CBK Licenses 29 More Digital Credit Providers

The Central Bank of Kenya (CBK) has licensed 29 additional Digital Credit Providers (DCPs), bringing the total number of licensed digital lenders in the country to 281.

In a statement on Wednesday, September 30, CBK said the latest licensing was undertaken pursuant to the Central Bank of Kenya Act.

"The Central Bank of Kenya (CBK) announces the licensing of an additional 29 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 281 following the licensing of 25 DCPs announced in July 2026," the statement read.

CBK said it has received more than 900 applications from firms seeking digital credit provider licences since March 2022. 

The regulator has been working with applicants to review their applications, with the engagements focusing on business models, consumer protection and the fitness and propriety of proposed shareholders, directors and management.

The regulator said the review process is aimed at ensuring that applicants comply with applicable laws while protecting consumers using digital credit services.

"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," the statement added.

CBK explained that Digital Credit Providers predominantly conduct their lending activities through digital platforms, including Unstructured Supplementary Service Data (USSD) codes.

Their loan products include education loans, development loans, short-term personal loans, asset-financing facilities and business loans.

CBK said licensed DCPs had granted 9,596,509 loans valued at Ksh165.1 billion as of August 2026, highlighting the scale of digital lending activity in the country.

The regulator said the licensing process for other applicants was still ongoing, with some firms at different stages of review.

"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," the statement further read.

This comes a week after CBK announced the transfer of all assets and liabilities of Access Bank (Kenya) Plc to National Bank of Kenya Limited (NBK).

In a statement on Wednesday, September 23, the bank said the transaction received approval from CBK on August 17, 2026, before receiving approval from the Cabinet Secretary for the National Treasury and Economic Planning on September 21.

"This follows the approval by CBK on August 17, 2026, under Section 13 (4) of the Banking Act and approval by the Cabinet Secretary for the National Treasury and Economic Planning on September 21, 2026, pursuant to Section 9 (1) of the Banking Act," the statement read.

CBK stated that the transfer would only take effect after the parties complete the transaction in line with the agreed terms.

"The transfer shall take effect upon completion of the transaction in accordance with the terms of the Business and Assets Transfer Agreement between the parties," the statement added.