CBK Warns Kenyans Against Using Unlicensed Money Remitters

It has come to the attention of the Central Bank of Kenya (CBK) that there are entities and persons providing money or value transfer services without the requisite license or authorization from the CBK.

Money or value transfer services include payment services regulated under the National Payment System Act, 2011, and money remittance services regulated under the Money Remittance Regulations, 2013.

This is to inform members of the public that it is a criminal offense to provide money or value transfer services without a license or authorization from the CBK.

Such services do not enjoy the protection of the law and consumers stand to lose in case of any default by the providers of these services.

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Licensed entities operate as payment service providers or money remittance providers and they conspicuously display the CBK license or authorization in their business premises, for ease of public reference.

The list of licensed money remittance providers and payment service providers can be accessed on the CBK website at https://www.centralbank.go.ke/.

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This is to caution and/or warn members of the public against seeking money or value transfer services such as “hawala” from unlicensed service providers.

The CBK must identify entities and persons providing unlicensed or unauthorized money or value transfer services and to have them prosecuted in a court of law.

Members of the public are hereby requested to submit to the CBK, information on the identities and physical locations of entities and persons providing money or value services without a license or authorization from CBK.

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