Following the gazettement of the Central Bank of Kenya (CBK) Regulations, Digital lenders will now be obliged to provide information on their source of funds beginning September 18, 2022. “A digital credit provider shall provide to the Bank the evidence and sources of funds invested in
Digital lenders are now required to notify loan defaulters a month prior, before presenting their names to the Credit Reference Bureau (CRB). This comes after changes were made to the Consumer Protection Act which saw the Central Bank of Kenya (CBK) become an overseer of all-digital
All digital lenders within the Kenyan market space will start being regulated effective December 23, 2021, the Central Bank of Kenya (CBK) has said. This is through the Central Bank of Kenya (Amendment) Act, 2021, which seeks to regulate digital lenders providers after it was signed
In April 2013 when President Uhuru Kenyatta was sworn in, Kenya's total public debt was just Ksh.1.8 trillion. If the money was shared among Kenyans at that time, each citizen would owe about Ksh.40,000. Seven years down the line, the country’s debt has grown by six
Digital lenders have stopped giving loans to customers who are not in their database over continued freeze out of the Credit Reference Bureaus (CRB). The move follows the current regulations that prevent the digital lenders from blacklisting defaulters, something the online lenders say will hinder collection of their loans, leading
The National Assembly Committee on Finance and National Planning now wants digital lenders who share borrowers' information in contravention of the data protection act or the consumer protection act stopped from operating. https://www.youtube.com/watch?v=5I35-V18a80 This is after the Committee added a clause to the Central Bank( Amendment) Bill 2021,
Mobile lenders, also known as digital lenders will not be subjected to minimum capital and liquidity requirements as the Central Bank of Kenya (CBK) is handed powers to regulate the controversial creditors. On Thursday evening, the National Assembly passed the 2021 Central Bank of Kenya (Amendment) Bill
The uptake of digital credit services in Kenya continues to experience explosive growth since the launch of M-Shwari in 2012 but the full potential of the sector still remains untapped. According to the latest survey done by consumer intelligence firm ReelAnalytics, The State of Digital Lending
