Following the commencement of the Business Laws (Amendment) Act, 2024 on December 27, 2024, banks and mortgage finance companies will be required to maintain a core capital of Sh10 billion by December 31, 2029.
This ten-fold increase in the minimum core capital has been staggered in increments of Sh1 –Sh2 billion per year, for a cumulative increase of Sh9 billion over a five-year transition period from 2025 to 2029.
