Kenya: President Ruto Calls for Regulation of Online Betting Companies Operating in an Opaque Space

28 September 2022
Capital FM (Nairobi)
By Correspondent

Nairobi — President WIlliam Ruto has called on regulatory authorities to reign in on online betting companies he says are operating in an opaque space.

Speaking during a meeting with financial institutions that included safariacom, Kenya Commercial Bank (KCB) and NCBA, the head of state urged the Central Bank of Kenya (CBK) Governor Patrick Njoroge to moderate such institutions to pay their taxes.

"I am happy that the governor is bringing our online betting companies into the regulation space because we also want them to pay taxes. They are operating in an opaque space," he stated.

During the event, the President announced that over 4 million Fuliza defaulters will be removed from the Credit Reference Bureau (CRB) and other blacklists from November this year.

Ruto said the lenders have now agreed to develop a new credit as opposed to blacklisting customers.

"I am very happy that between 4 to 5 million Kenyans will, by beginning of November. be out of the CRB blacklist," President Ruto stated, "This is very important because these Kenyans have been excluded from any formal borrowing and have been left at the mercies of shylocks that exploit them."

Read the original article on Capital FM.

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