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The Central Bank of Kenya (CBK) has given a green light to 12 more Digital Credit Providers (DCP's) to operate in the country.
This brings to a total of 22 digital lenders licensed to operate in Kenya, after 10 were allowed in September 2022.
Over 381 digital lenders applied for CBK licensing in March 2022, following the directive from the regulator.
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The regulator said it focused on the business model, consumer protection and fitness and propriety of proposed shareholders, directors and management.
Digital Lenders Association of Kenya (DLAK) chair Kevin Mutiso welcomed the move by the regulator, urging borrowers to honour their debt obligations.
CBK called on the remaining lenders to submit the required documents for the completion of the process.
The regulator took the steps following concerns from members of the public over predatory lenders that propagated debt shaming in the country.
The approvals came following Google's new directives requiring digital lenders to present CBK licences for updates.
The tech giant released its latest Play Developer Program Policy updates to take effect from January 2023.
In the updates, mobile loan apps must complete the Personal Loan App Declaration for Kenya and provide the documentation to support it.
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Source: TUKO.co.ke
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