Governs the establishment, operation, and regulation of banks

OverviewThe Banking Act of Kenya governs the establishment, operation, and regulation of banks and financial institutions in the country.It aims to promote a sound banking system, ensuring financial stability and consumer protection.

Key ProvisionsThe Act includes provisions for the licensing of banks, minimum capital requirements, and the regulation of banking business practices. It ensures that banks operate within a framework that protects the interests of depositors and the economy.

Role of the Central BankThe Central Bank of Kenya is empowered by the Act to supervise and control banking operations, maintaining the stability and integrity of the financial system.

Modern RegulationsAmendments to the Act have strengthened regulations around lending practices, digital banking, and anti-money laundering efforts, aligning Kenya's banking sector with international standards.

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