Kenya: Central Bank's Digital Credit Providers Regulations entered into force

On 18 September 2022, the Central Bank of Kenya (CBK) (Digital Credit Providers) Regulations, 2022, entered into force. Entities already conducting digital credit business at the commencement of these regulations were required to apply for a licence by 17 September 2022 and could continue operations pending the determination of their application. The regulations mandated that any entity intending to offer digital credit services in Kenya must obtain a licence from the CBK. The licensing process required applicants to submit documentation, including details about their corporate structure, operational plans, and compliance mechanisms. This included a certified copy of the certificate of incorporation, memorandum and articles of association, and information on significant shareholders, directors, and senior officers. Applicants also had to demonstrate the sources of funds to be invested and provide a description of their information and communication technology systems.