The Central Bank of Kenya has licenced additional 12 Digital Credit Providers, bringing the total to 22.
According to the CBK, licensing is in line with Section 59(2) of the Central Bank of Kenya Act (CBK Act).
The CBK said it has so far received 381 applications since March 2022.
The licensed DCPs include; Ceres Tech Limited, Getcash Capital Limited, Giando Africa Limited, Jijenge Credit Limited, Kweli Smart Solutions Limited, Inventure Mobile Limited, Jumo Kenya Limited, Letshego Kenya Ltd, MFS Technologies Limited, M-Kopa Loan Kenya Limited and Mwanzo Credit Limited.
Also approved were My credit Limited, My Wagepay Limited, Natal Tech Company Limited, Ngao Credit Limited, Pezesha Africa Limited, Rewot Ciro Limited, Sevi Innovation Limited, Sokohela Limited, Tenakata Enterprises Limited, Umoja Fanisi Limited and Zanifu Limited.
The licencing and oversight of DCPs were necessitated by concerns raised by Kenyans over the predatory practices of unregulated digital lenders.
The lenders had been accused of high repayment costs, unethical debt collection practices, and the abuse of personal information.
The CBK said in the licensing process, they have also involved other regulators and agencies, including 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," CBK said.
"This is to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded."
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