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
Run for Dignity initiative receives Sh2 million support ahead of Karura Forest event
Follow the Constitution,' activists tell govt ahead of Gen Z anniversary
Kenya police violence victims say compensation promise a 'smokescreen'
Boost for FKF boss Mohammed as procurement authority drops Sh42m CHAN probe
Shade of terror: Why calls for systemic change after Gen Z killings have not faded
Preparations for second edition of 'Run 4 Seniors' in top gear
Govt warns against violence as Gen Z protest anniversary nears
DIG Lagat assures of security ahead of June 25 Gen Z anniversary protests
Claims of police involvement in criminal activities are alarming
Court of Appeal should abandon its obsession with procedure and its decisions
The public has also been urged to report unregulated DCPs through dcps@centralbank.go.ke.