The Central Bank of Kenya (CBK) has licensed 10 additional Digital Credit Providers (DCPs). This is under Section 59(2) of the Central Bank of Kenya Act (CBK Act).
The 10 licensed Digital Credit Providers included; Anjoy Credit Limited, Asante FS East Africa Limited, Colkos Enterprises Limited, EDOMX Limited, Extended Money Service Limited, Fourth Generation Capital Limited, Jumo Kenya Limited, Ceres Tech Limited,Fourth Generation Capital Limited and Giando Africa Limited.
This brings the number of licensed DCPs to 32 following the licensing of 22 DCPs announced in January 2023.
Central Bank of Kenya 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 inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors, and management, aiming to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded.
We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process.
CBK
The licensing and oversight of DCPs were precipitated by concerns raised by the public about the predatory practices of the unregulated DCPs, and in particular, their high cost, unethical debt collection practices, and the abuse of personal
information.
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