The latest addition brings the total number of Digital Credit Providers (DCPs) operating in Kenya to 126 following the last licensing of 27 DCPs announced in October last year.

“CBK has received more than 700 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,” said CBK.

According to the Central Bank Act 2021 any person in the digital credit business is required to apply for a license from CBK.

CBK says engagements with applicants have covered issues such as business models, consumer protection and fitness and propriety of proposed shareholders, directors, and management.

“This is to ensure adherence to the relevant laws and importantly that then interests of customers are safeguarded. We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process,” added CBK.

Among licensed digital lenders include Absolute Credit Kenya, Adroit Credit Limited, Asap Credit Limited, Aventus Technology Limited, Avenews Ke Limited, Bimas Kenya Limited and BRAC Kenya Company Limited.

CBK says other applications are currently at different stages, largely awaiting the submission of requisite documentation.

“We urge these applicants to submit the pending documentation expeditiously to enable completion of the
review of their applications,” the bank said.