Central Bank of Kenya Registration processes

Money remittance company registration

What is a Money remittance Company?

A company offering a service to collect money from the sender and deliver it to the beneficiary. This can be a local service within the same country or a international service between two or more countries.

We can assist you register one.

Here are some of the requirements;

– A nominal capital of at least Ksh 20 million

– A list of preferred names for approval by the Central Bank of Kenya

– At least two share holders

– Bank statements for the share holders for the past six months

Money lending company registration

What is a money lending company?

A company that lends money to people/ institutions to be repaid over a stated period of time with interest . They may or may not require a collateral for the loan.

We can assist you register one.

– A brief background of the shareholders business or economic activities.

– A company profile highlighting intended lending services.

– Latest credit from a licensed credit reference bureau for the shareholder.

– A declaration by individual shareholder on the sources of funds certified by an Advocate or Commissioner of Oaths.

E-money Issuer registration

What is E-money?

This is a digital store of a medium of exchange on a computerized device, magnetically stored or via mobile devices. E-money can be used for payment transactions, with or without bank accounts.

Who is an E-money issuer?

This is a company authorized by the Central Bank of Kenya to manage transactions involving E-money

We can assist you register as an E-money issuer.

Here are some of the requirements.

– A certified certificate of incorporation

– Certified Tax compliance

– Current credit rating report from a credit reference bureau.

– A core capital of USD 200,000

Forex bureau

Would you like to register a forex bureau?

This is an entity licensed by The Central Bank of Kenya to conduct the business of buying and selling of foreign currencies.

Here are some of the requirements:

-Evidence of existence of a minimum core capital of not less than US$60,000.

-A feasibility study including financial projections for three years.

-A certified copy of the applicant’s certificate of incorporation.

-A certified copy of a statement of affairs of the applicant.

-Credit reports from a credit reference bureau for the shareholders

Registration of a P.S.P

What is a payment service provider (P.S.P)

A person or company that provides the services of processing of payments through any electronic system. Examples of payment service providers include Pesapal, Mpesa, Jambo pay

Would you like to register as a PSP?

We can assist.

– Business plan including a budget for the first three financial years

For a foreign company

– Letter of no objection from the home regulatory authority allowing the applicant to establish a payment service business in Kenya

– Notarized copy of the signed minutes of the foreign company passing the resolution to establish a payment service business in Kenya

Requirements to set up a bank in Kenya

Would you like to setup a bank in Kenya? We can assist you incorporate it.

Here are some of the requirements:

-A certified copy of the certificate of incorporation.

-Certified copies of the Memorandum and Articles of Association

-Certified personal statements of affairs of the shareholders for the past three years.