CBK licences 19 digital lenders

Business
By Stephanie Wangari | Mar 06, 2024
CBK governor Kamau Thugge. [File, Standard]

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.

The public has also been urged to report unregulated DCPs through dcps@centralbank.go.ke.

Share this story
Insurance regulator revokes licenses of 20 brokers
Insurance Regulatory Authority cancels licenses of 20 insurance brokers, including Ibsa and Nexus, says cessation of operations effective June 30.
Kenya bans export of raw macadamia nuts
The Agriculture and food Authority (AFA) has announced plans to ban on exports and transit of raw macadamia nuts through Kenyan ports.
Why an acre of land in Eastleigh and South B will cost you Sh600 million
The report released on Thursday indicates that Eastleigh and South B recorded average land prices of Sh600 million per acre. 
Gulf Air orders 12 Boeing 787 Dreamliners
US aviation giant Boeing on Thursday signed a contract valued at $7 billion to sell 12 787 Dreamliners, with options for six more, to Gulf Air.
State defends tax regime amid UK-based investors' pitch for market
PS says 98 per cent of businesses in the country are MSMEs, whose contribution is inadequate to fund the budget.
.
RECOMMENDED NEWS