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Central Bank writes to Banks and Micro-finance institutions about betting firms

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The Central Bank of Kenya has written to CEOs of all Commercial Banks and Microfinance Institutions concerning the betting firms whose licenses have not been renewed.

A letter from CBK dated 15th July stated, “This is to bring to your attention that the Betting control and licensing board has not renewed the operating licenses of certain bookmakers and lottery operators for the period July 1st, 2019 to June 30th, 2020.”

The financial regulator expects Kenyan banks to keep a close watch on the accounts of the betting and lottery companies whose licenses have not been renewed.

CBK listed 27 betting firms and 6 lottery businesses that banks should be keen while transacting with them. Some of the companies on the list are; Sportpesa, Betin, Betway, Betpawa, Premier Bet, and Kenya Sports Bet.

The Betting control and licensing board failed to issue new permits to the gambling firms at the start of July. Some of the affected businesses plan to take the matter to court.

They say that the decision by the betting board is malicious and will result in massive job losses for their employees.

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