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CBK denies investment group licence to run microfinance bank

Central Bank of Kenya Governor Patrick Njoroge. PHOTO | FILE

The Central Bank of Kenya (CBK) has denied a local investment group partly backed by the Kenyan diaspora a licence to operate a deposit-taking microfinance bank barely two years after it granted them interim approval.

Kenya’s banking regulator’s refusal to grant Fountain Enterprise Programme (FEP) Group approval has forced the chama to abandon the quest and turn the proposed micro-lender into an investment vehicle.

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