Mobile Phone Banking in Kenya: How Adequate Is the T Regulatory Framework?

Abstract

This thesis discusses the topic subject of mobile phone banking in Kenya. It seeks to find out how adequate the regulatory framework in Kenya is III regulating mobile phone banking. This is based on the fact that mobile phone banking is a novel concept in Kenya which is evolving very fast devoid of any proper regulatory system. The study also seeks to find out who should be the regulation of mobile phone banking. Should it be the Central Bank of Kenya, the Communications Commission of Kenya or should there be joint regulation or should a separate body be set up to regulate this sector of the economy. The study also seeks to suggest among other things if it.is found out that the regulatory framework is not /. :''' adequate, to suggest the areas of law that need enactment or amendment. The method of research was basically desktop research. We looked at both primary and secondary sources df information. The •study looked at various legislations, regulations and government policies that relate to the area of mobile phone banking. The findings of the research are that the current regulatory framework in place is inadequate in regulating mobile phone banking. There is need to amend various legislations to capture mobile phone banking. There is also need to set up a separate body that will deal with regulation of mobile phone banking. The study concluded that mobile phone b*anking- is evolving very fast and if proper legislation is not put in place, the law will be overtaken by events.