Our Constitution

1. NAME

1.1. The name of the Society shall be KENYA FOREX & REMITTANCE ASSOCIATION (in this constitution referred to as “the Association”).

1.2. The address of the Association shall be Kenya House, 2nd Floor, Unit 20A, Koinange Street – LR No. 209/3870 or such other address as shall from time to time be determined by the Executive Council of the Association.

2. OBJECTS

The objects of the Association are;

2.1. To promote and develop in Kenya sound and progressive principles, practices and conventions on forex bureau business and to contribute to the development of forex bureau business;

2.2. To promote the growth of the forex bureau business in Kenya and to promote and protect the general interests of the Members of the Association;

2.3. To render assistance and to provide various common services to Members and to the forex bureau industry;

2.4. To maintain close co-ordination and liaise with the Central Bank of Kenya and any other relevant organizations for realizing the objects and purposes of the Association;

2.5. To act as a representative or agent of a Member or Members in matters relating to the forex bureau business, its operations and regulation;

2.6. To create a sustainable, orderly and well-planned environment for the operation of forex bureau businesses in Kenya;

2.7. To develop and implement new ideas and innovations in forex bureau services, operations and procedures;

2.8. To organize coordination and co-operation on regulatory, procedural, legal, technical, administrative and any other professional matters of the forex bureau industry;

2.9. To coordinate advance planning for introduction of new systems or services in the forex bureau industry;

2.10. To collect, exchange and disseminate information on the business of forex bureaus;

2.11. To facilitate the dissemination and exchange of data, information, views and opinions on the systems, procedures, practices, organization and methods of forex bureaus and their operations;

2.12. To provide a forum for Members to deliberate on matters affecting forex bureau business in Kenya and the Members;

2.13. To pool together the talents and resources of the Members and to organize the exchange of expertise and experiences between Members to simplify procedures, reduce costs of operation, increase efficiency and productivity and for such other common purpose as may be necessary or relevant to the forex bureau industry;

2.14. To promote education and the knowledge of the law and practice of the forex bureau industry;

2.15. To project a good public image of the forex bureau industry and develop good public relations;

2.16. To assist, advise and guide all Members on their needs, difficulties and problems of growth, development and operations;

2.17. To act jointly by federation, affiliation or otherwise with any other organization having similar or related interests;

2.18. to raise and maintain a common fund to be applied and used in carrying out the objects or any of them, if it considered desirable to do so;

2.19. To safeguard and promote the interests of its Members;

2.20. To form branches within the Republic of Kenya to further its objects as may be determined from time to time;

2.21. To lobby various government, regulatory and administrative bodies for the interests of the Association;

2.22. To promote the adoption of best practice policies in the forex bureau industry for the better management and development of forex bureaus in Kenya;

2.23. To enter into any arrangement with any regulator, the government or local authorities that may seem conducive to the Association’s objects or any of them, and to obtain from such regulator, government or authority any rights, privileges and concessions which the Association may think desirable to obtain;

2.24. To assist Members to improve their economic welfare, grow their businesses and create wealth;

2.25. To acquire, either by purchase, lease or otherwise, any property for the benefit of the Association, and also to sell, let, mortgage or charge or otherwise deal with, or dispose of, property belonging to the Association.

2.26. To carry on, for the purpose of educating the public, with regard to the scope importance and activities of the forex bureau industry to create growth and development;

2.27. If considered desirable to raise and maintain a common fund to be applied and used in carrying out all or any of the objects;

2.28. To engage in any other purpose incidental to the formation of the Association;

2.29. Generally to do all and any other thing that may be necessary or relevant for the realization of the objects and purposes of the Association directly or indirectly; and

2.30. To do all and such other things as are incidental or conducive to the attainment of any or all of the above objects.