|Central Bank of Kenya. /PHOTO: FACEBOOK|
Digital lending companies will now be required to have at least one registered office in accordance with the requirements of company law, in accordance with the directives of the central bank in the country.
In a statement issued by the governor of the central bank of kenya Dr. Patrick Njoroge, no branch or place for digital business, will be opened, relocated or closed without a letter from the Central Bank of Kenya.
The move comes as Kenya’s central bank, implementing a new law to regulate the digital lending sector.
The law stipulates, among other things, that a digital lender will not provide information to a credit bureau or any other information about loans not exceeding one thousand shillings.
|President Uhuru Kenyatta. /PHOTO: FACEBOOK|
The law also requires digital lenders to obtain the consent of their clients before providing information about the loans they claim.