The Central Bank has approved licenses for two new foreign exchange bureaus to operate in Nairobi.
The Central Bank of Kenya has granted licenses to two new foreign exchange bureaus to operate within Nairobi, expanding forex services in the capital.
Licensed Bureaus:
-
Global Exchange Kenya Ltd
- Location: Westlands, Nairobi
- Services: Retail forex, money transfers
-
Swift Forex Bureau Ltd
- Location: CBD, Nairobi
- Services: Retail forex, travel services
Licensing Requirements:
Both bureaus have met the CBK's rigorous requirements including:
- Minimum capital of KES 30 million
- Fit and proper directors and shareholders
- Adequate systems and controls
- Anti-money laundering compliance
Market Impact:
The new licenses bring the total number of licensed forex bureaus to 128 nationwide. This expansion is expected to:
- Improve forex services accessibility
- Enhance competition in the forex market
- Benefit travelers and businesses
Regulatory Oversight:
The CBK will continue to monitor all licensed forex bureaus to ensure compliance with regulations and protect consumers.
ForexLicensingRegulation
