Non-deposit-taking microfinance banks are being forced to apply for digital credit licences to continue issuing loans in the absence of standalone regulations for their lending business as provided for in law.
The Central Bank of Kenya (CBK) has now moved to enforce the requirement amid an outcry from the credit-only microfinance institutions (also known as non-deposit-taking microfinance institutions), which are already licensed under the Microfinance Act of 2006.
