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NAIROBI: Kenya has about 10 deposit-taking microfinance institutions (DTMs), and hundreds of credit-only microfinance institutions (MFIs). Though some credit-only MFIs are members of the Association of Microfinance Institution (AMFI) as DTMs, they are not regulated by the Central Bank of Kenya (CBK).
This lack of proper regulatory mechanisms has seen the entry of crooks into the microfinance business. The result has been a tarnished reputation for the entire sector, a factor Peter Mugendi, the CEO of Remu Microfinance Bank, a deposit-taking institution, says helps explains why some MFIs are struggling to mobilise customer deposits.
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