Bankers in the country are set to pay Kes 10,000 per year as a license should the proposed “The Institute of Bankers Bill 2024” bill pass in the National Assembly.
The bill proposed by the Kesses Member of Parliament Julius Rutto proposes the establishment of the Institute of Bankers, which will be responsible for regulating the professional standards for banking practice in Kenya, following the growing number of workers in the industry.
He says the Institute will also be in charge of training, registering, and licensing banks.
“The institute will be governed by a council composed of a Chairperson and Seven(7) other members, who will have the necessary powers to perform their duties.”
“Currently, Kenya lacks a formal, Centralized professional body dedicated specifically to the regulation, training, and certification of bankers.”
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If approved, 10,500 professional bankers will be expected to register in three years.
The membership registration will cost Kes 25,000, and the annual subscription will be Kes 10,000.
Additionally, Rutto stressed that the country should emulate other African countries such as Uganda, Rwanda, and South Africa, which have already established institutions that have been focal in regulating professional standards in their banking sector.
“Each country has adopted its banking professional institutions to fit its Uniwue context. In Uganda and Rwanda, the Institutes are designed to address local baking needs and regulatory requirements while aligning with International best practices, South Africa’s Chartered Banker Institute also reflects the Country’s specific needs and challenges in its professional framework.”
Further, the Bill states that one must fulfill specific educational requirements by passing accredited banking exams to qualify as a professional banker.
