CBK Lifts Ban on Licensing New Banks in Kenya

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The Central Bank of Kenya (CBK) has revealed plans to the lift the moratorium on licensing new commercial banks in the country by announcing the intention to finalize processing of licence applications by two institutions.

The Bank had frozen licensing new banks in November 2015 without giving reason for its action but it followed the placing of three privately-owned banks under receivership in under one year.

In a statement, it revealed that DIB Bank Kenya Limited and Mayfair Bank Limited are the two institutions, in formation, engaging it towards licensing.

“Both institutions were granted “approval in principle” before the moratorium was declared,” the CBK said.

DIB Bank is a wholly-owned subsidiary of the UAE’s sharia-compliant Dubai Islamic Bank PJSC while Kenyan investors own Mayfair.

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