The Central Bank of Kenya maintains that digital lenders must be licensed just like other financial institutions for effective regulation. "The proposed law should provide CBK with general supervisory powers for effective regulation. This is a common practice for the digital lenders regulations implemented in significant jurisdictions in the EU like Spain and Poland,'' DLAK said. The lobby group said while it supports the proposed law, treating them like deposit-taking entities will be unfair. If passed into law, the Bill gives digital mobile lenders six months to be licensed by the CBK.

Source: The Star July 14, 2021 00:56 UTC