CBK Licenses 10 More Digital Loan Providers

By Getrude Mathayo / Published March 27, 2023 | 12:15 pm




KEY POINTS

CBK noted that the mobile lenders had so far been approved out of the 401 applications that were filed since March 2022. This brought the total number of approved DCPs to 32 following the licensing of 22 credit providers in January 2023.


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KEY TAKEAWAYS


The list also includes Jijenge Credit Limited, Jumo Kenya Limited, Kweli Smart Solutions Limited, Letshego Kenya Ltd, Little Pesa Limited, MFS Technologies Limited, M-Kopa Loan Kenya Limited, Mwanzo Credit Limited, Mycredit Limited, MyWagepay Limited, Natal Tech Company Limited, Ngao Credit Limited, and Okolea International Limited.


The Central Bank of Kenya (CBK) has issued a new round of approvals to 10 players in the lucrative digital loans market bringing the number of licensed digital lenders to 32 after others were cleared early this year

On March 26th, in a statement, CBK noted that the mobile lenders had so far been approved out of the 401 applications that were filed since March 2022. This brought the total number of approved DCPs to 32 following the licensing of 22 credit providers in January 2023.

The digital lenders include Anjoy Credit Limited, Asante FS East Africa Limited, Ceres Tech Limited, Colkos Enterprises Limited, EDOMX Limited, Extend Money Service Limited, and Fourth Generation Capital Limited.

Others include Getcash Capital Limited, Giando Africa Limited (Trading as Flash Credit Africa), and Inventure Mobile Limited (Trading as Tala).

The list also includes Jijenge Credit Limited, Jumo Kenya Limited, Kweli Smart Solutions Limited, Letshego Kenya Ltd, Little Pesa Limited, MFS Technologies Limited, M-Kopa Loan Kenya Limited, Mwanzo Credit Limited, Mycredit Limited, MyWagepay Limited, Natal Tech Company Limited, Ngao Credit Limited, and Okolea International Limited.

The final eight involved Pezesha Africa Limited, Rewot Ciro Limited, Risine Credit Limited, Sevi Innovation Limited, Sokohela Limited, Tenakata Enterprises Limited, Umoja Fanisi Limited, Zanifu Limited, and Zenka Digital Limited.

Here is the statement from CBK:

Digital Lenders

The CBK licensing of the DCPs came as a result of engagements with regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner

“The focus of the engagements has been inter alia on business models, consumer protection, and fitness 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. We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process,” the statement read in part.

According to CBK, other pending applications were at different stages in the process as the regulator awaited specific documents to enable the completion of the review of their applications.

The regulator pointed out that the licensing and oversight process was necessitated by concerns raised by the public about the unethical practices of unregulated DCPs and in particular; high costs, debt collection practices, and abuse of personal information.

Related Content: Inflation Pushes Kenyans To Borrow More From Digital Lenders And Shopkeepers






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