Background

The Central Bank of Kenya is a public institution established under Article 231 of the Constitution of Kenya, 2010. The Bank is responsible for formulating monetary policy to achieve and maintain price stability and issuing currency. Pursuant to the CBK Act, the Central Bank promotes financial stability through regulation, supervision and licensing of fin...

Job Purpose

The role holder will process licensing applications of virtual asset service providers (VASPs), review for approval or decline VASP products to ensure an all-inclusive, technologically driven national payment system. The role holder will be involved in policy development initiatives for VASPs and payment services including development of standard operating procedures and guidelines for the section.

Key Duties and Responsibilities

Strategic Responsibilities

• Continuously review and align the VASP Act and Regulations in line with international standards and best practices and make recommendations for policy interventions to encourage financial innovation.
• Contribute as appropriate to the performance of other functions and to the overall achievement of the Bank’s strategic objectives.
• Work effectively as part of the team to deliver on the Key Result Areas and demonstrate competencies of his/her role.

Technical and Operational Responsibilities

• Review and recommend for approval applications for the launch of any new VASP product/service by licensed VASPs.
• Review VASP applications and recommend for approval to Management in line with the VASP Act and Regulations.
• Review the requisite documentation on all applications for the launch of any new VASP product/service by existing VASPs.
• Correspond with all applicants for VASPs.
• Coordinate and Chair meetings with prospective new VASPs for regulatory guidance.

Other Responsibilities

• Sectional budget development and monitoring.
• Mentor, coach and mobilize the VASP team to achieve annual operational work plans.
• Oversee training of new staff in the Section on work procedures and company policies to ensure effective client service.
• Any other assigned roles and responsibilities.

Qualifications

• Bachelor’s Degree in Economics, Banking, Accounting, Finance, Business Administration, Insurance, Law, Mathematics, Computer Science or related field of study.
• Professional qualification in Banking, Accounting, Finance, Risk Management, or related field of study is an added advantage.

Work Experience

• At least seven (7) years’ experience working in Payments & Banking Operations, Financial Services, Economics, Accounting or similar operations, with at least three (3) years in a supervisory capacity.

• Continuously review and align the VASP Act and Regulations in line with international standards and best practices and make recommendations for policy interventions to encourage financial innovation.
• Contribute as appropriate to the performance of other functions and to the overall achievement of the Bank’s strategic objectives.
• Work effectively as part of the team to deliver on the Key Result Areas and demonstrate competencies of his/her role.
• Review and recommend for approval applications for the launch of any new VASP product/service by licensed VASPs.
• Review VASP applications and recommend for approval to Management in line with the VASP Act and Regulations.
• Review the requisite documentation on all applications for the launch of any new VASP product/service by existing VASPs.
• Correspond with all applicants for VASPs.
• Coordinate and Chair meetings with prospective new VASPs for regulatory guidance.
• Sectional budget development and monitoring.
• Mentor, coach and mobilize the VASP team to achieve annual operational work plans.
• Oversee training of new staff in the Section on work procedures and company policies to ensure effective client service.
• Any other assigned roles and responsibilities.

• Bachelor’s Degree in Economics, Banking, Accounting, Finance, Business Administration, Insurance, Law, Mathematics, Computer Science or related field of study.
• Professional qualification in Banking, Accounting, Finance, Risk Management, or related field of study is an added advantage.