Kenya’s long-awaited Microfinance Bill will soon be put to the test in Parliament. With more than 200 microfinance institutions operating throughout Kenya, the country does not have one uniform regulatory system. Microlenders may be created under a myriad of Acts: the Non Governmental Organisations Co-ordination Act, the Building Societies Act, the Trustee Act, the Societies Act, Co-operative Societies Act, the Companies Act, the Banking Act, and the Kenya Post Office Savings Bank Act. The Nairobi-based Association for Microfinance Institutions (AMFI) is the only “opt-in” regulatory body in the country that sets rules about ownership, governance and accountability. It began in 1999 and is currently funded by a three-year USAID grant.
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