CBK may soon regulate Buy-Now-Pay-Later (BNPL) companies and services if the Business Laws (Amendment) Bill, 2024 is passed.

The bill will give CBK the authority to license, supervise, and determine the price charged by BNPL providers.

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—BNPL providers are companies offering installment payment plans for goods or services.

—Examples of such companies include loop, Mastercard, M-KOPA which allow consumers to purchase goods or access services and pay in installments over time.