Paper
Laws of Kenya: The Banking Act Chapter 488 and the Central Bank of Kenya Act Chapter 491
Regulating banking institutions in Kenya
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This paper presents the Banking Act, Chapter 488 and the Central Bank of Kenya Act, Chapter 491. This edition incorporates amendments upto March 31, 2004.
The Banking Act was issued by Parliament on October 27, 1995 to regulate the business of banking, and other matters connected with it. The act covers:
- Licensing of institutions;
- Prohibited businesses;
- Reserves and dividends;
- Accounts and audit;
- Information and reporting requirements;
- Inspection and control of institutions;
- Deposit Protection Fund;
- Representative offices of foreign institutions;
- Miscellaneous provisions.
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