The Central Bank of Kenya (CBK) on Monday, September 19, published a list of approved Digital Credit Providers – DCPs who had applied for a license.
The Central Bank of Kenya (CBK) indicated in a statement that out of the 288 applications that had been submitted since March 2022, 10 mobile lender licenses had been granted at the moment.
CBK did, however, mention that other applications would be considered in due course despite the fact that these applicants are now in varying stages of the approval process.
“CBK has received 288 applications since March 2022 and has worked closely with the applicants over the last six months in reviewing their applications.
Additionally, CBK has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner. We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process.”
Ceres Tech Limited, Getcash Capital Limited, Giando Africa Limited (Trading as Flash Credit Africa), Jijenge Credit Limited, Kweli Smart Solutions Limited, and Mwanzo Credit Limited are some of the companies featured on this list.
Others include MyWagepay Limited, Rewot Ciro Limited, Sevi Innovation Limited and Sokohela Limited.
“We urge these applicants to submit the pending documentation expeditiously to enable completion of the review of their applications. ”
However, the regulator issued a warning to unregulated DCPs that did not apply for license to cease and desist from performing activity related to digital credit.
CBK made the observation that the restriction was necessary because the public had expressed worry regarding the unregulated DCPs.
“The licensing and oversight of DCPs as indicated previously was precipitated 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.”