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
Curriculum delivery is a marathon, not a sprint
Recipe for rigging: Battle looms over plan to scrap IEBC's livestreaming of election results
Why Ruto rejected Public Procurement (Amendment) Bill, 2024
Kenya shines at Zone Individual Chess Championship in Ethiopia
Police-linked brutality victims in court, claim opaque compensation process
Safe but scared...: Tales of Mathare floods survivors
Inside huge cash withdrawals from affordable housing kitty
Prof Mutua should face MPs for grilling on victims payouts
Government should address issues raised by young people without resorting to intimidation
Subaru driver in a dramatic high-speed chase after alleged hit-and-run in Nairobi
The public has also been urged to report unregulated DCPs through dcps@centralbank.go.ke.
Airtel goes big with data centre to be ready by July 2027
Airtel Kenya is building a major data centre, expanding network coverage and launching new services to strengthen Kenya's digital economy.Ruto's privatisation push boosts forex reserves to record $15.4b
Kenya's foreign exchange reserves surged to a record $15.4 billion (Sh1.99 trillion) in the week ended July 30, providing the country with 6.4 months of import cover, the apex bank said on Friday.Smarter water technologies hold the key to ending Africa's hunger crisis
Africa urged to expand irrigation and integrated water systems, saying better water management is key to food security and climate resilience.Uganda takes control of Kenya Pipeline as Museveni secures veto power, two board seats
Uganda has gained board seats and veto powers at KPC, raising concerns over Kenya's control of its strategic fuel transport infrastructure.Britam gets court's nod to shed off Sh5 billion from its share capital to clear losses
High Court approved Britam's plan to reduce share capital reserves by Sh5.8 billion to offset accumulated losses and strengthen its balance sheet. SOEs:MOST READ
- Ruto's privatisation push boosts forex reserves to record $15.4b
FINANCIAL STANDARD
By Brian Ngugi
- Smarter water technologies hold the key to ending Africa's hunger crisis
FINANCIAL STANDARD
By Edward Davis
- Uganda takes control of Kenya Pipeline as Museveni secures veto power, two board seats
FINANCIAL STANDARD
By Brian Ngugi