ADVOKS GLOBAL · KENYA
Microfinance Act
9. Revocation of licence
Edition: 2024-12-27 · In force
9. Revocation of licence
(1)The Central Bank may, by notice to the licensee, revoke a licence where—(a)the licensee ceases to carry on deposit-taking business or non-deposit-taking microfinance business;(b)the institution is wound up, liquidated or otherwise dissolved;(c)the Central Bank is reasonably satisfied that the business of the institution is being conducted in a manner detrimental to the interests of its depositors or customers;(d)the institution has been amalgamated with another company or has been sold or its assets or liabilities have been transferred to another company without the approval of the Cabinet Secretary;(e)the licensee has contravened any of the conditions in the licence; or(f)the licensee has contravened any of the provisions of this Act or any regulations made thereunder.(2)The Central Bank shall cause the names of institutions whose licences have been revoked to be published in the Gazette within seven days of the revocation.