SMEP Microfinance Bank’s Lipa na M-Pesa transactions will be subjected to a forensic audit covering digital payments, systems, and controls from January 2019 to June 2025, according to a proposal seen by Capital Business.
Thank you for reading this post, don't forget to subscribe!The audit has been initiated by Hope International, a U.S.-based faith-driven non-profit and the majority shareholder in the bank.
The organization has invited qualified firms and consultants with international experience in auditing mobile money platforms to bid for the assignment.
Hope International stated that interested consultants must demonstrate expertise in digital transaction environments, possess advanced data analysis capabilities, and be certified by Kenya’s Office of the Data Protection Commissioner (ODPC) to handle sensitive data.
Focus on Transparency and Compliance
The one-month exercise seeks to strengthen accountability and ensure compliance with Kenya’s data protection and financial regulations.
The audit will examine how SMEP has handled mobile payments, internal controls, and data security, especially as digital banking continues to expand across the country.
Majority Shareholder Background
The review comes a year after Hope Advancement Inc., a subsidiary of Hope International, acquired a 51 percent stake in SMEP Microfinance Bank for approximately Sh586 million.
The acquisition marked a major milestone in SMEP’s growth strategy and digital transformation efforts.
