Nairobi, Feb. 22 -- The Central Bank of Kenya (CBK) is reviewing its governing laws to strengthen its oversight of financial technology (fintech) companies, digital banking, and cybersecurity in the banking industry amid a sharp rise in the number of service providers.

The regulator is recruiting a consultant to undertake an intensive legal review of the Central Bank of Kenya Act and the Banking Act, setting the stage for likely changes to the two laws that fundamentally govern it.

With the review, CBK intends to strengthen its mandate over fintechs - many of which currently operate without the regulators' oversight - and to boost its grip on digital banking and cybersecurity in the sector.

"The objective of this consultancy is to unde...