It looks like your account doens't have access to view this content. You'll need to subscribe or login to do that Seven foreign exchange bureaus have closed business in compliance with new Central Bank of Kenya CBK regulations that have reduced to one, the number of licences that can be issued to an individual operator.

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ABC Forex Bureau, Muthaiga, Shepherds, Connection, Chase, Gigiri, and Village Market bureaus had their licences revoked by CBK last week. Some of the affected operators said they had requested CBK to cancel some of their licences so that they could meet the new ownership requirements.

The cancellations will help the regulator to reduce the amount of idle capital in their premises. The CBK increased the core capital requirements for each forex bureau by per cent last year, from Sh2.

This means that entrepreneurs with for instance five muthaiga abc forex bureau will need five times more capital than if they had only one bureau. Tom Muchina, vice chairman of the Kenya Forex Bureau Association, said that the new rules will allow them to hold only one licence per bureau since all the other bureaus will be converted into branches.

CBK also doubled the licence fee per bureau to Sh20, from Sh10, People familiar with operations in the sector said multiple sam evans forex of forex bureaus allowed operators to evade tax by splitting transactions.

The new changes will also allow regulators to easily audit trading system forex devisen operations of various forex bureaus. The Kenya Revenue Authority and Central Bank have recently increased their scrutiny of the sector following an order by Finance minister Uhuru Kenyatta, in his Budget Speech, that sought to address claims that some bureaus were taking deposits from customers-- which is allowed only for licensed commercial banks and microfinance institutions.

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Muthaiga-ABC Forex Bureau Limited

Markets Seven forex bureaus close down after CBK revokes licences Monday, January 23, Also Read News Treasury faces huge pension load in July News Fintechs offer cheapest UK-Kenya diaspora cash Markets Crown to buy-back shares through CMA. The Central Bank also increased the capital requirements per bureau by per cent last year.

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