Kenya’s President Signs New Law to Police Digital Lenders, Apps Have Six Months to Apply for Licenses

In the past one decade, numerous mobile lending apps have been launched in Kenya riding on the growing need for quick loans.

However, these startups have been operating in an unregulated environment until today when the country’s president, Uhuru Kenyatta, approved a new law that gives the country’s monetary authority, the Central Bank of Kenya (CBK), the power to regulate the industry and take action on those that violate consumer privacy.