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CBK seeks mobile firm subsidiaries
An M-Pesa shop on Banda Street in Nairobi. The Central Bank of Kenya has drafted new rules for mobile money operators to safeguard customers’ money. FILE
Mobile phone companies that offer money transfer services will be required to open independent subsidiaries to handle the cash remittance business if a new regulation proposed by the Central Bank of Kenya (CBK) is passed into law.
Draft rules published by the regulator seek to safeguard customers’ cash deposited with the telcos by enforcing a distinction between other operations of the parent company from the money transfer business.
