The Central Bank of Kenya (CBK) has licensed 25 additional Digital Credit Providers, raising the total number of regulated digital lenders in the country to 252.
In a notice on Tuesday, June 14, CBK said the licensing is part of the regulator’s efforts to protect consumers from rogue operators.
DCPs are institutions that carry out their lending activities digitally through Unstructured Supplementary Service Data (USSD) codes and loan products, including educational loans, development loans and short-term personal financing, among other products.
Since March 2022, CBK has received more than 800 applications and has continuously engaged with the applicants in reviewing their applications.
The review process focuses on business models, consumer protection measures and the fitness and propriety of proposed shareholders, directors and management teams.
“This is to ensure adherence to the relevant laws and, importantly, that the interests of customers are safeguarded,” CBK stated.
CBK noted that many other applicants remain at different stages of the licensing process, with most awaiting submission of the required documentation.
The new licensed DCPs are:
- Baraka Credit Limited
- Bashy African Credit Limited
- Centenary Micro Enterprise Services Ltd
- Equal Reach Credit Limited
- Eversure Credit Limited
- Glad Agritech Kenya Limited
- Hawkins Credit Limited
- Jiweze Credit Limited
- KalTris Limited
- KN Global Services Limited
- Lin-Cap Limited
- Nirvana Credit Limited
- Onward Digital Company Limited
- Pesakay Credit Limited
- Rapidcash Ventures Limited
- Rukisha Solutions Limited
- Signature Capital Limited
- Solvezy Technology Kenya Limited
- Statim Capital Limited
- Stemtide Credit Limited
- Stepwise Credit Limited
- Transventures Capital Limited
- Trinmarc Ventures Limited
- VisionFund Kenya Limited
- WeLend Limited
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