Kenya’s CBK Seeks Authority to Take Over Struggling Fintechs

Kenya’s Central Bank of Kenya (CBK) is seeking expanded powers to take over struggling fintech companies, aiming to protect customer funds when providers face financial difficulties. The proposed changes would allow the regulator to intervene in cases where payment service providers fail to meet obligations or breach regulatory standards.

The draft National Payment System Bill, 2026, outlines scenarios where the CBK may step in to manage a payment service provider or system operator. This includes situations where the provider threatens financial stability or fails to meet its obligations to customers or financial institutions, according to the bill.

Adonijah Ndege, a key figure in the Central Bank of Kenya, highlighted the need for such measures, emphasizing the importance of safeguarding customer money. The CBK’s proposed intervention aims to ensure financial stability and protect the interests of users in the fintech sector, as outlined in the draft bill.