The Government intends to merge three major financial regulatory bodies in the country to enhance service delivery, avoiding duplication of roles and reduce bureaucracy.
According to reports, Prime Cabinet Secretary Musalia Mudavadi said recently that the three regulatory bodies are Saccos Societies Regulatory Authority (SASRA), Capital Markets Authority (CMA), and the Insurance Regulatory Authority (IRA).
The merger according to reports is in line with the demands of the International Monetary Fund (IMF) as Kenya seeks to acquire a KSh580 billion loan.
The Prime Secretary added that the merger would streamline regulatory processes and improve their collective outcomes.
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Also, other entities that might be affected include the National Environment Management Authority (NEMA), Kenya Bureau of Standards (KEBS), and the Department of Weights and Measures.
“The regulatory framework in any nation is vital for economic growth, social harmony, and environmental sustainability. Regulatory Authorities and Agencies are key in ensuring adherence, and driving innovation,” Mudavadi said, adding, “Excited to engage in discussions on boosting our regulatory capabilities to combat corruption, reduce waste, and enhance service delivery.”
During former President Uhuru Kenyatta’s tenure, the merge plans were introduced in 2017 when the Cabinet approved the draft Financial Service Authority (FSA) Bill.
The bill required all non-banking institutions to be registered under the FSA through a single licence with CBK the only regulator that would not fall under the new entity.
However, in 2018 the plan was indefinitely suspended without clear reason from the State.
By our reporter
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