Microfinance Act

4A. Qualifications for carrying out non-deposit-taking microfinance business

Edition: 2024-12-27 · In force

4A. Qualifications for carrying out non-deposit-taking microfinance business

(1)A person shall not carry out any non-deposit taking microfinance business unless such person is—

(a)a company registered under the Companies Act whose main objective is to carry out a non-deposit taking microfinance business; and

(b)licensed under this Act.

(2)A person who contravenes the provisions of this section commits an offence and shall be liable, on conviction, to a fine not exceeding one hundred thousand shillings, or to imprisonment for a term not exceeding three years, or to both.[Act No. 20 of 2024, s. 15.]

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Source: Kenya Law