The Central Bank of Kenya (CBK) has announced the licensing of an additional 7 Digital Credit Providers (DCPs).
CBK made the announcement in a statement on June 27, 2024, noting that the addition of the seven digital lenders takes the number of licensed lenders to a total of 58.
“This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act). This brings the number of licensed DCPs to 58 following the licensing of 19 DCPS announced in March 2024,” read part of the statement.
CBK said it has received more than 550 applications since March 2022 and has worked closely with the applicants in reviewing their applications.
Additionally, the Central Bank revealed that it has engaged other regulators and agencies pertinent to the licensing process.
“CBK has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner,” the statement adds.
Also Read: CBK Licenses 19 More Digital Loan Lenders [LIST]
According to the Central Bank, the focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors, and management.
CBK on Digital Credit Providers Applications
Further, CBK said that other applicants are at different stages in the process, largely awaiting the submission of requisite documentation.
These applicants were urged to submit the pending documentation expeditiously to enable completion of the review of their applications.
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The addition of the seven digital lenders comes after the CBK also licensed additional 19 DCPs back in March 2024 which brought the total number to 51 back then.
CBK during the time stated that it had received 480 applications since March 2022, adding that the regulations provide consumer protection, credit information sharing, and outline the Anti-Money Laundering and Combating the Financing of Terrorism.
Licensed Digital Loans Providers
Some of the credit providers on the list now include Anjoy Credit Limited, Asante FS East Africa Limited, Autochek Limited, Azura Credit Limited, Ceres Tech Limited, Chapeo Capital Limited, Chime Capital Limited, Colkos Enterprises Limited, Creditarea Capital Limited, Decimal Capital Limited, and Dexintec Kenya Limited.
ED Partners Africa Limited, EDOMX Limited, Extend Money Services Limited, Factorhouse Limited, Fezotech Kenya Limited, Fortune Credit Limited and Fourth Generation Capital Limited, Ngao Credit Limited, Pi Capital Limited and Ubapesa Limited are also licensed DCPs.
Other licensed credit provides approved by CBK are Getcash Capital Limited, Giando Africa Limited (Trading as Flash Credit Africa), Inventure Mobile Limited (Trading as Tala), Ismuk Credit Limted, Jijenge Credit Limited, Jumo Kenya Limited, Kweli Smart Solutions Limited, Letshego Kenya Ltd, Lipa Later Limited, Little Pesa Limited, Lobelitec Credit Limited, Maralal Ledger Limited, Marble Capital Solutions limited, M-Kopa Loan Kenya Limited, Okolea Interntional Limited and Zenka Digital Limited among others.
Licensing of DCPs
The Central Bank of Kenya provides details of all the 58 licensed DCPs can be accessed through the Cental Bank of Kenya website.
Reports by the public on unregulated DCPs on the other hand can be sent through [email protected].
According to CBK, the licensing and oversight of DCPs was precipitated by concerns raised by the public about the predatory practices of the unregulated DCPs.
In particular, the Central Bank noted that factors such as the high cost, unethical debt collection practices, and the abuse of personal information by the DCPs led to widespread uproar.
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