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
Parliament moves to end decades-long registration nightmare
Private universities under Sh 48.8 billion pending bills
Government websites hit in major cyberattack
Somali banks on Port of Mogadishu to push 24hr-economy plan
Inside Sharjah's 'Poetry Pharmacy', where healing comes in verses, not pills
South Africa announces plan to bid for Olympic Games
Trump signs bill to end record-breaking US shutdown
Wangai, Wafula lead Kenyan charge at Sunshine Development Tour
Government moves to restore learning in universities after 49-day strike
AG, MPs want court to lift freeze on cybercrime law enforcement
The public has also been urged to report unregulated DCPs through dcps@centralbank.go.ke.