Kenya: MCL Is Not a Licensed Microfinance Institution, CBK Warns

5 December 2023
Capital FM (Nairobi)

Nairobi — The Central Bank of Kenya (CBK) has warned Kenyans that Momentum Credit Company Limited (MCL) is not a registered microfinance institution.

CBK was responding to a question raised by Nandi County Senator Samson Cherarkey on the matter.

However, CBK said that MCL applied to be licensed as a Digital Credit Provider (DCP).

"MCL's application has not yet been processed-the institution has not fulfilled stipulated license requirements," CBK informed Senators.

"CBK has obtained additional information on MCL's Financial Statements for the year ending December 31, 2022, and a list of court cases," CBK added.

"CBK has directed MCL to address the issue of high interest rates and court cases aspect as a pre-licensing condition."

Read the original article on Capital FM.

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