The Central Bank of Kenya has licensed 12 more digital lenders.
In a press statement, CBK announced the licensing of 12 more Digital Credit Providers (DCPs), bringing the number of licensed digital lenders to 22 following the licensing of 10 others in September 2022.
“This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act),” said CBK.
The additional DCPS are Inventure Mobile Limited (trading as Tala), M-Kopa Loan Kenya Limited, Pezesha Africa Limited, Jumo Kenya Limited, Letshego Kenya Limited, Zanifu Limited, MFS Technologies Limited, Mycredit Limited, Natal Tech Company Limited, Ngao Credit Limited, Tenakata Enterprises Limited, and Umoja Fanisi Limited.
According to CBK, the bank has received 381 applications since March 2022 and has worked closely with the applicants 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
“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,” read a statement from CBK.
Other lenders licensed by CBK are Ceres Tech Limited, Getcash Capital Limited, Giando Africa Limited (operating as Flash Credit Africa), Jijenge Credit Limited, Kweli Smart Solutions Limited, Mwanzo Credit Limited, MyWagepay Limited, Rewot Ciro Limited, Sevi Innovation Limited and, Sokohela Limited.