The Central Bank of Kenya (CBK) has approved 10 more digital credit providers (DCPs).
The new approvals include Anjoy Credit Limited, Asante FS East Africa Limited, and Colkos Enterprises Limited, bringing the total to 32 approved lenders.
Other are EDOMX Limited, Extended Money Service Limited, Fourth Generation Capital Limited, and Jumo Kenya Limited, among others.
“The Central Bank of Kenya (CBK) announces the licensing of additional 10 Digital Credit Providers (DCPs),” CBK said in a statement.
“This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act). This brings the number of licensed DCPs to 32 following the licensing of 22 DCPs announced in January 2023,” it added.
CBK has the power to regulate non-deposit-taking credit providers as per the Central Bank Amendment Bill assented by former President Uhuru Kenyatta.
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The bill also allows CBK to suspend any DCP that breaches data confidentiality by pursuing borrowers and charging high interest rates.
“CBK has received 401 applications since March 2022 and has worked closely with the applicants in reviewing their applications,” CBK stated.
“Additionally, CBK has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner.”
Other approved DCPs include Tala Inventure Mobile Limited (trading as Tala), Letshego Kenya Ltd, MFS Technologies Limited, Sevi Innovation Limited, Tenakata Enterprises Limited, Umoja Fanisi Limited, and Zanifu Limited. Natal Tech Company Limited, Ngao Credit Limited, and Pezesha Africa Limited