The Central Bank of Kenya (CBK) has announced the approval of 32 more Digital Credit Providers (DCPs), pushing the total number of licensed digital lenders in the country to 227.
This latest move shows the regulator’s continued efforts to bring more order, trust, and consumer protection into Kenya’s fast-growing digital lending sector.
In a statement released on Tuesday, April 14, CBK said the newly approved lenders had been licensed in line with Section 59(2) of the Central Bank of Kenya Act.
The bank also noted that the full list of the newly licensed providers has already been published on its official website for public access and verification.
Part of the statement explained that the licensing process is being carried out under the legal powers granted to the regulator by the CBK Act.
Through this process, the central bank aims to ensure that only lenders meeting the required standards are allowed to operate in the Kenyan market, especially in the digital loans space where many borrowers rely on mobile-based credit services.
CBK further revealed that the licensing exercise has been ongoing since March 2022, when the framework for regulating digital lenders was strengthened.
Since then, the regulator has received more than 800 applications from firms seeking approval to offer digital credit services in Kenya.
The bank added that it is still working closely with many of the applicants whose requests are still under review.
According to CBK, the review process involves assessing follow-up submissions and additional documents from the applicants to ensure they fully meet the set regulatory requirements before they can be granted licenses.
This continued expansion in the number of approved digital lenders is expected to improve confidence among borrowers, while also helping to weed out unregulated loan apps that have in the past been accused of unfair practices, misuse of customer data, and harassment of borrowers.
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