NAIROBI, Kenya, June 9 -The Competition Authority of Kenya (CAK) is pushing for the swift enactment of a proposed amendment bill that seeks to empower the agency to regulate the fast-evolving digital markets, with a keen focus on digital lending platforms.
The Competition (Amendment) Bill 2024, which has been approved by the Attorney General and is awaiting Cabinet and parliamentary approval, aims to give CAK the legal mandate to define and enforce competition and consumer protection laws in the digital space.
“The amendment bill is aimed at giving the Authority the legal muscle to regulate and ensure that competition law and consumer protection is enforced, especially when it deals with digital markets,” said CAK Director-General David Kemei.
He noted that the authority continues to receive a surge in complaints related to digital transactions, particularly in the lending space, and that the proposed law will allow collaboration with other government agencies to address misconduct.
“Digital lenders, that is the biggest area,” he emphasized.
“And this law gives us now the room to work with other agencies, to rein in anything that is not being done well in that area.”
If passed, the bill will allow Kenya to catch up with global trends, where countries such as the UK, US, Japan, and even South Africa have already moved forward with regulatory frameworks governing digital economies.
The CAK expects the law to be enacted by October, after which it will roll out specific guidelines and regulations for the sector.
