The Central Bank of Kenya (CBK) revealed on 30th January 2023 that it has authorized and granted more licenses to 12 Digital Credit Providers (DCPs) under section 59(2) of its Act. This adds to the 10 DCPs licensed in September 2022 and brings the total number up to 22.
The list includes well-known global companies such as Tala, Jumo Kenya Limited (Where former ICT CS Joe Mucheru is the president) M-Kopa Loan Kenya, among others. Below is the list of the 12 newly licensed digital lenders.
Newly Licensed Digital Lenders
- Pezesha Africa Limited
- Letshego Kenya Ltd
- Jumo Kenya Limited
- M-Kopa Loan Kenya Limited
- Mycredit Limited
- Ngao Credit Limited
- Tenakata Enterprises Limited
- Natal Tech Company Limited
- Umoja Fanisi Limited
- MFS Technologies Limited
- Zanifu Limited
- Inventure Mobile Limited (Tala)
Here is a list of the previously licensed providers in Kenya
Previously Licensed Digital Lenders
- Sokohela Limited
- Jijenge Credit Limited
- Ceres Tech Limited
- Rewot Civo Limited
- Kweli Smart Solutions Limited
- MyWagepay Limited
- Getcash Capital Limited
- Sevi Innovation Limited
- Mwanzo Credit Limited
- Giando Africa Limited (Flash Credit Africa)
According to Google’s Developer Program Policy: November 16, 2022, effective 31 January 2023, they’ll take steps to shape up their Play Store platform and ban unlicensed loan apps (digital lenders) operating in Kenya. The new policy requires digital lenders in Kenya to submit proof of license from the CBK to operate in the country. Any instant loan app operating in Kenya that fails to show evidence of a Central Bank license will be removed from the Play Store.
This move will aid in eliminating rogue loan providers from the market and will help protect Kenyans from exploitation by unlicensed digital lenders.
The CBK has consistently noted that all customers should only use apps offered by its licensed DCPs to ensure they receive quality services. The Central Bank also states that it constantly monitors the activities of these lenders to ensure compliance with regulations and to protect customers from harm.
Also read: Loan Apps without CRB Checks