Google has declared that it will prohibit the use of mobile lending applications that do not adhere to Central Bank of Kenya (CBK) standards.
The action comes after CBK approved 10 digital credit firms in the country, effectively shutting down 288 others.
The development of digital money lending applications has raised concerns, since nearly four out of 10 Kenyans have utilized mobile apps to seek loans at some time, particularly during the epidemic.
“Currently we only accept declarations and licenses from entities published under the Directory of Digital Credit Providers on the official website of the CBK,” Google said.
