Money transfer license Kenya.

Money remittance and mobile money transfer operators in Kenya are licensed under the Central Bank of Kenya.

Money remittance services play a crucial role not only in Kenya but in the global economy by facilitating the transfer of funds from business to business, between individuals and for all manner of trade across borders.
In Kenya, these services are regulated by the Central Bank of Kenya, ensuring the security and transparency of money remittance providers (MRPs). If you're interested in obtaining a money remittance license in Kenya, this comprehensive guide will walk you through the key steps and requirements.

Requirements for a Money remittance License in Kenya.

Approval of Name

Contact the Central Bank of Kenya at an early stage for preliminary meeting to discuss licensing requirements and related issues.
Propose and reserve at least three business names with the Registrar of Companies that have the words “money remittance” or “money transfer” as a brand name.
Submit the proposed names to the Central Bank in order of priority before incorporation of the company as a company limited by shares.

Application for License

Complete and Submit a certified Application Form (CBK/MRB/1 of the First Schedule) to CBK accompanied by all supporting documents, including –

A certified copy of the Certificate of Incorporation
Certified copy of the tax Personal Identification Number (PIN) certificate
Certified copy of the registered Memorandum and Articles of Association indicating paid up capital of at least Kshs 20 million.
Verified official notification of the company’s registered place of business, including the prospective places of business (Head Office, branches, agency and outlets, if any)

Pay a non-refundable application fee of Kshs 20,000 to the Central Bank by bankers ‘cheque or RTGS.
Provide evidence of minimum core capital of Kshs.20 million. Evidence should be reflected in a bank statement of a licensed bank or Microfinance institution indicating the isolated funds and/or Government of Kenya Treasury Bills and Bonds not under lien;
Evidence should either be in the name of the company and/ or the promoters/ shareholders of the company.
The promoters/ shareholders should give the Central Bank authority to verify the authenticity of the bank statement directly from the bank or Microfinance institution
The promoters/ shareholders should provide the distribution or allocation (ultimate beneficiaries, citizenship, amount and percentage of core capital to each individual promoter/ shareholder and/ or company, indicating significant shareholders/ promoters (owning at least 10% of the share capital,
Prepare and submit a comprehensive feasibility study and business plan covering but not limited to -

Executive Summary
Background and Governance structure including ownership.
Summary of Financial and Operational Performance and market Analysis.
Scope of Business Activities/products;
Three years projected Financial Statements and Analysis.
Business continuity plan.
Evidence of and disclose source of funds e.g. certified copies of bank statements, fixed deposit receipt and government securities.
Certified copy of National Identity Card and Personal Identification Number (PIN) certificate
Two recent colour passport size photographs, at least one must be certified.
Names of three independent referees giving detailed contacts including postal addresses, e-mail and telephone numbers.
A credit report from a licensed credit reference bureau.
Certified copy of the organization’s Personal Identification Number (PIN) certificate
Resolution of the Board of Directors or General Meeting authorizing the investment

Letter of Intent

Upon assessment and fulfillment all the above requirements in stage two, the Central Bank will issue a Letter of Intent, which is an approval in principle and advise the applicant on the next steps and requirements to be fulfilled before issuance of a license and approval to commence operations, including

Payment of license fee of Kshs 100,000 to the Central Bank by bankers’cheque or Regs.
Obtain a security consisting of either a surety bond, an irrevocable letter of credit from a commercial bank or a micro finance institution or an insurance bond of not less than Kshs.5 million or an amount equal to one percent of the applicant projected total volume of business for the first year of operation.
Preparations of premises to meet prescribed standards and seek the Central Bank approval/ license before commencement of operations.
Complete and submit the Fit and Proper Forms for key senior officers (FORM /CBK/MRB/2) accompanied by all the supporting documentation, including but not limited to.
- Curriculum Vitae and any documentation to support the application
- At least three referees giving detailed contact address, e-mail and telephone.
- Previous employers and business of the proposed officers giving detailed contact address, e-mail and telephone.
- Certified photographs and copies of identification documents (ID card and/or Passport) and PIN certificate.
- Submit a declaration that none of the senior officers owns or holds a similar position in another money remittance provider.
- Preparing and putting in place management information system and other institutional structures required for conducting the money remittance business.

Management Information System and Institutional Structures.

To conduct the money remittance business, you should prepare and put in place the necessary management information system and other institutional structures, including governance structures for the board and senior management, management information systems and infrastructure, operations manuals (covering accounting procedures, Management Information System, internal audit and controls, Know Your Customer (KYC),

Issuance of License.

The Central Bank, if satisfied that the Applicant has met all the requirements, may issue a license authorizing the applicant to commence money remittance business.

Mobile Money transfer License in Kenya.

Mobile Money remittance License is or Mobile Money transfer Providers in Kenya.

Business compliance is our specialty, Business startup is our passion. We are in the Business of Business.