Regulatory Alerts2021-12-22 | 673866074Added · Updated
DRAFT DIGITAL CREDIT PROVIDERS REGULATIONS 2021 - December 2021
The Central Bank of Kenya (CBK) has released regulations for digital credit providers, including licensing requirements, consumer protection measures, and anti-money laundering provisions. The CBK will oversee digital credit providers to ensure compliance with the law and maintain a stable financial system. Applicants must provide detailed information, and the CBK may request additional details to determine professional and moral suitability. The CBK can impose sanctions for non-compliance, including monetary penalties and license suspension or revocation.