The Central Bank of Kenya (CBK) has approved ten more digital credit providers (DCPs), bringing the number of registered entities to 32.

The approved lenders include Colkos Enterprises Limited, Anjoy Credit Limited, Extended Money Service Limited Asante FS East Africa Limited, Jumo Kenya Limited, EDOMX Limited, and Fourth Generation Capital Limited.

“The Central Bank of Kenya (CBK) announces the licensing of additional 10 Digital Credit Providers (DCPs). This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act). This brings the number of licensed DCPs to 32 following the licensing of 22 DCPs announced in January 2023,” read part of the statement.

The Central Bank Amendment Bill, 2021 received former president Uhuru Kenyatta's assent in 2021, enabling the CBK to control non-deposit-taking credit providers.

It gave CBK the authority to terminate any DCP that violates data privacy by going after borrowers and charging them exorbitant interest rates.

Did you read this?

  1. CBK Cuts Benchmark Lending Rate to 11.25%, Urges Banks To Lower Borrowing Costs
  2. I&M Bank Reduces Lending Rate By 0.75% To Promote Credit Access
  3. Parliament Approves Gerald Nyaoma As CBK Second Deputy Governor

This follows CBK's approval of DCPs including MFS Technologies Ltd, Letshego Kenya Ltd, and Tala Inventure Mobile Limited (doing business as Tala) to offer credit services in the nation earlier this year.

Zanifu Limited, Umoja Fanisi Limited, Sevi Innovation Limited, and Tenakata Enterprises Limited.

Others included Pezesha Africa Ltd, Ngao Credit Limited, and Natal Tech Company Limited.

Out of the 381 DCPs that were in the nation at the time, CBK had only certified 22.

“CBK has received 401 applications since March 2022 and has worked closely with the applicants in reviewing their applications,” CBK stated.

Further, the statement revealed that the regulator has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner.