The law now gives the Central Bank powers to license and oversee the previously unregulated digital credit providers who have been accused of charging very high interest rates and harassment of defaulters.

Law Regulating Digital Lenders in Kenya Comes into Effect

A law that allows for the licensing and supervising of digital lenders came into effect on December 23 following the signing of the Central Bank of Kenya (Amendment) Act, 2021, into law by President Uhuru Kenyatta on December 7. The Central Bank of Kenya in a statement Thursday said “this is a significant milestone” while … Continue reading Law Regulating Digital Lenders in Kenya Comes into Effect

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