Number of licenced digital lenders increases as CBK licences 10 more

The Central Bank of Kenya (CBK) has announced the licensing of additional 10 Digital Credit Providers (DCPs), popularly known as digital lenders.

“CBK has received 401 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.

This brings the number of licensed DCPs to 32 following the licensing of 22 DCPs announced in January 2023.

“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 says other applicants are at different stages in the process, largely awaiting the submission of requisite documentation.

“We urge these applicants to submit the pending documentation expeditiously to enable completion of the review of their applications. Reports by the public on unregulated DCPs can be sent through dc**@ce*********.ke,” added CBK.

The licensing and oversight of digital lenders was precipitated by concerns raised by the public about the predatory practices of the unregulated DCPs, and in particular, their high cost, unethical debt collection practices, and the abuse of personal information.

Full list of licenced digital lenders

1. Anjoy Credit Limited
2. Asante FS East Africa Limited
3. Ceres Tech Limited
4. Colkos Enterprises Limited
5. Edomx Limited
6. Extend Money Service Limited
7. Fourth Generation Capital Limited
8. Getcash Capital Limited
9. Giando Africa Limited (Trading as Flash Credit Africa)
10. Inventure Mobile Limited (Trading as Tala)
11. Jijenge Credit Limited
12. Jumo Kenya Limited
13. Kweli Smart Solutions Limited
14. Letshego Kenya Ltd
15. Little Pesa Limited
16. MFS Technologies Limited
17. M-Kopa Loan Kenya Limited
18. Mwanzo Credit Limited
19. Mycredit Limited
20. MyWagepay Limited
21. Natal Tech Company Limited
22. Ngao Credit Limited
23. Okolea International Limited
24. Pezesha Africa Limited
25. Rewot Ciro Limited
26. Risine Credit Limited
27. Sevi Innovation Limited
28. Sokohela Limited
29. Tenakata Enterprises Limited
30. Umoja Fanisi Limited
31. Zanifu Limited
32. Zenka Digital Limited