CBK licences 10 additional digital lenders

The Central Bank of Kenya (CBK) has announced the licensing of an additional 10 Digital Credit Providers (DCPs), bringing the total number of licensed DCPs to 32. This move comes as a result of the CBK Act, which aims to regulate the digital credit industry and protect consumers from unethical practices. Since March 2022, the CBK has received 401 applications and has worked closely with applicants to review their applications, engaging with other relevant regulators and agencies. The focus has been on business models, consumer protection, and the fitness and propriety of proposed shareholders, directors, and management to ensure adherence to relevant laws and safeguard the interests of customers. The CBK urges pending applicants to submit the required documentation promptly.
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