• Kenya gained its independence from the United Kingdom in 1963.1
[1] CIA (2017) Kenya, available at
  • 580,367 sq. km
  • Kenya is located in Eastern Africa.
  • Nairobi is the capital.
  • 47m
  • English and Swahili are the official languages.
  • US$152.7 billion
  • Per Capita: US$3400
Financial Inclusion (2015)2
  • 69% of Kenyans have a financial account.
  • 27% have a bank account.
  • 67% have a DFS account.
1 USD = 104 Ks.
[1] CIA (2017) Kenya, available at
[2] Intermedia (2015) Financial Inclusion Insights, available at
  • Kenya has 6 DFS services.1 
    • M-PESA
    • Airtel Money
    • Orange Money, 
    • Equitel Equity Bank
    • Mobikash
    • Tangaza
  • Financial inclusion is 75 per cent from just from 26 per cent in 20062
  • The DFS sector in Kenya is dominated by Safaricom's M-PESA, launched in 2007.
  • The 6 DFS services had 165,000 agents by December 20162
  • Safaricom has 100,744 M-Pesa agents
  • 1.1 billion transactions amounting to Ksh.2.8 trillion were transacted through DFS in 2015
  • A 10% excise duty is charged on DFS transfer services
  • The Kenyan Banker Association has launched a switch to compete with M-PESA 2

1 USD = 104 Ks.

[1] BD Africa (2016) Treasury report reveals fears over M-Pesa’s critical role in economy, available at
[2] All Africa (2017) Kenya: CBK Sees Cyber Risks As Banks Eye Mobile Money Platform, available at

Communications: Communications Authority of Kenya
  • The Communications Authority of Kenya was founded in 1999 through the Kenya Information and Communications Act of 1998.
  • Their responsibilities include licensing all companies, services, and entities in the communications sector.
  • They are also tasked with the development of the e-commerce sector of Kenya. In addition, they manage competition within the sector as a whole protect consumer rights, and attempt to promote universal access to communications channels such as phones and the internet.
P.O. Box 14448-00800
Nairobi, Kenya
Phone: +254 (20) 4242000
Competition Authority: Competition Authority of Kenya
  • The Competition Authority of Kenya was founded in 2010 by the Competition Act of 2010.
  • Their primary responsibilities include upholding the Competition Act of 2010 in order to prevent any unfair competition by companies across the Kenyan business spectrum.
  • They also investigate complaints by consumers about unfair business practices and report findings to a board that decides on the proper course of action to handle the complaint. They also attempt to remove barriers to free competition and investigate blocks that prevent free creation of enterprise.
Kenya Railways Staff Retirement Benefit Scheme Block 'D', 1st Floor
Haile Selassie Avenue.
P.O. Box 36265-00200
Nairobi, Kenya
Phone: +254 20 2628233
Central Bank: Central Bank of Kenya
  • The Central Bank of Kenya was formed in 1966 by the Central Bank of Kenya Act of 1966 after the collapse of the East African Currency Board.
  • It was reincorporated under the new Constitution in 2010.
  • The bank is tasked with formulating monetary policy, issuing currency, preserving price stability, and any other tasks given to it by Parliament. The Constitution mandates that it cannot have a central leader that oversees all functions.
Haile Selassie Avenue
P.O. Box 60000-0200
Nairobi, Kenya
Phone: +254 20 2861000
AML: Kenyan Financial Reporting Center
  • The Kenyan  Financial Reporting Center (FRC) is the central Financial Intelligence Unit.
  • It was formed by Section 21 of POCAMLA (Proceeds of Crime and Anti-Money Laundering Act) and is tasked with identifying the proceeds of financial crime and preventing money laundering.
  • It ensures compliance with international standards in money laundering and attempts to ensure the integrity of the Kenyan financial system.
CBK Pension Fund Building
P.O. Box 60000–00200
Nairobi, Kenya
Phone: +254 2861600
Legal System1
  • The Kenyan legal system is a mixed legal system of English common law, Islamic law, and customary law.
DFS Model Type2
  • Kenya has a non-bank-based DFS regulatory model. Providers are licensed under the Nationals Payment Systems Act as Payment Service Providers.
  • In August of 2014, in accordance with the National Payment System Act, 2011, the Cabinet Secretary for the National Treasury issued the National Payment Systems (NPS) Regulations, 2014. Prior to 2014, regulation of DFS was made through letters of no objection granted by the Central Bank of Kenya (CBK).
  • The NPS regulations provide a formal regulatory framework for mobile money in the country.
  • The regulations provide mechanisms for consumer redress, disclosure of terms of service, maintenance of privacy and confidentiality of customer data. In addition, the regulations require that the funds be diversified across strong-rated institutions, and agents are empowered to seek contracts with multiple service providers.
  • The CBK is responsible for oversight, inspection and enforcement duties of the regulations.
  • While there is provision for interoperability, Safaricom’s M-PESA does not interoperate with any other DFS providers, except some banks.
  • Safaricom has however indicated that it is willing to interoperate with DFS providers.
  • The Kenyan Bankers Association is developing its own switch for banks to utilize.
Isolation of Funds Arrangement4
  • Under the National Payment System Regulations, 2014, PSPs must establish a trust for customer funds and ensure that they are separated from other funds.



[1] CIA (2017) Kenya, available at
[[2] CBK (2014) National Payment Systems Regulations, 2014 available at

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