CBK Licenses 19 More Digital Credit Providers

The Central Bank of Kenya (CBK) has licensed 19 additional Digital Credit Providers (DCPs) bringing the number to 51.

This is pursuant to section 59(2) of the Central Bank of Kenya Act (CBK Act).

As of March 2022, the apex bank had received some 480 applications and has been reviewing the applications since and 32 DCPs were licenses as of March 2023.

“Additionally, CBK has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner,” stated CBK.

“The focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors, and management,” it added.

The 51 DCPs licensed by CBK include Mycredit Limited, Ceres Tech Limited, Getcash Capital Limited, Giando Africa Limited (Trading as Flash Credit Africa), Jijenge Credit Limited and Kweli Smart Solutions Limited.

Others are M-Kopa Loan Kenya Limited, Inventure Mobile Limited (Trading as Tala), Mwanzo Credit Limited, Ngao Credit Limited and Pezesha Africa Limited.

“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,” noted CBK.

According to sector regulator, the licensing is necessary to ensure adherence to the relevant laws and to ensure the interests of customers are safeguarded.

“We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process,” added the apex bank.

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