CBK licences 19 digital lenders
Business
By
Stephanie Wangari
| Mar 06, 2024
The Central Bank of Kenya (CBK) has licensed 19 Digital Credit Providers (DCPs).
In a statement on Wednesday, March 6, CBK noted that the number of licensed Digital Credit Providers was now at 51 following the licensing of 32 others in March 2023.
The oversight of DCPs was precipitated by concerns raised by the public on predatory practices of the unregulated providers, noting their high cost, unethical debt collection practices, and the abuse of personal information.
Since March 2022, CBK has received 480 applications.
"Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation. We urge these applicants to submit the pending documentation expeditiously to enable completion of the review of their applications," said CBK.
READ MORE
Blow to Ruto's mining reforms as new regulations declared illegal
Counties owe suppliers Sh176 billion in pending bills, report reveals
Court frees Isiolo county's Sh2.24b budget allocation
Kenya charts path for cross-border agroecological trade in East Africa
KWS says new rules go beyond fee changes
Why Kenya must never look back on free education, CBE
Ruto's push to protect Big Tech sparks constitutional showdown
Top names set for fierce battle as autocross action heads to Stoni Athi
Sh400m fraud case: Tycoon's nephew ordered to appear in court 'on crutches or ICU bed'
Why State should not pay families of kin killed by police less than Sh150m each
The public has also been urged to report unregulated DCPs through dcps@centralbank.go.ke.