The recently published Central Bank of Kenya (Amendment) Bill, 2021 (the “Bill”) is the latest attempt by parliament to regulate the previously unregulated digital lenders.
In 2020, there were two different attempts to amend the law to give the Central Bank of Kenya (CBK) power to regulate digital lenders. The Bill defines "digital credit" as a credit facility or arrangement where money is lent or borrowed through a digital channel, that is, the internet, mobile devices, computer devices, applications and any other digital systems as may be prescribed by CBK.
