The 15th Joint Financial Sector Regulators Forum (JFSRF), held on November 15, underscored Kenya’s ongoing efforts to fortify its financial sector against rising challenges, including cybersecurity threats, climate-related risks, and anti-money laundering measures.
Hosted by the Central Bank of Kenya (CBK) and chaired by the Retirement Benefits Authority (RBA), the forum brought together top executives and board members from regulators such as the Capital Markets Authority (CMA), the Insurance Regulatory Authority (IRA), and Sacco Societies Regulatory Authority (SASRA). The Kenya Deposit Insurance Corporation (KDIC) and Policyholders Compensation Fund (PCF) were formally admitted as associate members, further broadening the forum’s reach.
The forum focused on the theme: Financial Stability and Policy Challenges in a Multi-Shocks Environment. Key discussions highlighted cybersecurity as a pressing issue, with regulators resolving to enhance collaboration, implement sector-wide cybersecurity frameworks, and conduct crisis simulation exercises by June 2025.
Climate change emerged as a significant agenda item, with regulators committing to integrating Environmental, Social, and Governance (ESG) criteria into financial disclosures and leveraging green finance taxonomies to foster sustainability. The National Treasury emphasized the need to address emerging risks while advancing frameworks for Islamic finance and virtual assets.
“This forum plays a vital role in ensuring the financial sector’s contribution to economic stability amidst evolving challenges,” said the Cabinet Secretary for National Treasury and Economic Planning.
Other resolutions included bolstering financial inclusion by advancing the National Financial Inclusion Strategy (2025-2028) and strengthening mechanisms to mitigate risks posed by failing institutions.
The JFSRF, established in 2009, has become a cornerstone of regulatory cooperation in Kenya, ensuring that the country’s financial systems remain resilient amid global and domestic uncertainties.
