Regulatory Alerts2015-01-01
Banking and Financial Institutions (Microfinance Activities) (Amendment) Regulations, 2015
Governor Benno J. Ndulu issued the 2015 Amendment Regulations to modify microfinance rules under the Banking and Financial Institutions Act. The instrument redefines "Senior Management" by deleting a specific figure and renumbering subsequent subparagraphs, while mandating existing microfinance companies to convert into Microfinance banks within a three-year compliance moratorium. It further adjusts the numbering of existing regulations 35 to 70 to accommodate the new provisions.
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