Kenya: Business Laws (Amendment) Act, 2024 (No. 20 of 2024) entered into force

On 27 December 2024, the Business Laws (Amendment) Act, 2024 (No. 20 of 2024) entered into force. The Act amends the Central Bank of Kenya Act to regulate non-deposit-taking credit providers, including digital lenders, by establishing licensing, supervision, and consumer protection frameworks. It introduces regulations for credit guarantee companies, which may operate through digital platforms. The Microfinance Act is updated to include non-deposit-taking microfinance businesses, encompassing digital services, with licensing and compliance requirements. The Act also mandates digital integration for information sharing between business registration entities and the Kenya Bureau of Standards to ensure compliance with national standards.