The Joint Financial Sector Regulators Forum (JFSR) concluded its 15th Annual Boards retreat on Friday, November 15, 2024 with the following resolutions that aim to strengthen Kenya’s financial ecosystem:
- Adopt a collaborative framework for testing crosscutting innovations and bolstering sector-wide cybersecurity regulations and internal frameworks.
- Conduct resolvability assessments for financial conglomerates and organize a national crisis simulation exercise.
- Collaborate on climate risk analysis, Environmental, Social, and Governance (ESG) reporting, and developing a Green Finance Taxonomy, leveraging existing work by the Central Bank of Kenya.
- Advancing financial inclusion by working jointly on the National Financial Inclusion Strategy (2025–2028) and its implementation.
- Strengthening integrity in the financial sector through continuous improvement of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) frameworks.
The JFSR comprises the Capital Markets Authority (CMA), the Central Bank of Kenya (CBK), the Insurance Regulatory Authority (IRA), the Retirement Benefits Authority (RBA), the Sacco Societies Regulatory Authority (SASRA) and the Kenya Deposit Insurance Corporation (KDIC) and Policyholders Compensation Fund (PCF) as newly admitted associate members. Their inclusion underscores the critical role of financial safety nets in ensuring financial stability.
