The Central Bank of Kenya (CBK) has announced the licensing of 12 Digital Credit Providers (DCPs). This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act).
This brings the number of licensed DCPs to 22 following the licensing of 10 DCPs announced in September 2022.
According to CBK they have received 381 applications since March 2022 and have worked closely with the applicants in reviewing their applications.
Read: Only 10 Digital Lenders Licenced As CBK Receives 288 Applications
Additionally, CBK noted they have engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner.
“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 said.
Read: CBK Regulations Spell Doom For Digital Lenders
CBK added that the licensing and oversight of DCPs were brought about 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.
Approved lenders include;
The list includes Inventure Mobile Limited (Trading as Tala), Jumo Kenya Limited, Letshego Kenya Limited, MFS Technologies Limited, M-Kopa Loan Kenya Limited.
Others include Mycredit Limited, Tenakata Enterprises Limited, Natal Tech Company Limited, Ngao Credit Limited, Pezesha Africa Limited, Umoja Fanisi Limited, and Zanifu Limited.
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