Digital lender Tala has issued a directive to customers to complete updating their personal information in a bid to comply with Central Bank of Kenya (CBK) regulations.
According to the firm, the profile update will ensure consumers do not face service disruption as digital lender move in to secure their platforms.
According to CBK Act (Amendment) 2021 and the Digital Credit Providers Regulations 2022 a digital credit provider shall satisfy itself as to the identity of its customers while performing transactions.
The law further states that the credit provider shall not advance digital credit to a customer unless it has first taken reasonable steps to satisfy itself on the customer’s ability to repay the credit facility.
Speaking on the update, Tala Senior Compliance and Ethics Manager Tabby Mugechi said the update allows borrowers to complete their personal information before accessing credit.
“Your safety is our priority. Completing your KYC requirements, including submitting a valid ID and taking a quick selfie, is the simplest way to protect your account. This crucial consumer protection step helps shield you from fraud and ensures secure, seamless access to all the Tala services you rely on,” said Mugechi
The lender says the update will ensure its systems are safe, inclusive, and trusted digital financial ecosystem by requiring borrowers to submit a valid National ID and capturing a live selfie..
The Know-Your-Customer requirement is further expected to be strengthened by the proposed in the Draft Non-Deposit Taking Credit Providers Regulations 2025.
