Kenya’s CBK seeks power to takeover failing payment firms, sell assets

Kenya’s Central Bank of Kenya (CBK) is pushing a draft National Payment System Bill, 2026 that would let it step in when a payment company cannot meet its obligations to customers, breaks rules, or threatens financial stability. The CBK could appoint a statutory manager to run the firm, remove its directors and senior officers, stop it from taking on new payment business or agents, and eventually sell the business to preserve value. This builds on CBK’s 2021 action against Mobile Pay (Tangaza) and its banking interventions like Imperial Bank and Chase Bank receiverships.

For Nigerians who use or invest in East African fintechs, or who make cross‑border payments through Kenyan platforms, this means a troubled provider could be taken over before it collapses, potentially protecting your funds but also possibly suspending payments while a manager sorts things out. If you operate a payment service in Kenya, you should prepare for tighter oversight and possible loss of control if regulators deem you non‑compliant.

The bill also aims to clear a legal grey area by allowing registration and licensing of fintech startups, which could level the playing field against dominant banks and telcos. Stay updated on CBK announcements and consider how similar regulatory shifts might affect Nigeria’s own payment landscape.

SOURCE: https://techcabal.com/2026/10/12/kenyas-cbk-seeks-powers-fintechs/