ADVOKS GLOBAL · KENYA
The Banking (Credit Reference Bureau) Regulations
7. Issuance of licence
Edition: 2022-12-31 · In force
7. Issuance of licence
(1)Where the Central Bank is satisfied that the applicant meets the requirements for licensing, it shall issue an interim license in the form of a letter of intent to the applicant.(2)Where an applicant is issued with a letter of intent, the Central Bank shall notify the applicant to submit —(a)a banker's cheque for one hundred thousand shillings payable to the Central Bank being licence fee;(b)a statutory declaration by the applicant's chief executive officer in the form set out in the Third Schedule.(3)Where the applicant complies with the requirements of paragraph (2), the Central Bank shall issue a licence to conduct bureau business to the applicant.(4)The Central Bank may impose conditions on a licence issued under this regulation as the Central Bank may consider necessary and may, at any time, add, vary or substitute such conditions.(5)The Central Bank shall determine an application for a licence within ninety days from the date of receipt of information required under these Regulations:Provided that a licence shall not be granted where the applicant has not fully established the physical structure necessary to conduct bureau business including management information system.(6)Where the Central Bank declines to issue a licence, it shall state the grounds of refusal in writing and where applicable, advise the applicant of the necessary action to be taken before submitting a fresh application for a licence.