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.