CBK releases list of companies licensed to offer digital loans in Kenya

The Central Bank of Kenya (CBK) has released a list of companies licensed to operate as Digital Credit Providers (DCPs) in the country.

This follows the lapse of the six months transition period that the companies were given to apply for licenses to operate as digital lenders. In March this year, CBK announced that all unregulated digital lenders were supposed to apply for a license by September 17, 2022, failure to which they would be forced to cease operations.

Under the new regulations published by the regulator on March 21, 2022, all entities operating digital credit businesses in Kenya were supposed to obtain a license from the CBK.

The CBK embarked on the process of vetting potential operators who had met standards set out by the new regulations. However, those who had previously been licensed were exempted from this directive.

It’s now emerging that the regulator received 288 applications over a period of six months.

“So far, 10 applicants have been licensed as DCPs, pursuant to the CBK Act and the Regulations.” A statement from the Central Bank says, “Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation. We urge these applicants to submit the pending document expeditiously to enable completion of the review of their applications.”

The announcement by CBK provides a sigh of relief to Kenyans who have raised concerns over the increase in digital loan providers enticing them into collateral-free loans with exorbitant interest rates and punitive debt-recovery mechanisms.

Such lenders, most of whom disburse loans using mobile apps are known to extra pressure on debtors, their close families, friends and people on their contact lists using unorthodox means.

The Central Bank now says those that are not properly licensed under the new regulations must now stop offering services in the country.

“All other unregulated DCPs that did not apply for licensing must cease and desist from conducting digital credit business.” The CBK outlines.

Here is a list of companies authorized to provide digital credit facilities so far, although the number is likely to go higher as more companies receive authorization.

  1. Ceres Tech Limited
  2. Getcash Capital Limited
  3. Giando Africa Limited, trades as Flash Credit Africa
  4. Jijenge Credit Limited
  5. Kweli Smart Solutions Limited
  6. Mwanzo Credit Limited
  7. MyWagepay Limited
  8. Sevi Innovation Limited
  9. Rewot Civo Limited
  10. Sokohela Limited

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Simon W Nderitu

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