Politics and policy
MFIs tap technology as the bridge to reach unbanked millions
President Mwai Kibaki visits stands at the Africa-Middle East Micro-Credit summit in Nairobi last April. A recent research by CGAP on banking in developing countries found typical transactions cost an average $2.50, yet it would be only $0.50 if automated, say using a mobile phone. Photo/LIZ MUTHONI
Posted Tuesday, July 20 2010 at 00:00
For example, some player like Akiba Micro-Finance Limited took advantage of this lack of regulations to fraudulently accept deposits from the public.
With the bill in place CBK has been moving to streamline the microfinance sector in the country to allow operations in a better regulated environment.
Faulu Kenya and Kenya Women Finance Trust, have already been licensed as depository financial services while eight applications are still undergoing due consideration by the regulator.
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