CBK warns illegal lenders

The Central Bank of Kenya (CBK) has issued a statement giving sham microfinance institutions until May to clean up their act or face legal action. The central said it has been alerted to the fact that a number of institutions were flouting Kenyan law that prohibit the use of the words "finance" and "bank" by companies or organisations without banking licences.

"The Banking Act precludes unauthorised use of the term 'finance' or 'bank' or any other derivatives or indeed any other word indicatin

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