Patrick Njoroge – DIGIT INFO

Kenyan Forex Crisis: Central Bank Orders Financial Institutions to Ration Dollars

DIGIT — Mon, 06 Mar 2023 11:04:56 +0000

Growing shortages of foreign exchange on the interbank market have reportedly forced the Central Bank of Kenya to ask financial institutions to ration dollar purchases by Kenyan businesses. The shortages have forced Kenyan firms to seek greenbacks on alternative markets where the exchange rate is higher than the official government rate. New Limits Curtailing Operations […]

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Report: Kenyan Lawmaker Proposes Introducing Crypto Income and Capital Gains Tax

DIGIT — Wed, 23 Nov 2022 11:00:51 +0000

According to a capital markets amendment bill reportedly sponsored by Kenyan lawmaker Abraham Kirwa, cryptocurrency holders in the country will be obliged to pay taxes on gains. In addition, the bill (if passed into law) would require crypto holders to furnish Kenya’s Capital Markets Authority with details such as “the amount of proceeds from the […]

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Kenyan Central Bank Raises Key Rate by 75 Basis Points

DIGIT — Sun, 02 Oct 2022 07:00:54 +0000

The monetary policy committee of the Kenyan central bank recently revealed it increased the central bank rate by 75 basis points from 7.5% to 8.25%. Justifying its decision to act, the committee cites growing inflationary pressures and increased global risks, as well as their likely impact on the domestic economy. Growing Inflationary Pressures Following its […]

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Kenyan Central Bank Says It’s ‘Craziness’ to Convert Country’s Reserves to Bitcoin

DIGIT — Sun, 25 Sep 2022 06:00:01 +0000

The Kenyan central bank governor Patrick Njoroge has described as “craziness” the calls to convert Kenya’s reserves into bitcoin. He added that he would have to be out of his mind before agreeing to this. Njoroge argued that cryptocurrencies like bitcoin are not only volatile, but are hardly solving any problem. CBK Governor Says Converting […]

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Flutterwave Kenya License Controversy: Fintech Giant Reportedly Applied in 2019

DIGIT — Thu, 11 Aug 2022 10:00:38 +0000

The Nigerian fintech unicorn, Flutterwave, reportedly said it submitted an application for a payment service provider license to the Central Bank of Kenya back in 2019. The fintech also said it has remained in constant contact with the central bank and is hopeful it will get the license. CBK Allegations The Nigerian fintech giant Flutterwave […]

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Kenya Central Bank Orders Financial Institutions to Stop Dealing With Two Nigerian Fintechs

DIGIT — Mon, 01 Aug 2022 10:00:07 +0000

In a letter addressed to the CEOs of financial institutions, the Central Bank of Kenya (CBK) has said financial institutions operating in the country must cease and desist from dealing with two Nigerian fintechs, Flutterwave and Chipper Cash. The letter reiterates the CBK governor Patrick Njoroge and the Asset Recovery Agency (ARA)’s assertions that the […]

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Report: Kenyan and Nigerian Central Bankers Attack Cryptocurrencies but Endorse CBDCs

DIGIT — Mon, 13 Jun 2022 09:30:13 +0000

Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap The Nigerian and Kenyan central bankers have said cryptocurrencies are too volatile to […]

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Kenya Central Bank Governor: Low Smartphone Penetration Working Against Plan to Launch CBDC

DIGIT — Fri, 01 Apr 2022 22:30:53 +0000

According to Patrick Njoroge, the governor of the Kenyan central bank, the significant number of non-smartphones that are in use in Kenya means launching a central bank digital currency (CBDC) now may be premature and could lead to many citizens being financially excluded. Central Bank Mulls Delaying CBDC Rollout The governor of the Central Bank […]

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Report: Kenya Central Bank Governor Reiterates His Opposition to Cryptocurrencies

DIGIT — Fri, 25 Mar 2022 09:30:41 +0000

The Kenyan central bank governor has once again told Kenyans to be wary of the risks that are associated with cryptocurrency transactions and trading. The governor also warned financial institutions supporting cryptocurrency transactions that they risk losing their licenses. Crypto Trading Beneficial to a Few The governor of the Central Bank of Kenya (CBK), Patrick […]

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Central Bank Governor Says Kenya’s Position on Cryptocurrencies Has Not Changed

DIGIT — Sun, 30 Jan 2022 09:00:46 +0000

Kenya’s position on cryptocurrencies is still unchanged the governor of the Central Bank of Kenya (CBK), Patrick Njoroge has said. Njoroge latest remarks come as Kenya continues to cement its position as one of the countries on the African continent that has the highest adoption of cryptocurrencies. CBK’s New Stance of Cryptocurrencies to Be Unveiled […]

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