CBK Authorizes 7 New Digital Credit Providers

The Central Bank of Kenya (CBK) has announced the licensing of seven additional Digital Credit Providers (DCPs), increasing the total number of licensed lenders in the country to 58. This follows the licensing of 19 DCPs in March 2024.

This development signifies continued advancement in regulating Kenya’s digital credit market. Since March 2022, the CBK has received over 550 applications and has worked closely with applicants throughout the review process. This collaborative effort includes other regulators and agencies, such as the Office of the Data Protection Commissioner.

The rigorous review process focuses on several critical areas. Business models are assessed to ensure responsible lending practices. Consumer protection is a priority, with measures in place to safeguard customer interests. Additionally, the fitness and propriety of proposed shareholders, directors, and management are evaluated to ensure responsible leadership within these companies.

The CBK appreciates the efforts of both applicants and collaborating institutions in this process. While seven applicants have been licensed, others are at various stages of the licensing process. The CBK urges these remaining applicants to expedite the submission of any required documentation to facilitate a prompt review of their applications.

This initiative to license and regulate DCPs addresses past public concerns. Unregulated lenders were often criticized for predatory practices, such as exorbitant interest rates, unethical debt collection tactics, and misuse of personal information. The CBK’s actions aim to address these issues and promote a more responsible and transparent digital credit market in Kenya.

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The CBK encourages citizens to report any unregulated DCPs they encounter. Reports can be submitted electronically to deps@centralbank.go.ke.

Here is the full list of licensed digital credit lenders in Kenya:

1. Anjoy Credit Limited
2. Asante FS East Africa Limited
3. Autochek Limited
4. Azura Credit Limited
5. Ceres Tech Limited
6. Chime Capital Limited
7. Colkos Enterprises Limited
8. Creditarea Capital Limited
9. Chapeo Capital Limited
10. Decimal Capital Limited
11. Dexintec Kenya Limited
12. ED Partners Africa Limited
13. EDOMX Limited
14. Extend Money Services Limited
15. Factorhouse Limited
16. Fezotech Kenya Limited
17. Fortune Credit Limited
18. Fourth Generation Capital Limited
19. Getcash Capital Limited
20. Giando Africa Limited (Trading as Flash Credit Africa)
21. Inventure Mobile Limited (Trading as Tala)
22. Ismuk Credit Limited
23. Jijenge Credit Limited
24. Jumo Kenya Limited
25. Kweli Smart Solutions Limited
26. Letshego Kenya Ltd
27. Lipa Later Limited
28. Little Pesa Limited
29. Lobelitec Credit Limited
30. Maralal Ledger Limited
31. Marble Capital Solutions Limited
32. Mint Credit Limited
33. MFS Technologies Limited
34. MKM Capital Limited
35. M-Kopa Loan Kenya Limited
36. Mogo Auto Limited
37. Mwanzo Credit Limited
38. Mycredit Limited
39. MyWagepay Limited
40. Natal Tech Limited
41. Ngao Credit Limited
42. Okolea International Limited
43. Payablu Credit Limited
44. Pezesha Africa Limited
45. Pi Capital Limited
46. Progressive Credit Limited
47. Rewot Ciro Limited
48. Risine Credit Limited
49. Senti Capital Limited
50. Sevi Innovation Limited
51. Sokohela Limited
52. Stride Credit Limited
53. Tenakata Enterprises Limited
54. UbaPesa Limited
55. Umoja Fanisi Limited
56. Zanifu Limited
57. Zenka Digital Limited
58. Zillions Credit Limited