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
Court: Gen Z protester Evans Kiratu was killed unlawfully perpetrator not identified
Police ordered to produce driver of killer 'D'etat' matatu
Investment. Partnerships urged to unlock Coast industrial potential
CBC can help restore social media-driven loss of esteem
Key CCTV cameras were offline when Rex Masai was killed
Police 'service' doesn't need new uniform, it needs a new skin
KATIBA 16: The document that gave Gen Z a voice to demand accountability
Kenyans should condemn and demand arrest of leaders fuelling violence
Tanzania Vice President Emmanuel Nchimbi resigns
KRA now targets Eastleigh, Kamukunji traders in tax compliance push
The public has also been urged to report unregulated DCPs through dcps@centralbank.go.ke.