Kenya: CBK licenses 10 more digital lending apps – Capital Business

The Central Bank of Kenya (CBK) has approved 10 more digital credit providers (DCPs), pushing the total number of registered entities to 32.

They include Anjoy Credit Limited, Asante FS East Africa Limited, and Colkos Enterprises Limited.

Others include EDOMX Limited, Extended Money Service Limited, Fourth Generation Capital Limited, and Jumo Kenya Limited, among others.

“The Central Bank of Kenya (CBK) announces the licensing of additional 10 Digital Credit Providers (DCPs),” CBK said in a statement.

“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,” it added.

In 2021, former President Uhuru Kenyatta assented to the Central Bank Amendment Bill, 2021, allowing the CBK to regulate non-deposit-taking credit providers.

It gave CBK the power to suspend any DCP that breaches data confidentiality by pursuing borrowers and charging high interest rates.

This comes after CBK approved DCPs such as Tala Inventure Mobile Limited (trading as Tala), Letshego Kenya Ltd, and MFS Technologies Limited to provide credit services in the country early this year.

Sevi Innovation Limited, Tenakata Enterprises Limited, Umoja Fanisi Limited, and Zanifu Limited. Natal Tech Company Limited, Ngao Credit Limited, and Pezesha Africa Limited were others.

At the time, CBK had approved 22 DCPs out of a total of 381 in the country.

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

“Additionally, CBK has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner.”