Number of licenced digital lenders in Kenya hits 22 as CBK licences 12 more

Monday, January 30th, 2023 13:20 | By
Digital lenders
Image used for illustration purposes. PHOTO/Courtesy

The Central Bank of Kenya (CBK) has licenced 12 more Digital Credit  Providers (DCPs), popularly known as digital lenders, to operate in Kenya.

This brings the number of licensed DCPs to 22 following the licensing of 10  DCPs announced in September 2022.

The regulator said it has so far received 381 applications since March 2022 and is reviewing the applications by engaging the applicants and other regulators and agencies pertinent to the licensing process, including the Office of the  Data Protection Commissioner.

"The focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors, and management. This is to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded. We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process," CBK stated.

Names of licenced digital lenders

Among the licenced digital lenders include Ceres Tech Limited, Getcash Capital Limited, Giando Africa Limited (Trading as Flash Credit Africa), Jijenge Credit Limited, Kweli Smart Solutions Limited, Inventure Mobile Limited (Trading as Tala), Jumo Kenya Limited, Letshego Kenya Ltd, MFS Technologies Limited, M-Kopa Loan Kenya Limited and Mwanzo Credit Limited.

Others include Mycredit Limited, MyWagepay Limited, Natal Tech Company Limited, Ngao Credit Limited, Pezesha Africa Limited, Rewot Ciro Limited, Sevi Innovation Limited, Sokohela Limited, Umoja Fanisi Limited, Umoja Fanisi Limited and Zanifu Limited.

"Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation. We urge these applicants to submit the pending documentation expeditiously to enable  completion of the review of their applications," CBK added.

The licensing and oversight of digital lenders was precipitated by concerns raised by the public about the predatory practices of the unregulated lender, and in particular, their high cost, unethical debt collection practices, and the abuse of personal information. 

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