Central Bank of Kenya lifts 10-year ban on new bank licences

Annyeonghaseyo,

Victoria from Techpoint here,

Here’s what I’ve got for you today:

• CBK lifts 10-year ban on new bank licences
• This Tunisian startup is rewriting the past with tech
• Moniepoint launches MonieWorld for Nigerians in the UK

CBK lifts 10-year ban on new bank licences

After nearly a decade, the Central Bank of Kenya (CBK) is reopening the doors for new commercial banks, per BusinessDaily. 

Starting July 1, 2025, the regulator will begin accepting applications for fresh banking licences, ending a moratorium that began in 2015 following the collapse of Dubai Bank and Imperial Bank, which shook public confidence in the sector.

This move comes as CBK cites significant improvements in the legal and regulatory framework governing Kenya’s banking industry. The moratorium had responded to a series of bank failures that exposed vulnerabilities in the sector.

However, entering the Kenyan banking market won’t be easy. New applicants must meet a hefty minimum capital requirement of KSh10 billion, a significant increase from the previous KSh1 billion. This change, introduced in the 2024 Business Laws (Amendment) Act, aims to ensure that only well-capitalised and stable institutions operate in the market.

During the moratorium, the number of banks in Kenya decreased from 44 to 38, primarily due to mergers and acquisitions. Notable deals included KCB Group’s acquisition of National Bank of Kenya and Equity Group’s takeover of Spire Bank. These consolidations were part of CBK’s strategy to strengthen the banking sector.

The lifting of the ban is expected to attract local and international investors interested in establishing new banks in Kenya. CBK emphasises that stronger and more resilient banks are essential for navigating the growing risks in the global, regional, and domestic arenas.

With this development, Kenya’s banking landscape is poised for renewed growth and competition, offering new opportunities for financial inclusion and economic development.

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This Tunisian startup is rewriting the past with tech

Let’s be honest, most people didn’t love history class. Between memorising endless dates, weird place names, and grainy textbook images, it’s no wonder students zone out. But what if you could walk through ancient cities like Carthage or Dougga from your phone or even with VR goggles? That’s exactly what Historiar, a Tunisian startup, is doing. and they’re making history feel like a real-life adventure.

It all started when Houda Bakir, the founder, was working on her thesis in 3D Reconstruction. While taking a breather among the ancient ruins of Carthage, she had a lightbulb moment: “Carthage was destroyed during the Punic War, so nothing is left. But with 3D, we can rebuild it and show it.” That’s how Historiar was born, using 3D modelling and AI to bring forgotten cultural sites back to life.

Since launching in 2019, Historiar has been busy. They’ve teamed up with archaeologists at the University of Sousse, the Tunisian Ministry of Culture, and even schools. Now, people can explore nine reconstructed sites across Tunisia, all from their devices, and students use it in class. It’s like Google Maps, but for ancient cities.

With VR headsets in museums and audio guides in English, French, and Arabic, Bakir says kids are way more excited about history now. “Many people don’t like these history courses. But with technology, they’re more attracted to it, especially kids,” she says. It’s a fresh way of keeping heritage alive and accessible.

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Moniepoint launches MonieWorld for Nigerians in the UK

Moniepoint, the Nigerian fintech giant you probably know from POS machines and business banking, is now going global. The company just rolled out MonieWorld, a new platform designed to help immigrants, starting with Nigerians in the UK, send money back home and access other helpful financial services.

But MonieWorld isn’t just another remittance app. CEO Tosin Eniolorunda says the vision is bigger: to build a full-on banking experience for immigrants. “We’re building a proper immigrant banking platform,” he said. That means helping people manage life abroad while still taking care of things back in Naija.

Now, the UK–Nigeria remittance market is already packed. You’ve got players like LemFi, Send, and NALA doing the most. But Moniepoint thinks it has an edge, thanks to its existing tech and massive transaction volume, it can offer competitive pricing and better service without cutting corners.

This move also makes a lot of business sense. Nigeria’s economy is going through a rough patch, and Moniepoint wants to reduce its reliance on just one market. MonieWorld is their way of expanding globally, starting with the UK and eyeing other African diasporas next, including folks in Kenya.

The company processed over 5 billion transactions in 2023 alone, so it’s definitely not new to scale. And with backing from big names like Google and Visa (yes, the fintech raised $110 million recently), Moniepoint has the resources to go big or go home.

Long story short: if you’re a Nigerian in the UK who wants to send money back without stress, and maybe even manage your money better while you’re at it, MonieWorld might be worth checking out.

In case you missed them

• South Africa halts new social security card rollout as over a million people face delays
• Nigerians did not lose $822M to CBEX as total deposits are estimated to be about $6.1M

What I’m watching

• The paradox of choice | Barry Schwartz | TED
• The Truth About “Situationships“

Opportunities

• Want to exhibit or attend the Lagos Startup Expo in June? Visit this website here.
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Want to connect with professionals in tech sales and partnerships to exchange ideas and explore how revenue growth can scale Africa’s tech ecosystem? Join Tech Sales Connect 2025 on April 19th at Gomycode, Lagos. Register here.

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Have a superb Thursday!

Victoria Fakiya for Techpoint Africa.