mobile loan apps
The Central Bank of Kenya (CBK) has licensed 19 new Digital Credit Providers (DCPs) bringing the total number of licensed DCPs to 51.
In a statement on Wednesday CBK said the new licenses are pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act).
“The Central Bank of Kenya (CBK) announces the licensing of additional 19 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 51 following the licensing of 32 DCPs announced in March 2023,” read the statement in part.
CBK announced that it had received 480 applications since March 2022 and has worked closely with the applicants and other stakeholders in reviewing the applications.
“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,” CBK added.
CBK further said other applications 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 new licensed DCPs include; Autochek Limited, Azura Credit Limited, Chapeo Capital Limited, Chime Capital Limited, Creditarea Capital Limited, Decimal Capital Limited, Dexintec Kenya Limited, Factorhouse Limited, and Fezotech Kenya Limited.
Fortune Credit Limited, Lipa Later Limited, Lobelitec Credit Limited, Maralal Ledger Limited, Marble Capital Solutions Limited, MKM Capital Limited, Pi Capital Limited, Senti Capital Limited, UbaPesa Limited, and Zillions Credit Limited have also been licensed by CBK.
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