Kenya: Bankers to Pay Sh10,000 Annual Fee Under New Bill

Nairobi — If a new bill passes in Parliament, bankers in the country will be required to pay Sh10,000 per year as a license.

Kesses Member of Parliament Julius Rutto proposed the bill, titled ‘The Institute of Bankers Bill 2024,’ this month.

The bill further proposes the establishment of the Institute of Bankers, which will be responsible for regulating the professional standards for banking practice in Kenya, following the growing number of workers in the industry. The institute, he says, will also be in charge of training, registering, and licensing banks.

“The institute will be governed by a council composed of a Chairperson and Seven(7) other members, who will have the necessary powers to perform their duties,” it stated.

“Currently, Kenya lacks a formal, Centralized professional body dedicated specifically to the regulation, training, and certification of bankers,” it added.

If approved, 10,500 professional bankers will be expected to be registered in three years. Membership registration will cost Ksh 25,000 and the annual subscription of Ksh 10,000.

In the bill, Rutto stressed that the country should emulate other African countries such as Uganda, Rwanda, and South Africa, which have already established institutions that have been focal in regulating professional standards in their banking sector.

“Each country has adopted its banking professional institutions to fit its Uniwue context. In Uganda and Rwanda, the Institutes are designed to address local baking needs and regulatory requirements while aligning with International best practices, South Africa’s Chartered Banker Institute also reflects the Country’s specific needs and challenges in its professional framework,” it stated.

Moreover, the bill has further pointed out that to qualify as a professional banker, it will be mandatory for one to fulfil specific educational requirements by passing accredited banking exams.

“To be registered as a banker, an individual must demonstrate good conduct, pay the prescribed fees, and complete recognized educational programs, whether in Kenya or abroad, as determined by the Bankers Examination Board,” it stated.

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