CBK said the move will intensify competition in the lucrative digital credit industry, providing more options for Kenyans seeking digital loans.
Early this month, the CBK made some adjustments to the framework, tightening the gap between the interbank rates and the CBR.
The bank hiked rates in December and February to stabilise the exchange rate and help bring stubborn inflation under control.
The Data Protection Commissioner, Immaculate Kassait, noted a drastic decline in complaints against financial service providers since the introduction of a regulatory framework by CBK.
The survey found that high lending rates and tight credit underwriting are reducing the demand and uptake of new facilities.
The CBK received over 480 applications for licensing as firms rushed to comply with the Act.
The Cabinet noted that the move was part of Ruto's administration’s plan to steer the turnaround of State Corporations.
More banks said demand for credit this month and March is expected to be higher than it was in December and January.
The survey notes that this year firms in the agriculture sector expect improved business activity.