The Central Bank of Kenya (CBK) wants to protect Kenyans from unlicensed Money or Value Transfer Services (MVTS) providers.
They say that people need to be careful about these services because they don’t have permission from the CBK.
It’s important because these unlicensed services can lead to big losses for customers, and it’s also against the law.
In a message to the media on Monday, the CBK said they’ve noticed more and more unlicensed MVTS providers popping up.
These providers can cause problems for customers, and it’s not safe to use them.
The CBK mentioned, “Such services do not enjoy the protection of the law and consumers stand to lose in case of any default by the providers of these services.”
This means that if you use an unlicensed MVTS, you won’t have any legal support if things go wrong.
The CBK is asking the public to help by reporting any information about these unlicensed MVTS providers.
They want to know who they are and where they are located. You can give this information without telling them your name if you don’t want to.
The CBK also mentioned that licensed MVTS providers are safe to use.
They have the necessary permission from the CBK, and you can see their license displayed in their business places.
So, if you’re sending money, make sure you use a licensed provider to keep your money safe.
Money or value transfer services mean any way of sending money to someone in a different place.
It involves taking cash, checks, or other kinds of money and sending it to someone else through a network or system.
This system is used by licensed MVTS providers to make sure your money gets to the right person.
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