The banking industry in Kenya is governed by the Companies Act, the Banking Act, the Central Bank of Kenya Act and the prudential guidelines issued by the Central Bank of Kenya (CBK).
The CBK is responsible for formulating and implementing monetary policy and fostering the liquidity, solvency and proper functioning of the financial system.
According to CBK for the financial year ended 30 June 2020, Kenya had 41 commercial banks, 1 mortgage finance company, 14 microfinance banks, 9 representative offices of foreign banks, 69 foreign exchange bureaus, 19 money remittance providers and 3 credit reference bureaus.
The banks have come together under the Kenya Bankers Association (KBA), which serves as a lobby for the banking sector’s interests. The KBA serves a forum to address issues affecting members.
Over the last few years, the Banking sector in Kenya has continued to growth in assets, deposits, profitability and products offering.
PwC has extensive experience in serving the Banking sector in the African region and in Kenya in particular. Through our involvement in a large number of audit and non-audit assignments, including strategic and regulatory initiatives that influence the future of the sector, we have developed an in-depth knowledge of the sector which we apply to all our client relationships.
PwC is involved with the CBK, the Kenya Bankers Association and a number of the major players.
PwC is a proven thought leader and an advocate of good corporate governance and financial reporting in the region. Our success in this area is demonstrated by the success of our audit clients in the annual FiRe (Financial Reporting) awards presented by the Institute of Certified Public Accountants of Kenya (ICPAK). The FiRe awards have the primary objective of promoting excellence in financial reporting, corporate governance and corporate social responsibility among Kenyan corporate organisations.
We have an enviable client base in the banking sector in Kenya, which enables us to continually refresh our knowledge of the sector and to benchmark practices and controls across sector players.