The Central Bank of Kenya (CBK) has approved 19 more digital credit companies bringing the total number of providers licensed to operate in the country to 51.

In a statement on Wednesday, the apex bank said that in March 2023, it issued a greenlight to other 32 companies to operate in Kenya.

“The Central Bank of Kenya (CBK) announces the licensing of additional 19 Digital Credit Providers (DCPs). This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act). This brings the number of licensed DCPs to 51 following the licensing of 32 DCPs announced in March 2023,” read the statement in part.

CBK noted that it had received 480 applications since March 2022, adding that other applicants were at different stages in the process, with most awaiting the submission of requisite documentation.

The accreditation is part of CBK’s move to weed out rogue players in the booming industry as well as control how lenders use consumer data.

This is after customers raised the alarm on predatory practices of the unregulated DCPS. This includes being pursued by the lenders in shameful ways, like accessing their phonebooks and informing the defaulters’ friends and families via contact information.

PSC reveals list of nine Kenyan tribes living without government jobs

The lenders have also been accused of hiding the full terms of their credits to customers leading to costly interest rates.

“The focus of the engagements has been inter alia on business models, consumer protection, and fitness and propriety of proposed shareholders, directors, and management.

This is to ensure adherence to the relevant laws and, importantly, that the interests of customers are safeguarded,” CBK stated.

CBK urged applicants whose approval is pending to submit the pending documentation expeditiously to enable completion of the review of their applications.

It further urged members of the public to report unregulated DCPs through [email protected].

The lenders that have so far been registered are:

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