Financial Services & Fintech

Legal advisors to banks, microfinance banks, insurers, fintech founders, payment-service providers, digital-credit providers and SACCOs in Kenya. We advise on CBK and IRA licensing, payment-system authorisation under the National Payment System Act, digital-credit-provider registration, agency banking, bancassurance, and data protection in financial services — covering the full regulatory, transactional and contentious lifecycle for one of East Africa’s fastest-moving sectors.

Relevant expertise: Banking & Finance; Capital Markets; Corporate & Commercial; Data Protection & Privacy; Competition & Antitrust

How we help. We act for banks, microfinance banks, insurers, SACCOs, fintechs, payment-service providers and digital-credit providers across the full regulatory, transactional and contentious lifecycle. That includes CBK and IRA licensing, payment-system authorisation under the National Payment System Act, digital-credit-provider registration under the 2022 Regulations, agency-banking and bancassurance structures, product and terms-of-service drafting, lending and security documentation, and data-protection compliance for institutions handling large volumes of customer data. When disputes arise — debt recovery, regulatory enforcement, customer claims — we litigate and arbitrate them.

Why OLM for financial services and fintech. Kenya is the continent’s mobile-money and digital-lending pioneer, and the regulatory framework is moving fast. Our combined banking, data-protection and dispute-resolution capability means a fintech client gets licensing, product and privacy advice from one team that understands how the CBK and ODPC actually apply the rules — not three siloed opinions that have to be reconciled.

Frequently Asked Questions

Do fintechs and digital lenders need CBK approval in Kenya? Yes. Digital-credit providers must be licensed by the Central Bank of Kenya under the Digital Credit Providers Regulations 2022, and payment and remittance providers require authorisation under the National Payment System Act. We handle the application end to end.

What data-protection rules apply to financial institutions? Banks, lenders and insurers are data controllers under the Data Protection Act 2019 and must register with the ODPC, run DPIAs and handle customer data lawfully. We build the compliance programme and defend any enforcement.

What licences does a fintech need to operate in Kenya? Depending on the product, a fintech may need CBK payment-service or digital-credit licensing, and may engage CMA or IRA rules. We assess the perimeter and obtain the licences.

How is mobile money regulated in Kenya? Mobile-money and payment services are regulated under the National Payment System Act and CBK regulations. We advise on licensing, agent-network arrangements and compliance.