The Central Bank of Kenya (CBK) has announced the licensing of Digital Credit Providers (DCPs) which is pursuant to Section 59(2) of the CBK Act.
In a statement released on Monday, January 30, CBK said the 12 DCPs will now total to 22 after CBK licensed 10 of them in September 2022.
“CBK has received 381 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,” CBK said in a statement.
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CBK further stated that 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 added.
