KENYA: REGULATION OF DIGITAL LENDERS

The President signed the Central Bank (Amendment) Bill 2021 into law on 7 December 2021 (the Act). The Act  provides for the  regulation of digital lenders in Kenya (see overview here and here). The Act requires any person carrying on digital credit business and  is not licensed under any other law to obtain a license from the Central Bank of Kenya (CBK) within six (6) months of coming into force of the Act. 

The Act also provides that the CBK will make regulations necessary to give effect to the Act.  Some of the provisions to be covered under the regulations are registration, management and reporting requirements, credit information sharing, data protection and consumer protection.