The document summarizes consumer protection issues in the financial sector in Kenya. It finds that while various laws and institutions exist to protect consumers, they are generally weak and lack enforcement. Consumer protection is not the primary objective of most bodies. There are also issues with transparency around pricing, terms and conditions. The document recommends strengthening regulations and institutions to better protect consumers in Kenya's financial sector.

17. State of play Gaps Prudential regulation New framework Weak institutions Eventual competition stress No regulations of unlicensed SACCOS Recourse There exist internal and industry mechanisms No specific regulation No public reporting No independent recourse mechanism Limited consumer awareness of rights Transparency No transparent prices, terms and conditions. No regulation on uniform disclosure

18. State of play Gaps Prudential regulation No formal prudential regulation, but supervised by the CBK and CCK No regulation of mobile money services Transparency Good industry practice No regulation Recourse No other mechanism beyond internal procedures No independent recourse mechanism