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- Licensing of Digital Credit Providers;
The Central Bank of Kenya (CBK) announces the licensing of an additional 7 Digital Credit Providers (DCPs).
This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act).
This brings the number of licensed DCPs to 58 following the licensing of 19 DCPs announced in March 2024.
CBK has received more than 550 applications since March 2022 and has worked closely with the applicants in reviewing their applications.
Additionally, CBK has engaged other 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 and 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.
CBK acknowledges the efforts of the applicants and the support of other regulators and agencies in this process. Details of the 58 licensed DCPs can be accessed here
Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation.
The regulator is urging these applicants to submit the pending documentation expeditiously to enable completion of the review of their applications.
Reports by the public on unregulated DCPs can be sent through dcps@centralbank.go.ke
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The licensing and oversight of DCPs as indicated previously, was precipitated by concerns raised by the public about the predatory practices of the unregulated DCPs, and in particular, their high cost, unethical debt collection practices, and the abuse of personal information.