Central Bank of Kenya orders digital credit firms to ‘cease and desist’
Backlog of 278 applications pending while central bank awaits paperwork
Only 10 digital credit providers (DCPs) have been licensed to continue working in Kenya under new regulations, the central bank said, as it ordered firms that had not sought licences to “cease and desist”.
“All other unregulated DCPs that did not apply for licensing must cease and desist from conducting digital credit business,” said the central bank.
Including the 10 who received a green light, 288 digital creditors applied for licences during the six-month window the Central Bank of Kenya
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Financial market infrastructure
AI is a double-edged sword for cyber security – UK survey
Study reveals technology’s increased use in financial sector, where three providers are dominant
Capital markets union faces ‘death by a thousand cuts’ – Lagarde
ECB president tears into European leaders’ inaction over innovation and wealth creation
The GFXC chair on the next steps for the FX global code
Gerardo García speaks about updating FX best practice, improving buy-side engagement and changes to the BIS’s triennial survey
BNM eases rules on ringgit bond issuances
Change makes it easier for foreign institutions to issue debt denominated in Malaysian currency
Georgia and Namibia sign MoUs with MAS’s new fintech network
Singapore’s GFTN agrees to provide advisory services to emerging economies’ central banks
AI combines age-old issues with new opportunities, say panel
Governors from Rwanda, South Africa, and Sweden weigh in on how AI will change central banking
HKMA sets up company to run bond settlement system
Business will run the Central Moneymarkets Unit under new governance structure
New Zealand looks into expanding RTGS access to smaller firms
Central bank seeks to strike balance between opening access and mitigating risks from non-banks