Electronic Banking: An Examination of the Law and Practice in Kenya

TABLE OF CONTENTS

DECLARATION .......................................................................................................................................... i

APPROVAL. .............................................................................................................................................. ii

DEDICATION ........................................................................................................................................... iii

ACKNOWLEDGEMENTS ........................................................................................................................... iv

TABLE OF CONTENTS ............................................................................................................................... v

TABLE OF STATUTES .............................................................................................................................. vii

TABLE OF CASES .................................................................................................................................... viii

ACRONYMS ............................................................................................................................................ ix

CHAPTER 1 .............................................................................................................................................. 1

1.0 Introduction ................................................................................................................................... 1

1.1 Statement of the Problem ........................................................................................................ 4

1.2 Objectives of the Study .................................................................................................................. 5

1.3 Scope of the Study ......................................................................................................................... 5

1.4 Hypothesis ..................................................................................................................................... 5

1.5 IVlethodology ................................................................................................................................. 6

1.7 Literature review ........................................................................................................................... 6

CHAPTER 2 ............................................................................................................................................ 10

2.0 Electronic Banking ....................................................................................................................... 10

2.1 Vl/hy E-Banking ............................................................................................................................. 10

2.2 Categorization ............................................................................................................................. 11

2.2.1 Automated Teller Machines (ATMs) ...................................................................................... 12

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2.2.2 Cards ..................................................................................................................................... 14

2.2.3 Electronic Funds Transfer (EFT) ............................................................................................. 16

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2.2.4 Internet Banking ................................................................................................................... 17

2.2.5 Mobile Banking ..................................................................................................................... 19

2.2.6 Electronic Banking Services used by Customers in Kenya ....................................................... 20

CHAPTER 3 ............................................................................................................................................ 22

3.0 Legal Regime ............................................................................................................................... 22

3.1 Banking .................................................................................................................................... 22

3.1.2 Information and Communications Technology (ICT) .............................................................. 25

3.1.3 Other Countries .................................................................................................................... 28

3.2 Challenges ................................................................................................................................... 31

3.2.1 Legal Challenges .................................................................................................................... 31

3.2.2 Other Challenges ................................................................................................................... 33

CHAPTER 4 ............................................................................................................................................ 37

4.0 Recomn1endations ....................................................................................................................... 37

4.1 Legal Recommendations .......................................................................................................... 37

4.2 Other Recommendations ......................................................................................................... 39

CHAPTER 5 ............................................................................................................................................ 41

5.0 Conclusion ................................................................................................................................... 41

REFEHENCES .......................................................................................................................................... 44