In a circular dated 17th May 2012, the Central Bank of Kenya issued a guideline on the opening, relocation and closure of marketing offices and agencies of deposit taking microfinance institutions. The guideline is based on a previous guideline called the Guideline on the Appointment and Operations of Third Party Agents by Deposit Taking Microfinance Institutions that was intended to provide an avenue for deposit taking microfinance institutions to expand their reach to a wider population of Kenyans.
This new guideline provides the necessary legal support and guidance on the use of marketing offices and agencies that collect deposits from members of the public.
Through such legal structures, the CBK enhances its protective role over the deposits of wananchi while facilitating the use of financial services by a wider population of the people. The licensed Deposit Taking Microfinance institutions (DTMs in short) can now collect money from their clients via their marketing and agency offices thereby making their services accessible in the mitaani.