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.
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.
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.
