ADVOKS GLOBAL · KENYA
Microfinance Act
54. Transitional provision
Edition: 2024-12-27 · In force
54. Transitional provision
(1)Within six months of the commencement of this Act, a person who was conducting non-deposit-taking microfinance business before the commencement of this Act shall apply for a license under this Act.(2)An applicant under subsection (1) may continue to conduct non-deposit-taking microfinance business pending determination of the application subject to this Act, Regulations made under this Act and any conditions issued by the Central Bank.(3)A license issued to a non-deposit taking microfinance business prior to the commencement of this Act shall continue in force until the expiry of such license.(4)A person who contravenes the provisions of this section commits an offence and shall be liable upon conviction to imprisonment of a term of not more than 5 years or a fine of Kenya Shillings Two million or both.