A microfinance institution applying for renewal of business license shall present the following

• Submit an Application letter for renewal

• application requesting renewal of business license and any changes in the particulars of the existing license;

• original business license of the microfinance institution; and

• evidence of payment of renewal fee and/or penalty.

• Resolving of any pending issues (if applicable)

• Present the Original License of the MFI

• Evidence of registration of trade name from Ministry of Trade.
• Signed minutes of first meeting of organizers along with attendance sheet.
• Submission of prospectus, which is a printed statement that describes and forecasts the course or nature of the company along with expected risks, to be distributed to prospective investors.
• Written Renewal application requesting to open blocked subscription account indicating the name of the bank(s)/branch (es).
• Duly completed application form, as specified under Attachments I and II of these Directives, for organizers and project manager.
• Properly completed propriety test questionnaire, as specified under Attachment III of these Directives, for organizers and project manager.
• Evidences of payment of investigation fee.

Central Bank of Kenya - Head Office
Haile Selassie Avenue
P.O Box 60000 – 00200,
Nairobi, Kenya
Tel / Fax: +254 20 286 0000
Phone: +254 20 286 1000, +254 20 286 3000, +254 709 081 000, +254 709 083 000
Email: comms@centralbank.go.ke
CBK Contact Details

• Must be a company operating a Micro finance Bank and registered under the Companies Act as a limited liability company whose main object is to conduct foreign exchange bureau business.
• A Renewal of microfinance Bank may be established by any eligible corporate body or corporation duly licensed by the Central bank of Kenya to accept deposit and pay out deposiit.
• A Microfinace applicant must be a Kenya Nationality and have been in a Microfinance.

• A microfinance institution applying for renewal of its business license shall pay renewal fee of Kshs 10,000

• Payment of license renewal fee of Ksh.5000

Valid for 1 Year.

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• No person shall carry out a Microfinace Bank business unless he/she is in possession of a Microfinance Bank business License.
• A person who fails to contravenes or fail to comply with section shall be guilt of any offence and shall be dealt with in accordance with law.
• Has to be organized in the form of share company
• Minimum No. of founders have to be five
• The shareholders have to be a Kenyan nationals or organizations wholly owned by Kenyan nationals.

• Full Name of Applicant
• Address of Applicant
• Location of Foreign Exchange Bureau
• License Number
• A tax clearance certificate.
• Evidence of provisional tax payment
• Full names, addresses and designations of the employees of the bureau.

A micro finance institution shall renew its business license every year. A micro finance institution applying for renewal of its business license shall pay renewal fee of 10,000

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http://www.bu.edu/bucflp/files/2012/01/Microfinance-Act.pdf

https://www.centralbank.go.ke/index.php/banksupervision

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