The Central Bank of Kenya has since March 2022 been licensing mobile loan providers in the country – also known as Digital Credit Providers (DCPs).
An order for all the mobile loan providers to apply for licensing was issued by the CBK following 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.
Following the directive, the Central Bank of Kenya has been issuing an update on the number of providers that had been licenced.
The first update was issued in September 2022, in which 10 providers were licensed. The number has now risen to 22, with 12 more mobile loan providers getting the green light to operate.
A statement from the CBK indicated that the 22 are among over 300 providers that have so far applied to be licenced.
“CBK has received 381 applications since March 2022 and has worked closely with the applicants in reviewing their applications. Additionally, CBK has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner,” read a statement from the regulator issued on January 30, 2023.
Licensing for other providers is still ongoing.
Here is a list of the Digital Credit Providers (DCPs) licenced to operate in the country as of January 30, 2023.
List of licensed Digital Credit Providers in Kenya
- Ceres Tech Limited
- Getcash Capital Limited
- Giando Africa Limited (Trading as Flash Credit Africa)
- Jijenge Credit Limited
- Kweli Smart Solutions Limited
- Inventure Mobile Limited (Trading as Tala)
- Jumo Kenya Limited
- Letshego Kenya Ltd
- MFS Technologies Limited
- M-Kopa Loan Kenya Limited
- Mwanzo Credit Limited
- Mycredit Limited
- MyWagepay Limited
- Natal Tech Company Limited
- Ngao Credit Limited
- Pezesha Africa Limited
- Rewot Ciro Limited
- Sevi Innovation Limited
- Sokohela Limited
- Tenakata Enterprises Limited
- Umoja Fanisi Limited
- Zanifu Limited
