Unregulated DCPs are required to apply to the regulator for a license within six months, beginning March 18th 2022 or fold their operations.
In a statement Tuesday, CBK said two months have elapsed since the publication of the Digital Credit Providers Regulations 2022 and not all DCPs have made their application to be licensed.
“The purpose of this announcement is to remind all currently unregulated DCPs that have yet to apply for licensing, that they now have four months to the September 17, 2022, deadline.
They should apply in good time as no extension will be granted after the application deadline of September 17, 2022,” the CBK warned.
In 2020 Central Bank banned unregulated digital (mobile-based) and credit-only lenders from submitting credit information on their borrowers to Credit Reference Bureaus (CRBs).
President Uhuru Kenyatta assented to the Central Bank of Kenya (Amendment) Act (2021), on December 7, 2021, providing CBK with the powers to license and oversight the previously unregulated digital credit providers.
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