This archive report was first published on 23 December 2021.
On December 7, 2021, President assented to the Central Bank of Kenya (Amendment) Act 2021, paving the way for the regulation of digital lenders in Kenya.
According to the Central Bank of Kenya (CBK), the Amendment grants the regulator the power to license and oversee digital credit providers, which were previously unregulated.
The CBK has announced the issuance of draft Digital Credit Providers Regulations, which will provide for the licensing, governance, and credit operations of digital credit providers, as well as consumer protection, credit information sharing, and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) obligations.
As part of the transition to a regulated environment, the CBK has urged all unregulated digital credit providers to submit their business details by January 21, 2022.
