The Central Bank of Kenya has licensed additional 12 Digital Credit Providers, bringing the total to 22.
This follows the licensing of 10 DCPs announcement in September 2022.
CBK has received 381 applications since March 2022.
“CBK has received 381 applications since March 2022 and has worked closely with the applicants in interviewing their applications. Additionally, CBK has engaged other regulators and agencies pertinent to the licensing process, including the Office of Data Protection Commissioner,” CBK said.
The licensed DCPs include Ceres Tech Limited, Get cash Capital Limited, Giando Africa Limited, Jijenge Credit Limited, Kweli Smart Solutions Limited, Inventure Mobile Limited, Jumo Kenya Limited, Letshego Kenya Ltd, MFS Technologies Limited, M-Kopa Loan Kenya Limited, Mwanzo Credit Limited.
Also approved were My credit Limited, My Wagepay Limited, Natal Tech Company Limited, Ngao Credit Limited, Pezesha Africa Limited, Rewot Ciro Limited, Sevi Innovation Limited, Sokohela Limited, Tenakata Enterprises Limited, Umoja Fanisi Limited and Zanifu Limited.
Kenyans have been lamenting over the predatory practices of unregulated digital lenders.
The lenders had been accused of high repayment costs, unethical debt collection practices, and the abuse of personal informal.”
“The focus of the engagements has been inter alia on business models, consumer protection, and fitness and propriety of proposed shareholders, directors, and manage”ent,” CBK said, adding that this is to ensure adherence to the relevant laws and, importantly, that the interests of customers are safeguarded.
