Ndung’u calls for new reforms in MFI scheme
Njuguna Ndung'u, the governor of the Central Bank of Kenya, last week raised concerns that bottlenecks may be slowing issuance of microfinance licenses as MFIs (Monetary Financial Institutions) grow weary of the regulations imposed under entrance to the new scheme.
Many firms in the MFI sector are now transforming into deposit-taking institutions. Under the scheme MFIs are required to be incorporated as limited liability companies. According to Ndung'u, the incorporation process takes
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