Central Bank of Kenya formalizes 227 digital lenders to curb predatory debt collection

Borrowers in Kenya now have a regulatory shield against high interest rates, aggressive debt-collection tactics, and the misuse of personal data. The Central Bank of Kenya (CBK) has licensed 32 additional Digital Credit Providers, bringing the total number of approved firms to 227. These approvals are made pursuant to Section 59(2) of the CBK Act. To obtain a license, firms underwent vetting of their business models, governance structures, and compliance with consumer protection laws.