December 17, 2012: The Kenya Bankers Association (KBA), the umbrella body representing the commercial banks licensed by the Central Bank of Kenya under the Banking Act, Cap 488, has moved to amend its constitution to incorporate deposit taking microfinance institutions (DTMs) and the representative offices of foreign-based banks.
During its General Meeting held on 11 December 2012, by a unanimous vote of the General Body that is comprised of KBA’s member banks, amendments to Chapter 3, Part A (Eligibility of Membership) – Section 5 were adopted, creating the new membership category of Associate Member.
Subsequent chapters were therefore amended.
The new KBA Constitution takes effect on 1st January 2013.
About the Kenya Bankers Association
Kenya Bankers Association (KBA) is an industry organization which represents the banking sector. The members are comprised of the 43 banks licensed under Kenya’s Banking Act. These banks are represented by their Chief Executive Officers, who elect a Governing Council to oversee sector wide activities on behalf of the General Body. The Governing Council is supported by various Committees which are comprised of bank representatives. These committees coordinate activities with the KBA Secretariat.
Through the years, the Association has aligned banks in an effort to increase efficiency within the sector, spur innovation, and enhance the banking experience for all Kenyans.
In addition, KBA owns the Automated Clearing House which is operated by the Central Bank. Other KBA/Central Bank initiatives include the Modernization of Payment Systems (including the Cheque Truncation Project), establishing regional Currency Centres, and the Kenya Credit Information Sharing Initiative.