A new bill introduced in the Kenyan Parliament seeks to establish a regulatory body for the country's banking sector.

The 'The Institute of Bankers Bill 2024,' proposed by Kesses MP Julius Rutto, aims to improve professional standards and ensure accountability within the industry.

The bill proposes the creation of the Institute of Bankers, which would oversee the training, registration, and licensing of bankers. It would also be responsible for setting and enforcing professional standards.

To become a professional banker, individuals would need to meet specific educational requirements and pass accredited banking exams.

Additionally, they would be required to pay an annual license fee of Sh10,000.

Read More

  1. Samsung and Galaxy Mobile launch new brand store in Nairobi's Shujaa Mall
  2. Withholding Tax is not applicable on management, professional fees - TAT
  3. Fortified Whole Grain Alliance launched to tackle malnutrition across Africa

The bill estimates that approximately 10,500 professional bankers would be registered within the next three years. Membership registration fees are set at Sh25,000.

Rutto argues that the proposed institute would address the current lack of a centralized body dedicated to regulating banking professionals in Kenya.

He cited examples of similar institutions in Uganda, Rwanda, and South Africa as models for the proposed legislation.

If approved, the bill could have a significant impact on the Kenyan banking industry.

It would introduce new regulations and financial burdens for bankers while potentially improving professional standards and consumer protection.