This Act regulates “microfinance business” i.e. the business of: (a) receiving money, by way of deposits or interest on deposits, which is lent to others or used to finance the business; or (b) providing loans or other facilities to micro or small enterprises and low income households. In particular the Act: defines the qualifications for carrying out deposit-taking microfinance business; provides for inspection of microfinance business by the Central Bank; provides rules of governance for microfinance businesses; and provides for protection of deposits. A deposit-taking microfinance institution licensed under this Act shall not purchase or otherwise acquire any land except as may be reasonably necessary for the purpose of expanding the deposit-taking business.
كينيا · 2006-12-30