The Central Bank of Kenya (CBK) has cleared seven more firms to operate as digital lenders effective this month.
In a Gazette Notice dated Friday, July 12, CBK Governor Kamau Thugge listed the lenders noting that they were cleared on June 26.
They are ED Partners Africa Limited, Ismuk Credit Limited, Mint Credit Limited, and Mogo Auto Limited.
Others include Payablu Credit Limited, Progressive Credit Limited, and Stride Credit Limited.
"Pursuant to Regulation 5 (4) of the Central Bank of Kenya (Digital Credit Providers) Regulations, 2022, it is notified for general information that the Central Bank of Kenya on June 26, 2024, licensed the following entities as Digital Credit Providers," read the notice in part.
The new approvals now raise the number of digital lenders to 58, 19 of which received their licenses in March this year.
Since 2022, the state has been reviewing 480 applications with the help of the Office of the Data Protection Commissioner.
At the time, the financial regulator noted that the engagement probed the business model as well as consumer protection by the companies.
“The focus of the engagements has been inter alia on business models, consumer protection, and fitness and propriety of proposed shareholders, directors, and management,” CBK stated at the time.
“This is to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded.”
The 19 digital lenders were Autocheck, Azura, Chapeo, Chime, Creditarea, Decimal, Dexintec, and Factorhouse.
Others were Fezotech, Fortune, Lipa Later, Lobelitec, Maralal Ledger, Marble Capital, MKM Capital, Pi Capital, Senti Capital, Ubapesa, and Zillions Credit.
