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
Will Simbas roar louder as World Cup qualifiers begin in Uganda?
Kipchumba Murkomen wants to revive harsh 17th-century British law
Kenya grants visa free entry for CHAN
Counties free to use local materials under new building code
Crushing defiance and ignoring graft sends the wrong message
EU to unveil long-delayed 2040 climate target
Nursing courses top demand as KUCCPS places 310,502 students
From dorm fires to street protests; how a decade of school unrest shaped youth dissent
Push to review occupational safety and health laws
President Ruto calls for fairness, partnership at Global Financing Conference
The public has also been urged to report unregulated DCPs through dcps@centralbank.go.ke.