President Uhuru Kenyatta has signed five parliamentary bills into law.
The Head of State assented to the Public-Private Partnership Bill, Central Bank of Kenya (Amendment) Bill and Tax Appeals Tribunal (Amendment) Bill.
Also signed into law are the Trustees (Amendment) Bill and Kenya Deposit Insurance (Amendment) Bill.
National Assembly Speaker Justin Muturi, his Senate counterpart Ken Lusaka, Treasury CS Ukur Yatani and Head of Public Service Joseph Kinyua attended the brief signing ceremony.
Others were Leader of Majority in the National Assembly Amos Kimunya, Solicitor General Ken Ogeto and State House Deputy Chief of Staff Njee Muturi.
Digital borrowers will access loans at lower interests with less worries about debt shaming following the signing of the Central Bank Amendment Bill 2021.
Non-deposit-taking credit-only providers have remained largely unregulated for a long time, with several abusing the freedom to charge high interests and debt shame their customers.
The new law gives CBK powers to revoke the permits of digital lenders who breach the confidentiality of personal information to pursue defaulting borrowers.
It also requires CBK to publish a list of all licensed digital money lenders in the Kenya Gazette.
The law comes to play at a time of increased complaints of debt collection agents pursuing borrowers either by informing their friends and family using contact information from their phones or by threatening to report to their employers.
“The bank may suspend or revoke a license by written notice to the holder of the license if the licensee (digital lender) is in breach of subsection (2A) or the conditions of the Data Protection Act or the Consumer Protection Act,” the law reads in part.