NAIROBI, Sept. 19 (Xinhua) -- Some 288 digital credit providers in Kenya sought to regularize their businesses ahead of a Sept. 17 deadline announced by the Central Bank of Kenya (CBK), the industry regulator said on Monday.
The CBK said it had received the applications since March and worked with other Kenyan authorities in reviewing them following an ultimatum it announced.
"So far, 10 applicants have been licensed as digital credit providers. Other applicants are at different stages of the process," the CBK said in a statement released in Nairobi, the capital of Kenya.
The CBK came up with regulations in March to control the sector after operators were accused of exploiting borrowers, engaging in predatory practices, and aiding money laundering.
The licensing of digital credit providers is aimed at protecting consumers, streamlining lending practices, enhancing credit information sharing, and outlining anti-money laundering and financing of terrorism obligations of operators, according to the bank. ■