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.”
