Nairobi, Dec. 8 -- The Central Bank of Kenya (Digital Credit Providers) Regulations, 2022, provides for the licensing and oversight of non-banking microfinance companies by CBK. The regulations prohibit these companies from the business without CBK licensing.

To date only 10 percent out 740 non-banking microfinance companies have been licensed.

Non-banking microfinance companies can be categorised into two: Digital lenders and non-digital lenders. These firms are protesting delays in getting operational licences from CBK amid being blocked from Google Play Store and apathy from funders that provide cash for onward lending.

The financiers are demanding CBK certification before releasing money to the lenders.

These firms contribute bill...