There are various institutions that protect consumers and regulate businesses in Kenya. Key among them include the following:
The State Law Office (SLO) is responsible for the provision of registration services in respect of the incorporation of companies and business names and handling official receiver duties. These functions are carried out by the Registrar-General’s department. This Department is responsible for the provision of registration services in respect of incorporation of companies and business names, and handling Official Receiver duties. The Department is divided into seven sections namely, Companies, Trade Unions, Societies, Books and Newspapers, Hire Purchase, Marriages, Copyrights and Bankruptcy and Companies Liquidation.
The Companies Act
This is the law that governs the operations of companies and is the point of reference in case of disputes. It has been lined up for review to bring it up to speed with international best practices.
Central Bank of Kenya
The Central Bank of Kenya was established in 1966 through an Act of Parliament – the Central Bank of Kenya Act of 1966. The core mandate of the Bank Supervision Department (BSD) is to foster liquidity, solvency and proper functioning of a stable market-based financial system as stipulated under Section 4 (2) of the Central Bank of Kenya Act. This is aimed at promoting and maintaining the safety, soundness and integrity of the banking system. This is undertaken through the implementation of policies and standards that are in line with international best practice for bank supervision and regulation. The broad mandate of the Bank Supervision Department (BSD) is:
- Development of legal and regulatory frameworks to foster stability, efficiency and access to financial services.
- Process the licences of commercial banks, non-bank financial institutions, mortgage finance companies, building societies, foreign exchange bureaus, deposit-taking microfinance institutions and credit reference bureaus.
- Conducting on-site evaluation of the financial condition of financial institutions and their compliance with statutory and prudential requirements. This covers all institutions licensed under the Banking Act, Microfinance Act and Foreign Exchange Bureaus licensed under the Central Bank of Kenya Act.
- Carrying out off-site surveillance of licensed institutions through the receipt and analysis of returns received periodically.
- Processesing of corporate approvals for banking institutions with regard to opening and closing of places of business, appointment