The Central Bank of Kenya (CBK) has announced the licensing of an additional seven Digital Credit Providers (DCPs), bringing the total number of licensed digital lenders to 58.

In a statement on Thursday, June 27, the apex bank said that in March 2024, it issued a greenlight to other 19 DCPs to operate in Kenya.

”The Central Bank of Kenya (CBK) announces the licensing of an additional 7 Digital Credit Providers (DCP). This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act). This brings the number of licensed DCPs to 58 following the licensing of 19 DCPs announced in March 2024,” read the statement in part.

The seven additional licensed digital lenders include ED Partners Africa Limited, Ismuk Credit Limited, Mint Credit Limited, Mogo Auto Limited, Payablu Credit Limited, Progressive Credit Limited and Stride Credit Limited.

CBK noted that it had received more than 550 applications since March 2022 and was working closely with the applicants in reviewing the applications.

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It added that other applicants are at different stages in the process and are largely awaiting the submission of requisite documentation.

“This is to ensure adherence to the relevant laws and importantly that the interests of the customers are safeguarded. We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process,” CBK remarked.

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 including being pursued by the lenders in shameful ways, like accessing their phonebooks and informing the defaulters’ friends and families via contact information.

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