Call for Public Participation- Draft Central Bank of Kenya (Digital Credit Providers) Regulations, 2021 Pursuant to the Central Bank of Kenya (Amendment) Act, 202118-Jan-22
Kenya is rapidly making tremendous milestones in the advancement of technology. Lending through digital channels, especially through mobile phones, has had a notable impact on the economy. However, great concern has been raised by the public as to how Digital Credit Providers (DCPs) conduct their business and particularly their high-interest rates, debt collection methods, and their use of personal customer information.
The CBK (Amendment) Act, 2021 gives power to the CBK to come up with regulations that govern DCPs who are defined as persons licensed by the CBK to carry on digital credit business. Following this, the CBK has come up with the Central Bank of Kenya Draft (Digital Credit Providers) Regulations, 2021.
These regulations grant the CBK power to dictate the process of licensing the DCPs, issue and revoke licences, set the standards within which DCPs are to handle clients’ information, among others.
We have provided an analysis of these regulations which can be accessed here
For specific advice on The Central Bank Of Kenya Draft (Digital Credit Providers) Regulations, please contact us at email@example.com