Over 700 firms seek CBK licence amid crackdown on predatory digital lenders

CBK Governor Dr. Kamau Thugge before the National Assembly's Committee on Finance and National Planning in regards to the implementation of Central Bank Rate (CBR) at Bunge Towers, Parliament, Nairobi on March 25th, 2025. [Elvis Ogina,Standard]

More than 700 digital credit providers have applied to lend money via mobile phones, the banking regulator said yesterday.

This underscores the booming popularity and lucrative nature of mobile loans as Kenyans increasingly turn to them for financial survival.