The Central Bank of Kenya (CBK) has approved 12 more digital credit providers (DCP), bringing the total number of licensed digital lenders to 22.
The CBK said it had received 381 applications since March 2022.
“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,” said CBK.
Those approved include Tala, Inventure Mobile Limited (Trading as Tala), Letshego Kenya Ltd, MFS Technologies Limited, Letshego Kenya Ltd, Natal Tech Company Limited, Ngao Credit Limited, and Pezesha Africa Limited.
Others are Sevi Innovation Limited, Tenakata Enterprises Limited, Umoja Fanisi Limited and Zanifu Limited.
CBK said it is working with other regulators and agencies in the licensing process, such as the Office of the Data Protection Commissioner.
“The focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors, and management,” it added.
“This is to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded. We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process.”
In December 2021, President Uhuru Kenyatta assented to the Central Bank Amendment Bill 2021, allowing CBK to regulate non-deposit-taking credit providers.
The law provides inter alia the licensing, governance, and credit operations of Digital Credit Providers (DCPs). It further provides for consumer protection and credit information sharing and elaborates on the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) obligations of DCPs.
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