The Central Bank of Kenya has granted fresh licenses to 19 digital lending services, adding to the 32 that were announced in March 2023.
Officially termed as Digital Credit Providers (DCPs), the move by CBK brings to 51 the total number of services under the regulatory regime. The bank commenced regulation of digital lenders in March 2022 requiring the lending services to apply for new licenses by September 17, 2022, or cease operations.
Press Release: Licensing of 19 Additional Digital Credit Providershttps://t.co/7pbGCjnCWG pic.twitter.com/ncNMRW3dgj
— Central Bank of Kenya (@CBKKenya) March 6, 2024
The newly licensed lenders include:
- Lipa Later Limited
- Ceres Tech
- Azura Credit
- Chapeo Capital
- Chime Capital
- Creditarea Capital
- Decimal Capital
- Dexintec Kenya Limited
- Factorhouse Limited
- Fezotech Kenya Limited
- Fortune Credit Limited
- Lobelitec Credit
- Maralal Ledger
- Marble Capital Solutions
- MKM Capital
- Pi Capital Limited
- Senti Capital
- UbaPesa Limited
- Zillions Credit Limited
“We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process,” CBK adds in the statement.
The full list of accreddited digital lenders in Kenya:
- Anjoy Credit Limited
- Asante FS East Africa Limited
- Autochek Limited
- Azura Credit Limited
- Ceres Tech Limited
- Chapeo Capital Limited
- Chime Capital Limited
- Colkos Enterprises Limited
- Creditarea Capital Limited
- Decimal Capital Limited
- Dexintec Kenya Limited
- EDOMX Limited
- Extend Money Services Limited
- Factorhouse Limited
- Fezotech Kenya Limited
- Fortune Credit Limited
- Fourth Generation Capital Limited
- Getcash Capital Limited
- Giando Africa Limited (Trading as Flash Credit Africa)
- Inventure Mobile Limited (Trading as Tala)
- Jijenge Credit Limited
- Jumo Kenya Limited
- Kweli Smart Solutions Limited
- Letshego Kenya Ltd
- Lipa Later Limited
- Little Pesa Limited
- Lobelitec Credit Limited
- Maralal Ledger Limited
- Marble Capital Solutions Limited
- MKM Capital Limited
- MFS Technologies Limited
- M-Kopa Loan Kenya Limited
- Mwanzo Credit Limited
- Mycredit Limited
- MyWagepay Limited
- Natal Tech Limited
- Ngao Credit Limited
- Okolea International Limited
- Pezesha Africa Limited
- Pi Capital Limited
- Rewot Ciro Limited
- Risine Credit Limited
- Senti Capital Limited
- Sevi Innovation Limited
- Sokohela Limited
- Tenakata Enterprises Limited
- UbaPesa Limited
- Umoja Fanisi Limited
- Zanifu Limited
- Zenka Digital Limited
- Zillions Credit Limited
The decision by the government to regulate digital lenders came following concerns from the public about poor practices from digital lenders. Some of the practices that irked Kenyans include:
- High-interest rates
- Over-indebtedness
- Unethical collection practices
- Personal data abuse
As reported by BitKE, in December 2022, to address some of these concerns, the government introduced its digital lending platform called Hustler Fund.
A World’s First? Kenya’s 🇰🇪 USSD-Powered Government ‘Hustler Fund’ Loan Program Kicks Off
When a customer borrows, the approved loan is sent to their mobile money account; 95% is sent to their mobile money wallet, while 5% is sent to a savings account.https://t.co/Ite3gLRrVJ
— BitKE (@BitcoinKE) December 2, 2022
The Hustler fund, a signature campaign promise by current President William Ruto, can be accessed via USSD by dialing *254# from any of the country’s three mobile phone network providers.
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