CBK (Central Bank of Kenya) provides an additional list of approved mobile leaders-Digital Credit Providers – DCPs.
In a statement on Monday, January 30, CBK noted that the mobile lenders had so far been approved out of the 381 applications that had been filed since March 2022.
This brought the total number of approved DCPs to 22- following the licensing of 10 credit providers in September 2022.
The list includes Inventure Mobile Limited (Trading as Tala), Jumo Kenya Limited, Letshego Kenya Limited, MFS Technologies Limited, and M-Kopa Loan Kenya Limited.
Others include Mycredit Limited, Tenakata Enterprises Limited, Natal Tech Company Limited, Ngao Credit Limited, Pezesha Africa Limited, Umooja Fanisi Limited, and Zanifu Limited.
This is an addition to another list announced in September 2022 included: Ceres Tech Limited, Get cash Capital Limited, Giando Africa Limited (Trading as Flash Credit Africa), Jijenge Credit Limited, Kweli Smart Solutions Limited, Mwanzo Credit Limited.
Others are MyWagepay Limited, Rewot Ciro Limited, Sevi Innovation Limited, and Sokohela Limited.
According to CBK, the licensing of digital mobile lenders came as a result of engagements with regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner.
“The focus of the engagements has been inter alia on business models, consumer protection, and fitness 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. We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process,” the statement read in part.
CBK urged those with pending applications to submit the required documents to enable the completion of the review process.
The public’s worries about the unethical actions of uncontrolled DCPs, including their exorbitant costs, aggressive debt collection tactics, and misuse of personal information, according to CBK, made the licensing and oversight procedure necessary.