The Central Bank of Kenya (CBK) announces the granting of a licence to Mayfair Bank Limited to conduct banking business in Kenya.
The license has been granted pursuant to Sections 4 and 5 of the Banking Act (Cap 488) following the fulfilment of the stipulated licensing requirements.
“Mayfair Bank Limited will principally target the corporate market segment. It will launch its presence with an initial network of three branches (two in Nairobi and one in Mombasa),” said the CBK.
“The entry of Mayfair Bank Limited will broaden the choices available to the Kenyan banking public and enhance the competitive environment in the banking sector.” CBK said in a statement.
The lifting of the moratorium on licensing new banks by the Central Bank of Kenya has seen more foreign entries into the Kenyan banking space.
Currently, Dubai Islamic Bank (DIB),begun its operations in Kenya a month after being granted license by CBK with an initial network of three branches; Goodman Branch in Westlands Nairobi, Upper Hill branch in Nairobi and Kilindini Branch in Mombasa.