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How to Register a Money Remittance Company in Kenya

This guide outlines the step-by-step process of registering a money remittance company in Kenya, regulated by the Central Bank of Kenya (CBK). Money Remittance Providers (MRPs) play a crucial role in facilitating international money transfers.


Steps to Register a Money Remittance Company

1. Name Approval

  • Engage with CBK early for a preliminary meeting to discuss licensing requirements.
  • Propose and reserve at least three business names containing “money remittance” or “money transfer.”
  • Submit the proposed names to CBK in order of priority for approval before incorporating the company.

2. Application for Licence

a) Submit an Application Form (CBK/MRB/1)
Accompany the form with the following documents:

  • Certified copy of the Certificate of Incorporation.
  • Tax PIN certificate.
  • Memorandum and Articles of Association showing a minimum paid-up capital of Ksh 10 million (to increase to Ksh 20 million within a year).
  • Notification of registered business location (including branches or outlets).
  • Pay a non-refundable application fee of Ksh 20,000 via bankers’ cheque or RTGS.

b) Evidence of Minimum Core Capital

  • Provide proof of Ksh 10 million in core capital, with the ability to raise it to Ksh 20 million within a year.
  • The funds must be in a licensed bank or microfinance institution, or in Government of Kenya Treasury Bills or Bonds.
  • Submit a breakdown of shareholders’ contributions, including details of significant shareholders (owning at least 10%).

c) Feasibility Study and Business Plan
Include the following:

  • Executive summary and background.
  • Governance structure and ownership details.
  • Financial and operational performance summary.
  • Scope of business activities and products.
  • Three-year projected financial statements.
  • Business continuity plan.

d) Fit and Proper Forms (FORM/CBK/MRB/2)
Submit these for significant shareholders and directors, including:

  • Curriculum Vitae and academic certificates.
  • Personal financial details and proof of funds.
  • Certified ID and PIN certificates.
  • Credit reports from a licensed bureau.
  • For corporate entities, provide incorporation documents, audited financials, and source of funds.

e) Additional Requirements for Specific Cases

  • Forex Bureaus and Associated Entities: Provide resolutions for name changes, audited financials, and due diligence reports.
  • Foreign Companies: Submit board resolutions, a historical background, and compliance declarations.

3. Letter of Intent

Upon satisfying all requirements:

  • CBK issues a Letter of Intent granting approval in principle.
  • Pay a licence fee of Ksh 100,000.
  • Secure a surety bond, letter of credit, or insurance bond worth Ksh 5 million or 1% of projected business volume for the first year.
  • Set up premises and seek CBK approval for operational readiness.

4. Issuance of Licence

If all requirements are met, CBK issues a licence authorizing the company to begin money remittance operations.


Preparation and Operational Requirements

  • Governance: Establish clear board and management structures.
  • Management Information Systems (MIS): Ensure robust systems for operations and risk management.
  • Operations Manuals: Include procedures for accounting, internal audits, Know Your Customer (KYC), and risk management.

Central Bank of Kenya Contacts

  • Location: Haile Selassie Avenue, Nairobi
  • Phone: +254 20 2861000 / +254 709 081 000 / +254 709 083 000
  • Email: [email protected]

By following this structured approach, you can successfully register and operate a money remittance company in Kenya.

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