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Kenya

KBA Forges Partnership to promote best policy-led financial inclusion

NAIROBI, Kenya, Mar 10 – The Kenya Bankers Association(KBA) has today signed a collaboration agreement with the Law Society of Kenya(Nairobi Branch), seeking to deepen financial inclusion through legislative, regulatory, and policy cooperation.

memorandum of Understanding further aims to further entrench best practices in services provided between the banking industry and the legal practitioners.

In the partnership, KBA will work closely with LSK Nairobi Branch to spearhead financial inclusion and capacity-building initiatives aimed at promoting best practices in proposed laws, regulations, and policies affecting the banking public and related stakeholders.

In addition, the two organizations will partner towards promoting financial inclusion through activities designed to facilitate access to affordable financial services.

Speaking during the signing of the agreement, KBA Chief Executive Officer Dr. Habil Olaka said the agreement will promote the delivery of efficient banking services in Kenya through knowledge-sharing programs and initiatives that will be organized by the two institutions.

“This partnership will further focus on research and knowledge-sharing activities, which will supplement the research initiatives that continue to be spearheaded by the Association’s Centre for Research Financial on Markets and Policy. In this regard, the collaboration will certainly augment KBA’s and member banks’ knowledge base in engagements with diverse stakeholders from a legal and compliance perspective,’’ Dr. Olaka added.

The partnership comes at a time when the COVID-19 pandemic has prompted public and private sector players to accelerate digitization initiatives, creating the need for a joint review of the legislative and regulatory environment to address the diverse digital operations, transactions, and services offered to the public.
LSK Nairobi Branch Chairman Eric Theuri welcomed the partnership, saying the regulatory environment will remain core towards enhancing convenient access to financial services considering disruptive occurrences such as the ongoing COVID-19 pandemic.
“Part of the joint engagements will include the ongoing digitization of the lands registry and conversion of land title deeds that affect banks, advocates, and the public; Alternative Dispute Resolutions agenda, anti-money laundering efforts, among others. All these are aimed at achieving affordable and accessible financial services in the country and the region,’’ said Theuri.
The parties noted that both the banking industry and the legal practitioners have a key role in upholding business continuity and supporting customers/ clients during and post COVID-19
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