The Central Bank of Kenya (CBK) has granted licenses to 19 new Digital Credit Providers (DCPs) following a surge in applications since March 2022.
CBK in a notice Wednesday said 480 applications had been received since early 2022. n
The latest licensing round brings the total number of licensed DCPs to 51, with 32 DCPs having been licensed in March 2023.
CBK emphasized its commitment to ensuring compliance with relevant laws and the protection of customers’ interests throughout the licensing process. The bank disclosed that it collaborated with other regulators and agencies, including the Office of Data Protection Commissioner, to ensure the adherence to applicable regulations.
“We urge these applicants to submit the pending documentation expeditiously to enable completion of the review of the applicants,” stated CBK.
