CBK frozes issuance of licenses to new banks

By O’Brien Kimani

The Central Bank of Kenya has frozen the issuance of licenses to new banks as it moves to streamline its operations.

The bank says in a statement that no bank will be issued with a new license but the moratorium does not affect mergers or acquisitions.

The move is seen as an attempt by the newly appointed Central Bank Governor Patrick Njoroge to rein into the affairs of the regulator after a series of mal-practices within the sector where CBK has come under sharp criticism.

So far two banks Dubai Bank Kenya limited and Imperial bank have been placed under receivership putting at risk billions of investors funds.

It is said there are more than 10 financial institutions mostly SACCOS that are in the process of applying for license to operate as commercial banks.

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