Google has removed Kenyan loan apps from the play store for lacking Central Bank of Kenya licences as it cracks down on unregistered lenders.
Among the loan apps removed include Okash and Mokash.
The crackdown follows a regulation that came into effect in January that requires loan applications to be registered.
The Central Bank of Kenya must provide licences to providers before they can participate in Kenya's Digital Credit Providers (DCP).
The Central Bank of Kenya (CBK) granted permission for DCPs including MFS Technologies Limited, Letshego Kenya Ltd, and Tala Inventure Mobile Limited (Trading as Tala) to offer credit services in the nation in January.
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Sevi Innovation Limited, Tenakata Enterprises Limited, Umoja Fanisi Limited, and Zanifu Limited were some of the additional companies. Ngao Finance Limited, Pezesha Africa Ltd, and Natal Tech Company Limited.
Additionally, the regulator approved 22 DCPs out of a total of 381 in the country.
The Central Bank Amendment Bill, 2021 received former president Uhuru Kenyatta's approval in December 2021, enabling the CBK to control non-deposit-taking credit companies.
It allows CBK the authority to terminate any DCP that violates data privacy by going after borrowers and charging them exorbitant interest rates.
