Lenders –Google now wants all loaning Apps in the country to acquire an official license from the Central Bank of Kenya CBK.
Any financial App without a proper registration will nolonger be allowed to appear on Google Play Store open source platform.
The directive was issued on Wednesday November 16, 2022 with Google saying that the Apps which are already part of the Play Store have to prove their licenses in 30 days period of grace.
“Digital Credit Providers (DCP) should complete the DCP registration process and obtain a license from the Central Bank of Kenya (CBK). You must provide a copy of your license from the CBK as part of your declaration.” Latest Google statement said.
The changes come as CBK moves with speed to sanitize an industry that has been flooded with unlicensed operators who have been taking advantage of the free market space to exploit their customers.
Issues like data mishandling and mismanagement by the lenders have been of great concern around the country; what saw CBK Governor Patrick Njoroge make fresh orders stopping all unregulated players.
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