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
From austerity to handouts: Ruto's Sh4.7tr pre-election budget to appease Kenyans
Kenya's school categorisation gives us a false sense of unity
TSC Amendment Bill, 2024: What MPs want
No exam retake: It's do or die for Form Three class as 8-4-4 ends
In pictures: Valentine's Day, the Standard Group way
Mudavadi jets to Addis for AU meet on water security
Vietnam partners with G42 to build national AI and cloud infrastructure
Faith Odhiambo: Two years of bold leadership at LSK
The public has also been urged to report unregulated DCPs through dcps@centralbank.go.ke.