The Central Bank of Kenya (CBK) has licensed 19 more digital credit providers (DCP), bringing the number of registered firms nationwide to 51.

In a statement, CBK revealed that some registered firms include Little Pesa Limited, Lipa Later Limited, Maralal Ledger Limited, M-Kopa Loan Kenya Limited, and Ngao Credit Limited.

CBK has already received 480 applications for licensing as firms rush to comply with Section 59(2) of the CBK Act.

“CBK has received 480 applications since March 2022 and has worked closely with the applicants in reviewing their applications.”

CBK has engaged other regulators and agencies, such as the Office of the Data Protection Commissioner, on the licensing process.

“The focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors, and management to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded.”

Further, the Regulator added that other applicants are at different stages in the registration process, largely awaiting the submission of the requisite documentation.

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