The Central Bank of Kenya (CBK) has announced the licensing of seven additional Digital Credit Providers (DCPs). This brings the total number of licensed lenders in the country to 58, following the licensing of 19 DCPs in March 2024.
The move signifies continued progress in regulating the digital credit market in Kenya. Since March 2022, the CBK has received more than 550 applications and has been working closely with applicants throughout the review process. This collaborative approach involves other regulators and agencies, such as the Office of the Data Protection Commissioner.
The focus of this rigorous review process is on several key areas. Business models are scrutinized to ensure responsible lending practices. Consumer protection is paramount, and the CBK takes steps to safeguard customer interests. Finally, the fitness and propriety of proposed shareholders, directors, and management are assessed to guarantee responsible leadership within these companies.
The CBK acknowledges the efforts of both applicants and collaborating institutions in this process. While seven applicants have been successful, others are at various stages in the licensing journey. The CBK urges these remaining applicants to expedite the submission of any required documentation to facilitate a swift review of their applications.
This initiative to license and oversee DCPs stems from past concerns raised by the public. Unregulated lenders were often accused of predatory practices, including exorbitant interest rates, unethical debt collection tactics, and the misuse of personal information. The CBK’s actions aim to address these issues and foster a more responsible and transparent digital credit market in Kenya.
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The CBK encourages citizens to report any unregulated DCPs they encounter. Reports can be submitted electronically through deps@centralbank.go.ke.
Here is the full list of licensed digital credit lenders in Kenya:
- Anjoy Credit Limited
- Asante FS East Africa Limited
- Autochek Limited
- Azura Credit Limited
- Ceres Tech Limited
- Chime Capital Limited
- Colkos Enterprises Limited
- Creditarea Capital Limited
- Chapeo Capital Limited
- Decimal Capital Limited
- Dexintec Kenya Limited
- ED Partners Africa Limited
- EDOMX Limited
- Extend Money Services Limited
- Factorhouse Limited
- Fezotech Kenya Limited
- Fortune Credit Limited
- Fourth Generation Capital Limited
- Getcash Capital Limited
- Giando Africa Limited (Trading as Flash Credit Africa)
- Inventure Mobile Limited (Trading as Tala)
- Ismuk Credit Limited
- Jijenge Credit Limited
- Jumo Kenya Limited
- Kweli Smart Solutions Limited
- Letshego Kenya Ltd
- Lipa Later Limited
- Little Pesa Limited
- Lobelitec Credit Limited
- Maralal Ledger Limited
- Marble Capital Solutions Limited
- Mint Credit Limited
- MFS Technologies Limited
- MKM Capital Limited
- M-Kopa Loan Kenya Limited
- Mogo Auto Limited
- Mwanzo Credit Limited
- Mycredit Limited
- MyWagepay Limited
- Natal Tech Limited
- Ngao Credit Limited
- Okolea International Limited
- Payablu Credit Limited
- Pezesha Africa Limited
- Pi Capital Limited
- Progressive Credit Limited
- Rewot Ciro Limited
- Risine Credit Limited
- Senti Capital Limited
- Sevi Innovation Limited
- Sokohela Limited
- Stride Credit Limited
- Tenakata Enterprises Limited
- UbaPesa Limited
- Umoja Fanisi Limited
- Zanifu Limited
- Zenka Digital Limited
- Zillions Credit Limited