The Central Bank of Kenya has introduced stricter licensing requirements for digital lending applications, part of a multi-year effort to bring previously unregulated lending apps under formal oversight.
The new rules include clearer disclosure requirements for interest rates and fees, along with restrictions on how lenders can use customer data collected through mobile phone permissions.
Industry Response
Established digital lenders have broadly welcomed the clarity the new rules provide, while some smaller or newer entrants have said compliance costs may push consolidation in the sector.
