This archive report was first published on 23 June 2020.
On June 8, 2020, the Central Bank of Kenya (CBK) revoked the license of Crown Bureau de Change, a Nairobi-based Forex Bureau, in a move that has left many in the industry wondering about the reasons behind the decision.
According to the CBK, Forex Bureaus in Kenya are regulated by the Central Bank, and the market has experienced rapid growth in recent times due to increased demand for foreign exchange and money transfer business.
Established in January 1995, Forex Bureaus were first licensed in Kenya to foster competition in the foreign exchange market and to narrow the exchange rate spread in the market.
However, the CBK has the power to revoke the license of a Forex Bureau in cases where the Bureau fails to comply with the provisions of the Central Bank of Kenya Act or any conditions attached to the license.
It is worth noting that the CBK did not issue an explanation for revoking the license of Crown Bureau de Change, leaving many to speculate about the reasons behind the decision.
CBK Governor Revokes Licence of Nairobi based Ventures Forex Bureau
