BUSINESS

CBK Licences 10 More Digital Lenders – Here’s The Full List

BT ReporterMar 27, 20231.2k

[Photo / Android Kenya ]

The Central Bank of Kenya (CBK) has licensed 10 Digital Credit Providers (DCPs), which brings the total number of licenced digital lenders to 32.

In a statement on Monday, March 27, 2023, CBK said it has received 401 applications since March 2022.

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

The focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors, and management. This is to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded.

Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation.

“We urge these applicants to submit the pending documentation expeditiously to enable completion of the review of their applications,” CBK added.

The licensing and oversight of DCPs was precipitated by concerns raised by the public about the predatory practices of the unregulated DCPs, and in particular, their high cost, unethical debt collection practices, and the abuse of personal information.

Here’s the full list of licenced digital lenders:-