The Central Bank of Kenya (CBK) has announced the licensing of an additional 27 Digital Credit Providers (DCPs).
This brings the number of licensed DCPs to 85 following the last licensing of 7 DCPs as announced in June 2024.
CBK said the move is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act).
At the samt time, CBK said it has received more than 730 DCP applications since March 2022 and has worked closely with the applicants in reviewing their applications.
Additionally, CBK has engaged 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 DCPs customers are safeguarded,” CBK said.
CBK on Pending DCP Licensing Applications
CBK said it acknowledges the efforts of the applicants and the support of other regulators and agencies in this process.
Additionally, CBK said other applicants are at different stages in the process, largely awaiting the submission of requisite documentation.
The Bank urged the remaining applicants to submit the pending documentation to enable completion of the review of their applications.
“Reports by the public on unregulated DCPs can be sent through [email protected],” CBK said.
According to CBK, the licensing and oversight of DCPs as indicated previously, was precipitated by concerns raised by the public about the predatory practices of the unregulated DCPs.
In particular, there was concerns about their high cost, unethical debt collection practices, and the abuse of personal information.
Licensed Digital Credit Providers
Some of the credit providers on the list now include Ambush Capital Limited, trading under FlashPesa, Anjoy Credit Limited, Asante FS East Africa Limited, Autochek Limited, Azura Credit Limited, and Bytech Credit Limited
Additionally, Ceres Tech Limited, Chapeo Capital Limited, and Chime Capital Limited are featured, alongside Colkos Enterprises Limited, Creditarea Capital Limited, and Decimal Capital Limited. Dexintec Kenya Limited, Dime Credit Limited, and Dreamlife Technology Limited are also included.
The list extends to ED Partners Africa Limited, EDOMX Limited, Ellegant Credit Limited, and Extend Money Services Limited. It further highlights Factorhouse Limited, Fahari Point Capital Limited, and Fezotech Kenya Limited.
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Fincorp Credit Limited, Fortune Credit Limited, and Fourth Generation Capital Limited are present. Also, Getcash Capital Limited, Giando Africa Limited (trading as Flash Credit Africa), and Hela Capital Limited appear on the list.
Others are, Inventure Mobile Limited (trading as Tala), Inspire Credit Limited, and Ismuk Credit Limited are among the providers, as well as Jijenge Credit Limited, Jumo Kenya Limited, and Kweli Smart Solutions Limited.
Lenana Innovative Solutions Limited, Letshego Kenya Ltd, and Lipa Later Limited are also included.
Other key providers are Little Pesa Limited, Lobelitec Credit Limited, LockBx Limited, Maralal Ledger Limited, Radi Credit Limited, Rewot Ciro Limited, and Risine Credit Limited.
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Other Credit Providers
The list also features Marble Capital Solutions Limited, MCF 2 Kenya Limited, Mint Credit Limited, Suncool Africa Limited, Sunrise Credit Limited, Swico Credit Limited, Talanta Credit Limited, Top Credit Solutions Limited, Tsenda Technologies Limited, Umoja Fanisi Limited, and Unity Credit Limited.
Further, MFS Technologies Limited, MKM Capital Limited, M-Kopa Loan Kenya Limited, and Mogo Auto Limited have been recognized. Providers such as Momentum Credit Limited, Mwanzo Credit Limited, and Mycredit Limited are on the list, along with MyWagepay Limited, Natal Tech Limited, and Ngao Credit Limited.
Some other notable credit providers include ODI Credit Limited, Okolea International Limited, Opal Quick Limited, Payablu Credit Limited, and Pesaglow Capital Limited.
The list continues with Pesakuu Credit Limited, Pezesha Africa Limited, and Phoenix Capital Limited. Pi Capital Limited, Premier Credit Limited, Puphik Credit Limited, and Progressive Credit Limited are also noteworthy.
The final group includes Senti Capital Limited, Sevi Innovation Limited, Shaba Finance Limited, and Silver Lining Ventures Limited. Also listed are Skyseep Credit Limited, Smart Global Limited, Smartcredit Limited, Speeds Capital Limited.
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