body has said it hopes the changes it manages to achieve will ultimately "enhance the banking experience" for everyone in the African country.

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