Innovation in financial services is the key driver of Kenya’s digital economy blueprint. As a leader in financial inclusion, the development of digital financial solutions has occurred at a breakneck speed with the regulatory landscape seeking to catch up with these advancements. The Central Bank of Kenya, which is the main regulator of financial service institutions, extends its mandate to fintech businesses such as mobile money providers, payment service providers and money remittance operators but is yet to cover industry stakeholders in digital lending, crowd funding and virtual currencies, among others.
Equipped with deep knowledge of the Kenyan digital financial services eco-system, we help clients navigate this nascent eco-system by keeping abreast of legal and regulatory developments that affect fintech businesses and advise them on steps to take towards compliance. To this end, we provide legal services in:
- Application of Payment Service Provider (PSP), money remittance and other CBK approved licenses;
- Applications of innovative products and services to the Capital Markets Authority Regulatory Sandbox;
- Procurement of letters of no objection from the Central Bank of Kenya and the Communications Authority of Kenya;
- Registration of reporting institutions with the Financial Reporting Centre;
- Development of KYC protocols on customer and business due diligence;
- Formulation of Anti-Money Laundering and Counter Terrorist Financing policies;
- Preparation and negotiation of partnership agreements with financial institutions;
- Review and maintenance of customer relations documentation.