An Electronic Money Issuer (EMI) is a specific category of Payment Service Provider authorised by the Central Bank of Kenya (CBK) to issue electronic money — a digitally stored monetary value that can be used for payments. This category covers mobile money operators, e-wallet providers, and other entities that hold stored value on behalf of customers. The regulatory framework is set by the National Payment System Act, 2011, and the CBK’s PSP authorisation guidelines.
Fees and Charges
| Fee Item | Amount (KES) |
|---|---|
| Authorisation fee (standard E-Money Issuer) | 100,000 |
| Authorisation fee (Small E-Money Issuer) | 100,000 |
Minimum Capital Requirements by Category
| Category | Minimum Core Capital (KES) |
|---|---|
| Standard E-Money Issuer | 20,000,000 |
| Small E-Money Issuer | 1,000,000 |
Key Regulatory Requirements
| Requirement | Details |
|---|---|
| Safeguarding of float | Customer e-money float must be held in segregated accounts at a licensed commercial bank |
| AML/CFT compliance | Full framework required; subject to CBK inspection |
| Data protection | Must comply with the Data Protection Act, 2019 |
| Interoperability | Subject to CBK interoperability requirements where applicable |
| Reporting | Regular transaction reporting to CBK |
| Consumer redress | Must maintain a formal complaints handling mechanism |
Electronic money issuers are prohibited from using customer float for their own operational costs or investments. The float must be ring-fenced and immediately available for redemption by customers on demand. Standard E-Money Issuers are subject to higher capital requirements and more intensive supervisory oversight than Small E-Money Issuers.
Regulated by the Central Bank of Kenya (CBK) under the National Payment System Act, 2011, Laws of Kenya.