The Central Bank of Kenya (Amendment) Act, 202127-Dec-21
On the 23rd of December 2021, the Central Bank of Kenya (Amendment) Act (CBK Amendment Act) came into force. It amends the Central Bank of Kenya Act by granting the Central Bank of Kenya regulatory jurisdiction over Digital Credit Providers.
Kenyans are increasingly relying on digital credit providers for fast and easy access to credit. Various digital credit providers have made credit easily and quickly accessible making them a very popular alternative to traditional credit providers. However, the growing popularity of these digital credit providers has come with its own set of challenges.
Due to the myriad of challenges caused by the unregulated digital credit providers, it become necessary to develop a regulatory framework around it.
Read our full analysis on the CBK Amendment Act here.
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