CBK’s headache as banking on the move takes root

Proceeds of crime and anti-money laundering Bill 2008, which has been on the shelves will have to be passed if the legal and regulatory framework is to be improved.

Expand reach

And to expand the reach of the services, the Banking Act is targeted for review to allow non-bank agents, which will leverage on mobile banking technologies, to offer services on their behalf at affordable rates. “The success of M-pesa and Zap despite the regulatory challenges, indicates that there is potential to reach the unbanked. However, issues of disclosure levels, credit bureaus and compliance incentives need to be addressed. There is a lot of work to be done in Kenya,” said Ms Alice Liu, a consultant in ICT.