The Central Bank of Kenya (CBK) has licensed an additional seven Digital Credit Providers.
CBK announced on Thursday, June 27, that the number of licensed digital lenders has increased to 58, following the licensing of 19 DCPs in March 2024.
The seven additional licensed digital lenders are: ED Partners Africa Limited, Ismuk Credit Limited, Mint Credit Limited, Mogo Auto Limited, Payablu Credit Limited, Progressive Credit Limited and Stride Credit Limited.
“The Central Bank of Kenya (CBK) announces the licensing of an additional 7 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 58 following the licensing of 19 DCPs announced in March 2024,” read the statement.
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The monetary authority stated that it had received more than 550 applications since March 2022 and was working closely with the applicants to assess them.
CBK also stated that it contacted with agencies and authorities involved in the licensing process, with a focus on business models, consumer protection, and the suitability of potential shareholders, directors, and management.
“This is to ensure adherence to the relevant laws and importantly that the interests of the customers are safeguarded. We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process,” CBK said.
Other candidates are at various stages of the procedure and are primarily awaiting the submission of required documentation.
