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The Central Bank of Kenya (CBK) has granted licenses to 12 new digital lenders, expanding the count of licensed digital credit providers in the country to 22.
Among the newly licensed lenders are notable names like Tala, M-Kopa, Tenakata, and Zanifu, as reported by The National newspaper.
However, as of March 2022, around 359 digital credit providers are still operating without licenses.
The CBK pointed out that many other applicants are in various stages of the licensing process, awaiting the submission of required documentation. The bank urged these applicants to promptly provide the necessary documents to expedite the application review.
In its pursuit to ensure comprehensive regulation, the CBK has collaborated with other regulatory bodies, including the Office of the Data Protection Commissioner, during the licensing process.
The central bank’s objective is to safeguard customer interests, addressing concerns stemming from the potentially exploitative practices of unregulated digital credit providers.
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