What is a non-deposit taking Microfinance?
A non-deposit taking Microfinance company is a company that carries on the lending Business but does not take any form of cash deposit or collateral from its clients.
This type of micro-finance company is a non regulated finance entity.
Requirements for registration of a Non deposit taking Microfinance in Kenya
1. Approval of Name
- The proposed names are submitted to the Central bank of Kenya for a No objection letter.
- A copy of the name reservation should be certified by an Advocate or Commissioner for Oaths.
- A copy of the registration details of the company as submitted to the Registrar of Companies .
2, A declaration by the individual shareholders on the sources of funds
The declaration should be certified by an Advocate or a Commissioner of Oaths.
3. Documentary evidence of the sources of funds.
An affidavit confirming that the funds to be deployed to the proposed company are not proceeds of crime. The affidavit should be certified by an Advocate or a Commissioner of Oaths.
Applicants are required to indicate whether any of the shareholders or directors of the proposed entity are employees (including directors) of any entity regulated by the Central Bank of Kenya.
How to Register a Non Deposit Taking Microfinance in Kenya
How long does it take to register a Non deposit taking Microfinance in Kenya?
To Register a Non Deposit taking Microfinance in Kenya takes an average of three Months.
Checklist for Non Deposit Taking Microfinance in Kenya
- Three names of the proposed company in order of preference.
- Copies of Kenya National identity card or Copies of passport for foreign Directors
- Passport size photographs
- Contact information including Postal address, physical address and e-mail, telephone numbers of all Shareholders and directors of the company
- Share structure of the company.
- A Bank Statement with at least USD 100,000.
- A Business Plan.
- Detailed Company Profile
Upon compliance and on issuance of a letter of No objection, the Registrar of companies shall register the Business and you can commence with your trade,.
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