CBK issues licenses to new digital credit providers

The Central Bank of Kenya (CBK). [Standard]

The News:

  • The Central Bank of Kenya has issued operating licenses to digital credit providers to open shop in Kenya.
  • The number has now increased to 51, with the Central Bank continuing the approval process with other institutions.

In a statement released on 6th March 2024, the Central Bank of Kenya announced that it had issued out operating licenses to Digital Lending Services providers, with the help of other relevant regulatory bodies. With 32 other providers being in operation since March 2023, the total has increased to 51.

Role of digital lending apps

Digital lending applications provide users with quick and convenient loans, which can be repaid at a latter date within a set of terms. They offer alternatives to banks, which may take relatively longer to issue customers with loans. Additionally, they act as payment platforms to various other channels, at a fee.

Ensuring compliancy

The move, according to the Central Bank, would help ensure the businesses operate within the specified industry guidelines and laws. Amongst the various criteria used, involved assessing the business model, customer protection structures, and the ownership structure of the shareholders and overall management.

The digital credit/loan providers that have been approved to operate in Kenya include:

  1. Anjoy Credit Limited
  2. Asante FS East Africa Limited
  3. Autochek Limited
  4. Azura Credit Limited
  5. Ceres Tech Limited
  6. Chapeo Capital Limited
  7. Chime Capital Limited
  8. Colkos Enterprises Limited
  9. Creditarea Capital Limited
  10. Decimal Capital Limited
  11. Dexintec Kenya Limited
  12. EDOMX Limited
  13. Extend Money Services Limited
  14. Factorhouse Limited
  15. Fezotech Kenya Limited
  16. Fortune Credit Limited
  17. Fourth Generation Capital Limited
  18. Getcash Capital Limited
  19. Giando Africa Limited (Trading as Flash Credit Africa)
  20. Inventure Mobile Limited (Trading as Tala)
  21. Jijenge Credit Limited
  22. Jumo Kenya Limited
  23. Kweli Smart Solutions Limited
  24. Letshego Kenya Ltd
  25. Lipa Later Limited
  26. Little Pesa Limited
  27. Lobelitec Credit Limited
  28. Maralal Ledger Limited
  29. Marble Capital Solutions Limited
  30. MKM Capital Limited
  31. MFS Technologies Limited
  32. M-Kopa Loan Kenya Limited
  33. Mwanzo Credit Limited
  34. Mycredit Limited
  35. MyWagepay Limited
  36. Natal Tech Limited
  37. Ngao Credit Limited
  38. Okolea International Limited
  39. Pezesha Africa Limited
  40. Pi Capital Limited
  41. Rewot Ciro Limited
  42. Risine Credit Limited
  43. Senti Capital Limited
  44. Sevi Innovation Limited
  45. Sokohela Limited
  46. Tenakata Enterprises Limited
  47. UbaPesa Limited
  48. Umoja Fanisi Limited
  49. Zanifu Limited
  50. Zenka Digital Limited
  51. Zillions Credit Limited

So far, all of the approved credit providers are on Google Play store. As required by Google, all digital lending apps operating in Kenya have to be certified by a regulatory body, in this case the Central Bank.

So far, CBK has received 480 letters of application from interested parties, and has had to lean on the efforts of entities such as the Office of the Data Protection Commissioner to ease the approval process.

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