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Kenya Strengthens Digital Credit Sector Oversight: Licenses 17 New Providers Amid Crackdown 🇰🇪

Kenya Strengthens Digital Credit Sector Oversight: Licenses 17 New Providers Amid Crackdown 🇰🇪

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#fintech
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In a bid to protect borrowers and curb predatory lending, Kenya's Central Bank has granted licenses to 17 new digital credit providers, including Autochek. This move comes after a comprehensive crackdown that saw the total number reduced to 51, emphasizing a commitment to consumer protection and ethical practices.

Kenya has approved licenses for 17 digital credit providers, including Autochek, a startup focusing on car loans, as part of a broader crackdown on unlicensed lenders. The Central Bank's stringent vetting process, initiated in response to concerns over predatory practices, has now licensed a total of 51 lenders. The regulatory measures, introduced through the CBK (Digital Credit Providers) Regulations, 2022, aim to address issues such as high-interest rates, personal data misuse, and unethical debt collection practices. Previously, the country witnessed a purge of unlicensed digital lenders in 2022, compelling hundreds of companies to cease operations and apply for permits. The move reflects Kenya's commitment to safeguarding borrowers and ensuring a transparent digital lending environment.


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