Kenya freezes licensing of new commercial banks

Kenya’s central bank has put a moratorium on the licensing of new commercial banks, the bank said in a notice published in newspapers on Wednesday.

“The Central Bank of Kenya has, with immediate effect, placed a moratorium on the licensing of new commercial banks until further notice,” it said, adding that the moratorium “does not apply to cases relating to resolution amalgamation and acquisition of banks.”

The notice did not give a reason for the moratorium.

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SOURCE: BUSINESS DAILY