The regulators’ role is primarily to evaluate the quality of oversight and management provided by these critical actors – that is, the quality of corporate governance. Strengthening banks’ corporate governance has thus been the theme of a number of BSP regulations. In June 1997, Circular No.
The semi-formal category includes SACCOs, Development Finance Institutions Agricultural Finance Corporation (AFC), Industrial and Commercial Development Corporation (ICDC), Kenya Industrial Estates (KIE), Industrial Development Bank (IDB), and Kenya Tourist Development Corporation (KTDC)} and microfinance institutions; while Accumulating and Rotating Savings and Credit Associations (ASCAS, and ROSCAs), shopkeepers and money-lenders dominate the informal category.