ABSTRACT
This chapter is an analysis of the laws that govern financial institutions in Kenya. It seeks to point out the manifold gaps in the regulatory framework by identifying areas of the market that the law is yet to regulate and the reasons why those gaps exist. Additionally, the chapter argues that it is important that the various regulators act in a synchronized manner so as to productively ensure that financial service institutions act within the purview of the law and to guard the veracity of the system as a whole. The chapter will finally argue on the importance of regulating the mobile banking system by ensuring that financial watchdogs develop the law on their scope thereby guaranteeing the safety and wellbeing of the mobile payment system and the customers that rely on it.
