Kenyan central bank to oversee digital lenders
Governor had requested “teeth” from parliament but lawmakers removed some powers
Kenya’s president Uhuru Kenyatta signed a new law granting the central bank the power to regulate non-bank digital lenders (December 7).
The law was passed by Kenya’s parliament and gives the power to grant, suspend and revoke licences to digital lenders. The Central Bank of Kenya (CBK) will also be able to make rules for consumer protection, data protection and anti-money laundering/combating the financing of terrorism.
But lawmakers refused to grant the central bank macro-prudential powers
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