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
MPs set to debate Bill outlawing detention of patients and bodies
Right direction for the country, Mbadi defends Safaricom stake sale
Insurers caught flat-footed ahead of IRA's 24-hour cyber breach deadline
Ruto dreams of a 'new Singapore', but not when counties hold us back
Expanding access to justice through reforms
Parliament moves to end decades-long registration nightmare
Private universities under Sh 48.8 billion pending bills
The public has also been urged to report unregulated DCPs through dcps@centralbank.go.ke.