The Central Bank of Kenya (CBK) on March 27, 2023, announced the licensing of additional 10 Digital Credit Providers (DCPs).
CBK has over a year been receiving applications from various digital loan providers for purposes of licensing.
With the 10 new additions, it brings to 32, the number of digital loan providers that have been licenced so far.
Among the latest DCPs that have been given a green light to continue providing digital loans to Kenyans include Tala, Anjoy Credit Limited, Asante FS East Africa Limited and Ceres Tech Limited.
Others are Colkos Entreprise Limited, EDOMX Limited, Extend Money Service Limited and Fourth Generation Capital Limited.
Getcash Capital Limited and Flash Credit Africa are the other latest digital loan providers to also get the nod from the Central Bank of Kenya.
So far, data from CBK indicate that they have received 401 applications since the process started in March 2022.
“Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation,” noted the Central Bank of Kenya in a statement.
“We urge these applicants to submit the pending documentation expeditiously to enable completion of the review of their applications,” it added.
Some of the other popular digital loan providers that have been licensed so far include Zenka, M-Kopa Solar and Getcash.
The CBK started licencing digital loan providers following what it described as 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.
