The Central Bank of Kenya (CBK) has licensed an additional 27 Digital Credit Providers (DCPs), bringing the total number of licensed DCPs to 85.
In a statement on Tuesday, October 1, CBK noted that it received more than 730 applications since March 2022 and has worked closely with the applicants in reviewing the applications.
"The Central Bank of Kenya (CBK) announces the licensing of an additional 27 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 licenced DCPs to 85 following the last licensing of seven DCPs as announced in June 2024," CBK stated.
Details of all the 85 licensed DCPs in the country can be accessed here.
CBK added that it engaged regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner.
Read More
The bank acknowledged the efforts of the applicants and support from other regulators, adding that other applications are at various stages of review.
"Other applicants are at different stages in the process, largely awaiting the submission of the requisite documentation. We urge the remaining applicants to submit the pending documentation to enable completion of the review of their applications," CBK remarked.
The regulator reiterated that the licensing of digital lenders was prompted by concerns raised by the public about predatory practices by unregulated DCPs.
"The licensing and oversight of DCPs as indicated previously, was precipitated by concerns raised by the public about the predatory practices of unregulated DCPs, and in particular, their high cost, unethical debt collection practices and the abuse of personal information," CBK explained.
