FINANCIAL SERVICES

[Andrew Alovi]

Morning Team,

PFA proposed policy document on financial services for your review before we approve and execute.

Regards

A

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A Tiger doesn't lose sleep over the opinion of sheep.

[Norman Ondego]

Hi Andrew

Very Good job on the policy. I think we can work with it as is. On the loan form there is mentions of  "according to the laws of kenya" at one of the sections. Do we know what the law says about lending? And how we can get legally sound on this venture.

Gentlemen whats your take on the document?

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[Alfred Maina]

The doc is fine with me.

regards,

Alfred

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[daniel makau]

All,

I like the framework but allow me to check on what legal vehicles must be in place for this to be above board. 

I'd imagine all lenders fall under some governance and licencing may be required. 

Give me today to find out.

Cheers!

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-Feed your faith and your fears will starve to death-

[Andrew Alovi]

Very valid point MacD.

[daniel makau]

Gentlemen it would appear that this time our regulators are on our side.

Lending in Kenya remains unregulated.

There are no governing requirements to be "Loan Sharks" which is what we propose in this arrangement.

My counsel advises me that we must have :

1. Contract

2. Copy of ID's

3. Witnesses for each contract

I believe we already comply.

The only caution is that CBK seeks to place controls on %ages of interest charged. It is not clear whether or not this new laws will govern setups such as ours. 

Counsel advises that CBK will really only be after those that already fall into the "banking" and "micro-finance" institutions. 

Thanks.