Kenya: Governor of the Central Bank signed (Digital Credit Providers) Regulations

On 14 March 2022, the Governor of the Central Bank of Kenya (CBK) signed the (Digital Credit Providers) Regulations, 2022. The regulations mandate that any entity intending to offer digital credit services in Kenya must obtain a licence from the CBK. Entities already conducting digital credit business at the commencement of these regulations must apply for a licence within six months of publication and may continue operations pending the determination of their application. The licensing process requires applicants to submit documentation, including details about their corporate structure, operational plans, and compliance mechanisms. This includes a certified copy of the certificate of incorporation, memorandum and articles of association, and information on significant shareholders, directors, and senior officers. Applicants must also demonstrate the sources of funds to be invested and provide a description of their information and communication technology systems.