Forex Bureaus were established in Kenya in 1995 by the Central Bank of Kenya under the CBK Act Section 33K provisions to encourage the development of the foreign exchange market and moderate the forex spread in the country's customary economic conditions.

The Kenya FX Code sets out standards for commercial banks, and aims to strengthen and promote the integrity and effective functioning of the wholesale foreign exchange (FX) market in Kenya.

The fact that migrant women account for half of global remittance transactions highlights the important role they play in supporting their communities back home.

The charges had been stopped in 2020 at the height of Covid-19 in Kenya, ostensibly to boost cashless transactions. Wafula, however, moved to court to challenge the legality of the bank to M-Pesa transfer fees charged to consumers entirely.

The patriarch of one of Kenya’s wealthiest families joined the civil service in 1965 after being appointed an economic advisor. He would then serve as permanent secretary in various ministries including Agriculture, Finance and Economic Planning.

With the new regulatory framework, they will be required to disclose interest rates, late payment and rollover fees before issuing the loans. The CBK expects the move to result in overall cheaper credit.