Digital Lenders Licenced To Operate In Kenya – The Central Bank of Kenya (CBK) has granted approval to an additional 19 digital credit companies, bringing the total licensed providers in the country to 51. This expansion follows a thorough review of 480 applications received since March 2022 by CBK and other regulators, including the Office of the Data Protection Commissioner.
CBK Highlighted
In a statement released on Wednesday, CBK highlighted the focus of their engagements, addressing business models, consumer protection, and the suitability of proposed shareholders, directors, and management. The accreditation process is part of regulations introduced in the previous year to eliminate rogue players in the rapidly growing industry and regulate the use of consumer data by lenders.
Various applicants are at different stages in the accreditation process, with many awaiting the submission of required documentation. The move comes in response to concerns such as some companies contacting the family and friends of customers who defaulted on payments or failed to pay on time.
Fraud Concerns
Additionally, complaints about certain lenders imposing high-interest rates against the provisions of the Digital Credit Providers Regulations of 2022 prompted the regulatory measures. In December, CBK Governor Kamau Thugge informed parliament about an ongoing probe into over 400 digital credit companies over fraud concerns.
Here is the comprehensive list of accredited digital lenders in Kenya
Anjoy Credit
Asante FS East Africa
Autochek
Azura Credit
Ceres Tech
Chapeo Capital
Chime Capital
Colkos Enterprises
Creditarea Capital
Decimal Capital
Dexintec Kenya
EDOMX
Extend Money Services
Factorhouse
Fezotech Kenya
Fortune Credit
Fourth Generation Capital
Getcash Capital
Giando Africa
Inventure Mobile
Jijenge Credit
Jumo Kenya
Kweli Smart Solutions
Letshego Kenya
Lipa Later
Little Pesa
Lobelitec Credit
Maralal Ledger
Marble Capital Solutions
MKM Capital
MFS Technologies
M-Kopa
Mwanzo Credit
Mycredit
MyWagepay
Natal Tech
Ngao Credit
Okolea International
Pezesha Africa
Pi Capital
Rewot Ciro
Risine Credit
Senti Capital
Sevi Innovation
Sokohela
Tenakata Enterprises
UbaPesa
Umoja Fanisi
Zanifu
Zenka
Zillions Credit
This move represents a significant step in enhancing the regulatory framework and ensuring responsible practices within Kenya’s digital credit sector.
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