Microfinance Act

3. Application

Edition: 2024-12-27 · In force

3. Application

(1)Subject to subsection (3), this Act shall apply to—

(a)every deposit-taking microfinance business;

(b)a non-deposit-taking microfinance business in the manner prescribed under subsection (2)(a) unless exempted under subsection (2)(b).

(2)For the purposes of subsection (1)(b), the Cabinet Secretary may make regulations—

(a)prescribing measures for the conduct of nondeposit-taking microfinance business; and

(b)exempting any non-deposit-taking microfinance business from application of this Act.

(2A)Despite subsection (2)(b), an exemption shall not be granted to a non-deposit taking microfinance business whose annual revenue exceeds five hundred thousand shillings.

(3)Except as provided in section 4(1), this Act shall not apply to—

(a)a bank, a financial institution or a mortgage finance company licensed under the Banking Act (Cap. 488);

(b)a building society registered under the Building Societies Act (Cap. 489);

(c)the Kenya Post Office Savings Bank established under the Kenya Post Office Savings Bank Act (Cap. 493B).

[Act No.20 of 2024, s. 14.]

← Previous provision Next provision →

Source: Kenya Law