Enactment of the Law to Regulate Digital Lenders and Issuance of the Corresponding Draft Regulations for Public Comment.
Mobile lenders will now have to seek your consent before they forward your information to be listed on Credit Reference Bureaus (CRBs) in new regulations by the Central Bank of Kenya (CBK) meant to finally put the unregulated lenders in check.
This after the amendments in the Central Bank of Kenya (Amendment) Act, 2021 that bring unregulated digital lenders under the supervision of the CBK came into effect on Thursday.
President Uhuru Kenyatta assented to the amendment early this month in a significant win for borrowers as the CBK has now been given powers to license and oversight digital lenders that have proliferated in the country in recent years introducing an unprecedented wave of predatory lending.
The CBK has issued draft Digital Credit Providers Regulations that provide frameworks for licensing, governance and operations of the digital lenders as well as consumer protection and credit information sharing in line with the amendment….Read more
Following Presidential assent on December 7, 2021, the Central Bank of Kenya (Amendment) Act, 2021, has become effective today, December 23, 2021. The Amendment provides the Central Bank of Kenya (CBK) with the powers to license and oversight the previously unregulated digital credit providers. This is a significant milestone. Correspondingly, CBK announces the issuance of draft Digital Credit Providers Regulations and invites public comments. The regulations are available. Digital Credit Providers Regulations.
CBK’s Press Release on enactment of laws to regulate digital lenders…Read more