Kenya - Renewal of Microfinance Bank License

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Procedure

A microfinance institution applying for renewal of business license shall present the following

• Submit an Application letter for renewal

• application requesting renewal of business license and any changes in the particulars of the existing license;

• original business license of the microfinance institution; and

• evidence of payment of renewal fee and/or penalty.

• Resolving of any pending issues (if applicable)

• Present the Original License of the MFI

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Required Documents

• Evidence of registration of trade name from Ministry of Trade.
• Signed minutes of first meeting of organizers along with attendance sheet.
• Submission of prospectus, which is a printed statement that describes and forecasts the course or nature of the company along with expected risks, to be distributed to prospective investors.
• Written Renewal application requesting to open blocked subscription account indicating the name of the bank(s)/branch (es).
• Duly completed application form, as specified under Attachments I and II of these Directives, for organizers and project manager.
• Properly completed propriety test questionnaire, as specified under Attachment III of these Directives, for organizers and project manager.
• Evidences of payment of investigation fee.

Office Locations & Contacts

Central Bank of Kenya - Head Office
Haile Selassie Avenue
P.O Box 60000 – 00200,
Nairobi, Kenya
Tel / Fax: +254 20 286 0000
Phone: +254 20 286 1000, +254 20 286 3000, +254 709 081 000, +254 709 083 000
Email: [email protected]
CBK Contact Details

Eligibility

• Must be a company operating a Micro finance Bank and registered under the Companies Act as a limited liability company whose main object is to conduct foreign exchange bureau business.
• A Renewal of microfinance Bank may be established by any eligible corporate body or corporation duly licensed by the Central bank of Kenya to accept deposit and pay out deposiit.
• A Microfinace applicant must be a Kenya Nationality and have been in a Microfinance.

Fees

• A microfinance institution applying for renewal of its business license shall pay renewal fee of Kshs 10,000

• Payment of license renewal fee of Ksh.5000

Validity

Valid for 1 Year.

Documents to Use

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Processing Time

Processing take 7 working Days.

Related Videos

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 
	

Instructions

• No person shall carry out a Microfinace Bank business unless he/she is in possession of a Microfinance Bank business License.
• A person who fails to contravenes or fail to comply with section shall be guilt of any offence and shall be dealt with in accordance with law.
• Has to be organized in the form of share company
• Minimum No. of founders have to be five
• The shareholders have to be a Kenyan nationals or organizations wholly owned by Kenyan nationals.

Required Information

• Full Name of Applicant
• Address of Applicant
• Location of Foreign Exchange Bureau
• License Number
• A tax clearance certificate.
• Evidence of provisional tax payment
• Full names, addresses and designations of the employees of the bureau.

Need for the Document

A micro finance institution shall renew its business license every year. A micro finance institution applying for renewal of its business license shall pay renewal fee of 10,000

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

http://www.bu.edu/bucflp/files/2012/01/Microfinance-Act.pdf

https://www.centralbank.go.ke/index.php/banksupervision

Others

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