Money Remittance Licence — Fees and Charges in Kenya

A Money Remittance Provider (MRP) is an institution licensed by the Central Bank of Kenya (CBK) to transfer funds domestically and internationally on behalf of clients, without conducting general banking business. MRPs are regulated under the Money Remittance Regulations, 2013, and play a crucial role in Kenya's diaspora remittance flows, which constitute a significant share of foreign exchange inflows.

Fees and Charges

Fee Item	Amount (KES)
Application fee (non-refundable)	20,000
Licence fee (payable after letter of intent)	100,000
Security instrument (bank guarantee or equivalent)	KES 5,000,000 or 1% of projected first-year turnover (whichever is higher)

Minimum Capital Requirements

Requirement	Amount (KES)
Minimum core capital	As specified in the Money Remittance Regulations (confirm with CBK)

Key Application Requirements

Requirement	Details
Company incorporation	Private limited company registered with BRS
CBK name pre-approval	Submit 3 proposed names to CBK before BRS registration
Feasibility study	Comprehensive business plan and financial projections
Fit and proper forms	All significant shareholders, directors, and senior officers
AML/CFT policy	Anti-money laundering and counter-financing of terrorism framework
Correspondent agreements	Evidence of international remittance network partnerships
IT systems	Description of the technology platform to be used

The CBK's due diligence process scrutinises the source of funds, the AML/CFT framework, correspondent banking relationships, and the adequacy of systems for compliance with reporting obligations. The licensing process involves multiple stages: initial application, CBK document review, letter of intent, fee payment, and final licence issuance. Regulated by the Central Bank of Kenya (CBK) under the Money Remittance Regulations, 2013.

› More Directory