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How to get Bank Licence
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Stage 1: Preparation and Strategic Planning
- Incorporate a Legal Entity: Register a Public Limited Company in Kenya, which will be the applicant.
- Develop a Business Plan: Prepare a detailed and comprehensive business plan and feasibility study. It must include:
- Market and target audience analysis.
- Proposed products and services (lending, deposits, etc.).
- Three-year financial projections (balance sheet, P&L statement).
- Risk management strategy.
- Organizational structure outline.
- Business continuity plan.
- Form the Team: Identify key shareholders, board members, and senior management (CEO, CFO). All candidates must meet the strict “fit and proper” criteria set by the CBK.
- Confirm Capital Availability: Ensure the availability of the minimum required core capital. As of 2024-2025, the requirement is KES 1,000,000,000 (one billion Kenyan Shillings).
- Engage Advisors: Hire experienced legal and financial consultants.
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Stage 2: Formal Application to the Central Bank of Kenya (CBK)
- Complete the Application Form: Obtain and fill out the official application form for a banking license from the CBK.
- Prepare the Document Package: Collect and submit all required documents, including:
- The completed application form.
- The business plan and feasibility study.
- The company’s constitutive documents (Memorandum & Articles of Association).
- Detailed CVs and declarations from shareholders, directors, and senior management for the “fit and proper” test.
- Proof of the source and availability of the share capital.
- Pay the Application Fee: Pay the non-refundable application fee as set by the CBK (e.g., KES 1,000,000).
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Stage 3: Application Review and Approval in Principle
- CBK Review: The Central Bank conducts a thorough review of all submitted documents.
- Due Diligence: The CBK performs a comprehensive due diligence check on all key individuals.
- Interviews: Interviews are held with the promoters and future management of the bank.
- Issuance of Approval in Principle: If the review is successful, the CBK issues a “Letter of Intent” or “Approval in Principle”. This is not the final license but a green light to proceed with setting up the bank’s operations.
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Stage 4: Fulfilling Pre-Licensing Conditions
- Deposit the Capital: Deposit the required minimum capital (KES 1 billion) into a special account at the CBK.
- Set Up Infrastructure: Prepare physical premises (head office, branches), and install and configure all IT systems, core banking software, and security systems.
- Recruit Staff: Hire and train the necessary personnel.
- Finalize Policies: Finalize and approve all internal policies and procedures (credit policy, Anti-Money Laundering (AML/CFT) policy, etc.).
- CBK Inspection: Undergo a pre-commencement inspection by the CBK to verify the readiness of all systems, premises, and personnel.
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Stage 5: Issuance of License and Commencement of Operations
- Granting of the License: If the inspection is successful and all conditions are met, the CBK issues the formal banking license.
- Gazettement: The granting of the license is published in the official Kenya Gazette.
- Commence Operations: The bank is now authorized to begin its operations.