CBK Licenses 7 More Digital Credit Providers

June 28, 2024

The Central Bank of Kenya (CBK) has licensed an additional 7 Digital Credit Providers (DCPs).

In a statement released on Thursday, June 27, 2024, CBK noted that the total number of licensed lenders now stands at 58, following the addition of these seven digital lenders.

“This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act). This brings the number of licensed DCPs to 58 following the licensing of 19 DCPS announced in March 2024 part of the statement read.

CBK stated that it has received over 550 applications since March 2022 and has worked closely with the applicants to review their applications.

The Central Bank also disclosed that it has involved other regulators and relevant agencies in the licensing process, including the Office of the Data Protection Commissioner.

According to the Central Bank, these engagements focused on business models, consumer protection, and the suitability of proposed shareholders, directors, and management.

The seven newly licensed loan operators are UbaPesa Limited, Stride Credit Limited, Senti Capital Limited, Progressive Credit Limited, Payablu Credit Limited, Mogo Auto Limited, and Mint Credit Limited.

Furthermore, CBK stated that other applicants are at various stages in the process, primarily awaiting the submission of required documentation.

The applicants were encouraged to promptly submit the outstanding documentation to facilitate the completion of the review of their applications.

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