Updated 1 November 2026
Forex bureaus in Kenya are licensed by the Central Bank of Kenya (CBK) and can only buy and sell foreign currency: under CBK’s Forex Bureau Guidelines they cannot take deposits, lend money, trade online, act as payment agents or split large deals to avoid reporting, and they must display their licence, buying and selling rates, and a notice that you are entitled to a receipt. Knowing these rules helps you spot a bureau that is cutting corners. Here are ten, with the guideline section for each.
Updated November 2026. Source: CBK Forex Bureau Guidelines, 2011 (issued under section 33K of the Central Bank of Kenya Act), published on centralbank.go.ke.
The rules forex bureaus in Kenya must follow
1. Display the licence, rates and a receipt notice
Section 4.5(7) requires every bureau to display prominently its CBK licence, its foreign currency buying and selling rates, a notice telling customers they are entitled to a receipt for every purchase or sale, and a notice that the bureau is not allowed to take deposits. If a bureau won’t give you a receipt, walk away.
2. No deposits and no current accounts
Bureaus cannot maintain current accounts for customers (section 4.2(1)(c)) and must post a notice that they do not take deposits. Leaving money “on account” with a bureau puts it outside any protection.
3. No lending
Section 4.2(1)(b) bans forex bureaus from lending money.
4. No holding your currency for safe keeping
They cannot act as custodians of foreign currency for customers (4.2(1)(f)) or use third parties to keep funds, other than authorised banks (4.2(1)(h)).
5. No payments or collections on your behalf
Section 4.2(1)(g) bans bureaus from acting as payment or collection agents for customers, and 4.2(1)(i) bans them from using agents to collect funds. A bureau offering to “pay your supplier in Dubai” is stepping outside its licence.
6. No online forex trading
Under section 4.2(1)(j), bureaus cannot conduct their business via the internet. Online forex trading platforms are a different business altogether, regulated by the Capital Markets Authority; see how to check a forex broker’s CMA licence.
7. No splitting deals to dodge reporting
Section 4.2(3) bans bureaus from processing transactions that appear to have been deliberately split into amounts of US$10,000 or below to avoid reporting to CBK. Bureaus must also keep records of transactions.
8. No gold, forward contracts, letters of credit or third-party cheques
Section 4.2(1) bars bureaus from acting as authorised dealers in gold, dealing in the forward market, establishing letters of credit and transacting in third-party cheques. They also cannot buy foreign currency drafts above US$1,000 (or equivalent) from customers.
9. Limits on selling to non-residents
Section 4.2(4) says a bureau can sell foreign currency to a non-resident only if the visitor can show the shillings came from selling foreign currency in Kenya or from other lawful activity.
10. No foreign accounts and no personal accounts
Under section 4.7, a bureau cannot open a bank account in a foreign country, and cannot run its business through the personal bank accounts of its directors, shareholders, staff or anyone else.
Other licence conditions
- A bureau must keep a non-interest-bearing deposit of US$30,000 with CBK as a licence condition.
- CBK charges KSh 65,000 a year per outlet, KSh 20,000 to apply for a new licence and KSh 10,000 to open a new outlet (fees set in section 3.4, which CBK may review).
- Bureaus cannot relocate, temporarily close or change owners and directors without CBK’s written approval, and must notify CBK of their business hours.
Tips for using forex bureaus in Kenya
- Compare the posted rate with CBK’s daily indicative rate (see dollar to shilling today); a bureau’s spread is how it earns.
- Always take the receipt and count your cash at the counter.
- For holding dollars rather than exchanging them, regulated options include dollar money market funds such as the CIC and Old Mutual dollar funds.
Frequently asked questions
Can a forex bureau in Kenya keep my money as a deposit?
No. CBK’s guidelines bar bureaus from taking deposits or maintaining current accounts, and they must display a notice saying so.
Must a forex bureau give me a receipt?
Yes. Bureaus must display a notice that customers are entitled to a receipt for any purchase or sale of foreign currency.
Can a forex bureau send money abroad for me?
No. Bureaus cannot act as payment or collection agents for customers. Use a bank or a licensed money remittance provider.
Who licenses forex bureaus in Kenya?
The Central Bank of Kenya, under section 33K of the Central Bank of Kenya Act. CBK publishes the list of licensed bureaus.
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