The Capital Markets Authority (CMA) has become the first financial sector regulator to allow use of the driving licence as an official identification document.
An investor in the stock market has to open an account with the Central Depository and Securities Corporation where equities are digitally accounted for when they trade.
Commercial banks decline use of driving licence as proof of identification arguing it can easily be forged as the photo of the holder is merely glued on it.
The national identity (ID) card and the passport have the image of the bearer ingrained besides authenticity marks.
“Account opening requirements in establishing the true identity of resident customers who are natural persons include but not limited to; a birth certificate, a national identity card, a driver’s licence, a passport or any other official means of identification that may be prescribed,” said the CMA in a statement on its new Anti-Money Laundering guidelines.
Driving licences lack some material identification information such as date of birth only stating the holder is above 18 years of age and their gender. Efforts to digitise the documents have stalled due to procurement politics.
Driving licences are issued by the Registrar of Motor Vehicles through the Kenya Revenue Authority while IDs and passports are issued by Registrar of Persons.
The office of Registrar of Persons falls under the Interior ministry.
