Digital lenders expect Ksh.10 billion to be channeled to the sector

  • DLAK says coming under the ambit of the Central Bank has made the sector more credible.
  • This has allowed investors to confidently put in money towards digital lenders.
  • President Uhuru Kenyatta assented to the law on December 7, 2021.

Digital lenders in the country say they have attracted more than Ksh.10 billion following the signing of the Central Bank of Kenya Amendment Act 2021 into law, allowing CBK to license and supervise digital lenders.

According to the Digital Lenders Association of Kenya (DLAK) Chairman Kevin Mutiso, coming under the ambit of the Central Bank has made the sector more credible allowing investors to confidently put in money towards digital lenders.

President Uhuru Kenyatta assented to the law on December 7, 2021, with the regulator urging all unregulated digital lenders to submit their business details by January 21, 2022.

“We were waiting for a stable marketplace and the regulation was the key piece to ensure it. So I expect that those huge numbers coming in, not just to international founders but to local founders, even including people like us,” said Mutiso.

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