Kenya

Kenya

Limits SEZ incentives and raises bank capital requirements

11 Dec 2024

On 11 December 2024, Kenya enacted Business Laws (Amendment) Act, 2024, which introduces comprehensive amendments to various laws including the following: • It amended the Special Economic Zones Act (enacted in 2015) to introduce a 10-year limit on incentives for developers and operators. • It amended the Banking Act to increase the minimum core capital for banks and mortgage finance companies from KES 250 million (approximately $1,751,333) to KES 10 billion (approximately $77,399,380) over a six-year period, from 31 December 2024 to 31 December 2029.

The Act entered into force on 27 December 2024.

  • Type:
    • Treatment and operation (Operational conditions)
    • Promotion and facilitation (Investment incentives, Special economic zones)
  • Industry:
    • Not industry specific
    • Services (Financial and insurance activities)
  • Sources: