The Kenya Forex & Remittance Association (KFRA) was formed on June 2011 with the name of Kenya Forex Bureaus Association, with a primary goal of advocating the interests of members, promote new products and services and enhance profitability while encouraging members to uphold professionalism and remain compliant with Foreign Exchange Regulatory Polices and Guidelines.
In 2015, the Kenya Forex Bureaus Association changed its name to Kenya Forex & Remittance Association in order to accommodate all Money Remittance Companies and to bring together a fully compliant Foreign Exchange and Remittance Industry in the Kenyan Economy. The KFRA prides itself in promoting and enhancing Best Practices and advocating for the interests of members, promoting new products & services and enhancing profitability while encouraging members to uphold professionalism and remain compliant with Anti Money Laundering as well as Foreign Exchange Regulatory policies and guidelines.
The KFRA has now a fully-fledged secretariat for the association, has established a direct relationship with the regulators, has achieved over 75% membership subscription, identified key areas of operational challenges of the members in conjunction with the regulator and has organized quarterly compliance training sessions to enhance Best Practices within its membership.
The KFRA has determined that its primary challenges as of 2017 are
- Toughening global and local regulatory environment
- Increasing costs of operations for members –more compliance, more backup mechanisms etc
- De-risking of operators by local banks