Central Bank of Kenya has cautioned the public against the persons or entities purporting to be providing money or value transfer on behalf of CBK.
According to the statement released from the regulator and it reads.“It has come to the attention of the Central Bank of Kenya (CBK) that there are entities and persons providing money or value transfer services without the requisite license or authorization from the CBK.
Money or value transfer services include payment services regulated under the National Payment System Act, 2011 and money remittance services regulated under Money Remittance Regulations, 2013.”
This is to inform members of the public that it is a criminal offence to provide money or value transfer services without a license or authorization from the CBK.
Such services do not enjoy the protection of the law and consumers stand to lose in case of any default by the providers of these services.
Licensed entities operate as payment service providers or money remittance providers and they conspicuously display the CBK license or authorization in their business premises, for ease of public reference.
The list of licensed money remittance providers and payment service providers can be accessed on the CBK website at https://www.centralbank.go.ke/https://www.centralbank.go.ke/ .
This is to caution and/or warn members of the public against seeking money or value transfer services such as “hawala” from unlicensed service providers. The CBK has a duty to identify entities and persons providing unlicensed or authorized money or value transfer services and to have them prosecuted in a court of law.
Members of the public are hereby requested to submit to the CBK, information on the identities and physical locations of entities and persons providing money or value services without a license or authorization from CBK.
The information may be submitted anonymously if the person reporting does not wish to disclose his/her identity.