51 digital lenders now licenced to operate in Kenya as CBK approves 19 more

Nineteen more digital credit companies have been approved by the Central Bank of Kenya (CBK), bringing to 51 the total number of providers licensed to operate in the country.

CBK said in a statement on Wednesday that it had, together with other regulators such as the Office of the Data Protection Commissioner, reviewed 480 applications it received since March 2022.

“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.

CBK noted that other applicants were at different stages in the process, with most awaiting the submission of requisite documentation.

The accreditation is part of regulations introduced last year to weed out rogue players in the booming industry as well as control how lenders use consumer data.

This was after it emerged that some companies were contacting family and friends of customers who defaulted on their payments or failed to pay on time.

There have also been complaints of some lenders imposing huge interests against the provisions of the Digital Credit Providers Regulations of 2022

CBK Governor Kamau Thugge told parliament in December they were probing over 400 digital credit companies over fraud concerns.

Here is the full list of the accredited digital lenders so far:

1.     Anjoy Credit

2.     Asante FS East Africa

3.     Autochek

4.     Azura Credit

5.     Ceres Tech

6.     Chapeo Capital

7.     Chime Capital

8.     Colkos Enterprises

9.     Creditarea Capital

11.  Dexintec Kenya

12.  EDOMX

13.  Extend Money Services

14.  Factorhouse

15.  Fezotech Kenya

16.  Fortune Credit

17.  Fourth Generation Capital

18.  Getcash Capital

19.  Giando Africa

20.  Inventure Mobile

21.  Jijenge Credit

22.  Jumo Kenya

23.  Kweli Smart Solutions

24.  Letshego Kenya

25.  Lipa Later

26.  Little Pesa

27.  Lobelitec Credit

28.  Maralal Ledger

29.  Marble Capital Solutions

30.  MKM Capital

31.  MFS Technologies

32.  M-Kopa

33.  Mwanzo Credit

34.  Mycredit

35.  MyWagepay

36.  Natal Tech

37.  Ngao Credit

38.  Okolea International

39.  Pezesha Africa

40.  Pi Capital

41.  Rewot Ciro

42.  Risine Credit

43.  Senti Capital

44.  Sevi Innovation

45.  Sokohela

46.  Tenakata Enterprises

47.  UbaPesa

48.  Umoja Fanisi

49.  Zanifu

50.  Zenka