The Central Bank of Kenya has licensed 10 more digital loan providers.
The licensing of the 10 Digital Credit Providers brings to 32 the number of firms allowed to provide digital credit services to Kenyans
While explaining the procedure of licensing, the CBK said:
"The focus of the engagements has been inter alia on business models, consumer protection and fitness propriety of proposed shareholders, directors, and management," CBK said in a statement.
"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 CBK said they still processing additional applications.
The digital lenders include Ceres Tech Limited, EDOMX Limited, Extend Money Service Limited, Fourth Generation Capital Limited, Anjoy Credit Limited, Asante FS East Africa Limited, Getcash Capital Limited and Giando Africa Limited (Trading as Flash Credit Africa).
Others that were licensed are Inventure Mobile Limited (Trading as Tala), and Colkos Enterprises Limited.
CBK stated that a total of 401 applications were received since March 2022 for licensing as digital loan providers.
Other licensed DCPs include 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