NAIROBI, Kenya – Two foreign-owned banks have missed the Central Bank of Kenya (CBK) deadline to submit their plans for raising core capital to Sh10 billion, instead requesting more time to comply.
CBK Governor Kamau Thugge disclosed the update during a post-Monetary Policy Committee (MPC) press briefing held on April 9, 2025, noting that 22 banks had already submitted their capital-raising strategies.
“The remaining two have requested an extension, and since they are foreign-owned subsidiaries, we expect they’ll be able to secure the required capital,” Thugge stated.
The capital requirement stems from the Business Laws (Amendment) Act, passed by Parliament in December 2024, which mandates all banks to meet the Sh10 billion threshold by 2029. As part of the phased rollout, banks are expected to raise at least Sh3 billion by the end of 2024.
Governor Thugge also indicated that the CBK will begin reviewing the submitted plans from compliant lenders and initiate the next steps in the sector’s capital restructuring efforts.
The move aims to strengthen the banking sector’s stability and resilience.
