Loaning –Central Bank of Kenya CBK has today licensed twelve more digital lenders as part of its efforts to streamline the financial industry.
Last year, the CBK shut down several credit providers DCPs following a crackdown on unscrupulous players who were exploiting clients through heavy interest rates and tough repayment conditions.
An official communique’ from the CBK, on Monday January 30, noted that the move to clear players one after another will help safeguard customers interests.
“The focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors, and management.
“This is to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded. We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process,” it read in part.
Those who have not complied with all the new requirements have been challenged to work on the pending papers before seeking official clearance.
Kenya had become a dumping site for rogue digital lenders who were running their financial businesses without any regulation; what then led to a public uproar.
The licensing of these 12 more pushes the total number of those cleared now to 22 after 10 others were cleared in September last year.
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