ADVOKS GLOBAL · KENYA
Banking Act
5. Licensing of institutions
Edition: 2024-12-27 · In force
5. Licensing of institutions
(1)Subject to section 4, the Central Bank may, upon payment of the prescribed fee, grant a licence to an institution to carry on business.(2)The Central Bank may endorse on a licence granted under this section such conditions as the Central Bank considers necessary and may from time to time add, vary or substitute such conditions as the Central Bank deems appropriate.(2A)An institution which fails to commence business in Kenya within twelve months of the grant of a licence under this section shall, if it still proposes to transact business in Kenya, make fresh application under section 4.(3)A licence issued under this section shall remain valid unless revoked under section 6:Provided that a licence which was in force on the date of commencement of this subsection shall be deemed to be a licence to which this subsection applies.(4)An institution shall pay annual fees in such amount and in such manner as the Central Bank may prescribe.(5)An institution that fails to pay the annual fees by the end of the financial year shall pay double the annual fee, if payment is made within ninety days after the end of the financial year.(6)An institution which fails to pay the annual fees within ninety days after the end of the financial year referred to in subsection (5) shall have its licence revoked under section 6.(7)Any fee or other amount payable under this section shall be paid into the Central Bank.