ADVOKS GLOBAL · KENYA
Microfinance Act
5. Application for licence
Edition: 2024-12-27 · In force
5. Application for licence
(1)An application for a licence to carry out deposit-taking business or non-deposit-taking microfinance business shall be made to the Central Bank, in the prescribed form.(2)An application under subsection (1) shall be accompanied by—(a)copy of the memorandum and articles of association or other instrument under which the company is incorporated;(b)a verified official notification of the company’s registered place of business;(c)the prospective place of operation, indicating that of the head office and branches, if any;(d)evidence that the company meets the minimum capital requirements prescribed in the Schedule;(e)the prescribed fee; and(f)a report of a feasibility study undertaken by the company covering the following—(i)objectives of the business;(ii)domestic economic situation;(iii)financial sector environment;(vi)economic and financial analysis;(vii)organizational structure;(viii)proposed management, detailing the professional qualifications, skills and relevant experience in deposit-taking business of the proposed managers;(ix)equity and ownership of the business;(x)such other requirement as the Central Bank may prescribe.