CBK Approves Licences for 10 More Digital Loan Providers [FULL LIST]

A photo of CBK Governor Patrick Njoroge at a past event.
A photo of CBK Governor Patrick Njoroge at a past event.
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Patrick Njoroge

The Central Bank of Kenya (CBK) on Monday, March 26, published a list of 10 more approved Digital Credit Providers (DCPs). 

In a statement, CBK noted that the mobile lenders had so far been approved out of the 401 applications that were filed since March 2022. 

This brought the total number of approved DCPs to 32 following the licensing of 22 credit providers in January 2023. 

CBK Governor Patrick Njoroge during an interview with Bloomberg on January 18, 2023, in Davos, Switzerland.
CBK Governor Patrick Njoroge during an interview with Bloomberg on January 18, 2023, in Davos, Switzerland.
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Bloomberg

The digital lenders include Anjoy Credit Limited, Asante FS East Africa Limited, Ceres Tech Limited, Colkos Enterprises Limited, EDOMX Limited, Extend Money Service Limited and Fourth Generation Capital Limited. 

Others include Getcash Capital Limited, Giando Africa Limited (Trading as Flash Credit Africa) and Inventure Mobile Limited (Trading as Tala). 

The list also includes Jijenge Credit Limited, Jumo Kenya Limited, Kweli Smart Solutions Limited, Letshego Kenya Ltd, Little Pesa Limited, MFS Technologies Limited, M-Kopa Loan Kenya Limited, Mwanzo Credit Limited, Mycredit Limited, MyWagepay Limited, Natal Tech Company Limited, Ngao Credit Limited and Okolea International Limited.

The final eight involved Pezesha Africa Limited, Rewot Ciro Limited, Risine Credit Limited, Sevi Innovation Limited, Sokohela Limited, Tenakata Enterprises Limited, Umoja Fanisi Limited, Zanifu Limited and Zenka Digital Limited. 

According to CBK, the licensing of the DCPs came as a result of engagements with 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 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," the statement read in part. 

CBK noted that other pending applications were at different stages in the process as the regulator awaited specific documents to enable the completion of the review of their applications. 

The regulator pointed out that the licensing and oversight process was necessitated by concerns raised by the public about the unethical practices of unregulated DCPs and in particular; high costs, debt collection practices and abuse of personal information.

File image of Kenyans using smartphones
File image of Kenyans using smartphones
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