Kenya’s central bank has suspended licensing of new commercial bank indefinitely as the sector struggles to revive its dented image after two lenders were put under receivership this year.

In a short statement released on Tuesday, the Central Bank of Kenya (CBK) said it had “with immediate effect, placed a moratorium on the licensing of new commercial banks until further notice.”

The regulator said the decision will not apply “to resolution, amalgamation and acquisition of banks.”

Two Kenyan banks, Dubai Bank and Imperial Bank, have been place on receivership in recent months amid evidence of  capital deficiency and corruption.

CBK’s new governor, Patrick Njoroge, has been keen to tighten the supervisory arm of the bank with particular interest on how the banking technology in the East African nation was being used.

Kenya has 43 commercial banks and one mortgage finance company, of which 13 are foreign owned.

The country of 45 million people is a world leader in financial inclusion, primarily through the Mpesa mobile money platform, and a financial services leader among African nations