NAIROBI, Kenya, Nov 6 – The Central Bank of Kenya (CBK) is cautioning Kenyans against dealing with individuals and entities offering payment services without licenses.
CBK says that some entities and individuals are offering money or value transfer services without its knowledge.
According to it, payment services are regulated under the National Payment System Act, 2011.
Similarly, money remittance services must be in tandem with the Money Remittance Regulations, 2013.
“This is to inform members of the public that it is a criminal offence to provide money or value transfer services without a license or authorization from the CBK,” the CBK said in a statement.
“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 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,” it added.
It is also asking members of the public to report firms and individuals providing the above services contrary to the law.
“This is to caution and or warn members of the public against socking money or value transfer services such as “hawals from unlicensed service providers,” it said.
“The CBK has a duty to identify entities and persons providing unlicensed or authorized money or value transfer services and to have them prosecuted in a court of law.”
