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Economy

CAK feted for economic inclusion

Competition of Authority of Kenya (CAK) boss Wang'ombe Kariuki. FILE PHOTO | NMG
Competition of Authority of Kenya (CAK) boss Wang'ombe Kariuki. FILE PHOTO | NMG 

Kenya’s competition regulator has received a World Bank award for pushing for disclosure of phone-based transactions, lowering of third-party mobile banking charges and removing restrictions between Safaricom #ticker:SCOM and Airtel agents.
The Competition Authority of Kenya (CAK) and the United Kingdom’s Competition and Markers Authority (CMA) were co-winners at this year’s Competition Advocacy Contest for their role in “promoting structural reforms in key sectors.”

The CAK received recognition for forcing Safaricom to allow its rivals such as Airtel to operate from the same shop with  M-Pesa agents. The watchdog also compelled telcos to disclose and lower third-party charges popularly referred to as USSD.

The CAK was also recognised for ensuring that financial service providers, including commercial banks, disclose the cost of their mobile services prior to a transaction taking place.

“This effort changed sector regulations and strategic behaviour of incumbents in both financial and telecommunication sectors, benefiting more than 30 million consumers and paving the way for further economic inclusion,” the awards’ citation states.

The Communications Authority of Kenya and the Central Bank of Kenya were given a special mention for their roles in securing the milestones. The contest is an annual event that the World Bank organises in conjunction with the International Competition Network (ICN), a global association of competition law authorities.

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