Financial Services – Policy, Legal and Institutional Reforms

Nairobi International Financial Centre: A draft policy was developed in 2012 and the NIFC legislation is expected to be developed in 2013. Institutionalizing the Centre may require amendments to existing legislation relating to banks, capital markets, insurance and pensions.
EAC Integration: The policies towards EAC integration in financial services were developed as part of the overall efforts related to the East African Monetary Union. New legislation may be required for Kenya’s participation in the EA Monetary Authority.
Architecture of financial sector: This is the policy on consolidation of financial service providers.
Government Debt Market: Policy related to consolidation of Government bonds will be developed.
Long-term savings policy: This will include an overall pension policy framework (including a policy for a Pillar universal pension – the most basic of all pensions) and development of a policy document on retail savings bonds and municipal/county bonds.
Leasing environment: Amendments to existing legislation will be done to include requirements to simplify the tax regime to reduce the costs of doing business and to facilitate leasing and factoring.
National Credit Guarantee Scheme (CGS): An appropriate policy will be developed to guide structured implementation and development of a vibrant national credit guarantee scheme. The National CGS will embrace a public private partnership structure.