Central Bank of Kenya okayed to license digital lenders

By Samuel Ouma

President Uhuru Kenyatta On Tuesday, December 7, 2021, at State House, Nairobi, assented to the Central Bank of Kenya (Amendment) Bill, Public-Private Partnership Bill, and Trustees (Perpetual Succession) (Amendment) Act, all of 2021.

The amended Central Bank Act, 2021, gives the Central Bank of Kenya powers to license digital lenders in the country and ensure fair and non-discriminatory practices in the credit market.

The new Public-Private Partnerships Act repeals the 2013 legislation by providing an elaborate legal framework to cover national and county level PPP projects.

Further, the new law expands the role of the private sector in PPP initiatives beyond financing to include construction, operation and maintenance of the projects.

“The Trustees (Perpetual Succession) (Amendment) Act, passed by the National Assembly on October 19 this year, seeks to simplify the registration of trusts by, among other reforms, shifting the administration of the process to the new office of the principal registrar of documents,” read the part of Statement issued by the State House.

Those present during the signing ceremony are National Assembly Speaker Justin Muturi, his Senate counterpart Ken Lusaka, Treasury CS Ukur Yatani and Head of Public Service Dr Joseph Kinyua.

Others were Leader of Majority in the National Assembly Amos Kimunya, Solicitor General Ken Ogeto and State House Deputy Chief of Staff Njee Muturi.

 

 

 

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