Editor's Review

The Central Bank of Kenya (CBK) has sent a notice to digital lenders over the application of their licenses.


The Central Bank of Kenya (CBK) has sent a notice to Digital Credit Providers (DCP) regarding the application of their licenses.

In a press statement on Tuesday, May 17, CBK reminded the digital lenders that they had up to September 17, 2022, to apply for the licenses or cease operations.

CBK on March 18 published regulations for digital lenders which were issued pursuant to sections of the Central Bank of Kenya Act (the CBK Act).

The regulations were to provide licensing and oversight of previously unregulated digital lenders. CBK on Tuesday said that all unregulated digital lenders were required to apply for a CBK license within six months after the publication of the regulations.

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File image of digital lender approval page. Photo: Courtesy

“In accordance with Section 59(2) of the CBK Act, all previously unregulated DCPs are required to apply to CBK for a license within six months of the publication of the regulations or cease operation,” CBK said in a statement.

However, CBK said that two months since the publication of the regulations was made, several DCPs have already applied for licenses.

The Central bank asked unregulated digital lenders to apply for licenses within the given deadline as it will not be extended.