Central Bank of Kenya freezes licensing of new banks

Central Bank of Kenya Governor Patrick Njoroge responds to questions when he appeared before the National Assembly Finance Committee at Continental House, Nairobi on Thursday 12/11/15. PHOTO:BONIFACE OKENDO

Central Bank of Kenya (CBK) has suspended the approval and licensing of new commercial banks in Kenya.

CBK Governor Patrick Njoroge has issued a moratorium on licensing of new banks but allowed mergers and acquisitions in the sector.