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New rules for digital lenders in Kenya aim to weed out bad players while boosting industry growth – londonbusinessblog.com

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New rules are: has often been met with skepticism from startup founders, but digital lenders in Kenya appear to be largely optimistic about the new law on digital credit providers, saying it will bring order to the industry.

The President of the Digital Lenders Association of Kenya, Kevin Mutisosounded optimistic about the impending new regulatory environment, saying it had already boosted investor confidence and will bolster growth in the sector.

“Regulation has encouraged investors to enter our market, and I am already aware of five new major players that have come in because of the new regulatory field. We look forward to being regulated and having a level playing field,” Mutiso told londonbusinessblog.com.

Mutiso added that the association’s 16 members, including market-dominant Tala and Zenka, are awaiting the required licenses to fully comply with regulations.

The regulations, which come into effect on September 18, give Kenya’s top bank, the Central Bank of Kenya, the required powers to monitor digital mobile lenders that have flooded the local market in recent years.


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