CBK to regulate all lenders with over KSh 20M activity

Bula,

Victoria from Techpoint here,

Here’s what I’ve got for you today:

Kenya’s credit market gets its first rulebook
9mobile rebrands as T2 in bold market play
Lagos to ride-hailing drivers: Fix your cars or park them

Kenya’s credit market gets its first rulebook

Kenya’s unregulated lending playground is about to get a referee, and the rules will be strict. The Central Bank of Kenya (CBK) is moving to pull every non-deposit-taking lender under its direct watch for the first time in history, from buy-now-pay-later (BNPL) startups to peer-to-peer platforms and hire-purchase firms.

Under the draft regulations, any credit-only provider with at least KSh 20 million ($155,000) in capital, borrowings, or outstanding loans will now have to get a CBK licence. Smaller players won’t escape entirely; they’ll still have to register with the regulator. The moment they cross that threshold, they’ll have to upgrade to a full licence. Once these rules are published, the entire sector will have six months to comply.

It’s a sweeping move for an industry that’s operated with minimal oversight. These rules will cover how loans are priced, how customer data is handled, and how complaints are resolved, replacing years of self-policing with enforceable standards.

Big players seeking a licence will have to open their books wide: corporate structure, funding sources, anti-money laundering controls, consumer protection measures, and proofs their money isn’t dirty. Smaller firms will face a lighter process, but CBK will watch for under-reporting and can force an upgrade if growth looks too fast to be true.

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For context, there are already 126 licensed digital credit providers; they won’t have to reapply. But another 574 pending applications will be assessed under these tougher rules. That means many fintechs and credit firms now face a race against the clock.

CBK Governor Kamau Thugge is using new powers from the Business Laws (Amendment) Act 2024 to bring uniformity and consumer protection to Kenya’s fragmented credit market. Lenders will have to follow a strict code of conduct on fairness and transparency, a change that could shake up how millions of Kenyans borrow and how dozens of startups do business.

9mobile rebrands as T2 in bold market play

Nigeria’s fourth-largest telecom operator has switched up its identity again, this time dropping the 9mobile name for a snappier “T2.” The reveal happened on Thursday, August 8, 2025, at the company’s Tech Meets Tenacity event at the Marriott Hotel in Lagos.

If you’re counting, this is the second major rebrand in less than a decade. The company first launched in 2008 as Etisalat Nigeria, then became 9mobile in 2017 after its UAE parent pulled out. Now, in 2025, CEO Obafemi Banigbe says the T2 name signals “a bold new era” and a push to become a “digital-first, agile, cloud-native” telco.

But behind the fresh logo and big promises, T2 is still wrestling with some ugly numbers. Subscriber figures have plunged from over 22 million in its early days to just 3.2 million as of January 2025, squeezed by rivals MTN, Airtel, and Globacom, plus years of limited network growth and financial strain.

To turn things around, T2 is leaning on partnerships. One of the biggest is a roaming deal with MTN, letting T2 customers latch onto MTN’s network in places where T2 has no coverage. The company is also betting on API-driven services, stronger digital offerings, and a focus on better network quality.

Still, the rebrand has many wondering if this is truly a turning point or just a fresh coat of paint. Nigeria’s telco market is brutally competitive, and history shows a name change alone doesn’t fix coverage gaps or win back millions of lost customers.

For now, T2 says it’s ready to fight for its place in the market, but whether this “bold new era” becomes a comeback story or just another footnote in its turbulent history is a battle only the next few years will decide.

Lagos to ride-hailing drivers: Fix your cars or park them

If you know anyone driving for a ride-hailing app in Lagos, including Uber, Bolt, Lagride, or InDrive, pass this on ASAP: The Lagos State government is cracking down on rough or poorly maintained cars. Word on the street is that they’ve told all licensed operators to bring their vehicles in for inspection, and if a car doesn’t pass, it’s getting yanked off the road.

Transport Commissioner Oluwaseun Osiyemi announced the move after a meeting with operators at the ministry’s Alausa offices. He says too many ride-hailing cars are now in poor shape, posing safety risks and hurting service quality.

The new checks will form part of a wider audit aimed at cleaning up the sector and forcing compliance with state rules. Only cars registered with the Lagos State Government will be allowed to operate, and every driver must be certified by the Lagos State Drivers’ Institute (LASDRI).

Operators at the meeting — Uber, Bolt, Lagride, Laurie, Vas Acquico, InDrive, Folti Tech, and EDryv — highlighted safety tweaks like panic buttons, stricter onboarding, and mandatory licence checks. But the government warned that companies that skip the inspection or licensing process could have their permits suspended.

The timing isn’t random. Ride-hailing cars in Lagos are starting to look and feel like the battered yellow taxis the apps once replaced. Think torn seats, dead air-conditioning, and sky-high mileage. Rising vehicle and fuel costs, plus dwindling driver incentives, have made it hard for drivers to upgrade or maintain their cars.

Per Nairametrics, the fix will take more than inspections; they’re calling for affordable financing, tougher quality standards, and even partnerships with local assemblers. For now, the state is making it clear: if your car’s not up to scratch, it’s not going on the road.

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