New draft proposals for electronic transfers introduced in Kenya

Mar 22, 2011

The Kenya Central Bank has drawn up a draft of proposed regulations ahead of the introduction of electronic transfers and eMoney.

Known as the Retail Transfers Regulations 2011, the guide will be applicable to any organisations providing such services, the Nairobi Star reports.

This is to ensure the protection of consumers as well as the management of risks and it will support electronic payment services without compromising the national system already in place.

On its website, the Central Bank said its actions will affect "people and organisations across Kenya. As a result, it is very important that our decisions take account of the views of those who have an interest in the outcome".

Business leaders and the general public are being invited to review the draft before it is settled.

The proposals will cover banks and financial institutions offering retail transfers, as well as individuals not listed as either of these two businesses.

This news comes after the Kenyan government launched a $45 million (€32.3 million) fund to support access to credit among small and medium-sized enterprises.