CBK (Central Bank of Kenya) has licensed an additional 19 Digital Credit Providers (DCPs). This move comes as Kenyans grapple with a high cost of credit from banks and other lenders.
- In a statement, CBK said this brings the number of licensed DCPs to 51 following the licensing of 32 DCPs announced in March 2023.
- CBK has received 480 applications since March 2022.
- CBK has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner.
“The focus of the engagements has been among other things on 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 the interests of customers are safeguarded.” CBK said.
Other digital lenders are at different stages in the application process, largely awaiting the submission of requisite documentation.
CBK is urging these applicants to submit the pending documentation expeditiously to enable the completion of the review of their applications.
The new licensed firms are Autocheck, Azura, Chapeo, Chime, Creditarea, Decimal, Dexintec, Factorhouse, Fezotech, Fortune, Lipa Later, Lobelitec, Maralal Ledger, Marble Capital, MKM Capital, Pi Capital, Senti Capital, Ubapesa and Zillions Credit.
The new licensing comes after CBK licensed another 10 digital lenders in March 2023, another 12 in January 2023, and another 10 in September 2022.
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