All credit-only microfinanciers with a Sh20 million capital base or lending funds will require mandatory permits by the Central Bank of Kenya (CBK) in proposed regulations aimed at handing the apex bank a wider regulatory grasp of the industry.
The CBK is expected to oversee all forms of credit-only businesses, which are currently outside its regulatory purview, including buy-now-pay-later, higher purchase, credit guarantees, peer-to-peer lending and pay-as-you-go arrangements.
