Non-Deposit taking institutions in Kenya require to be registered as Private Limited Companies. The Registrar of Companies in Kenya will however not approve the registration of such a company without a letter of no objection from the Central Bank of Kenya.
This means that the Central Bank of Kenya has to approve the proposed name of the company and the ownership of the company before the Registrar of Companies can proceed to have the company entered into the Register of Companies in Kenya.
In order for the Central Bank of Kenya to issue a letter of no objection, the company in-incorporation will have to fulfill certain requirements and submit the following documents;
In addition to the above, the proposed name should not contain the protected words ‘microfinance bank business’ ‘finance’ and ‘bank’ or any of their derivatives or any other words indicating the transaction of financial businesses, unless licensed under the Banking Act or Microfinance Act.
To register a non-deposit taking (credit only) microfinance institution in Kenya, please Contact Us