Kenya is home to hundreds of digital lenders, however, not all of them are licensed to operate. According to data released by the Central Bank of Kenya (CBK) only 10 mobile money lenders are licensed to operate as Digital Credit Providers (DCPs) in the country.
The list was released after the six months transition period that the companies were given to apply for licenses to operate as digital lenders ended. In March this year, CBK had announced that all digital lenders were supposed to apply for a license by September 17, 2022.
“So far, 10 applicants have been licensed as DCPs, pursuant to the CBK Act and the Regulations.” A statement from the Central Bank says, “Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation. We urge these applicants to submit the pending document expeditiously to enable completion of the review of their applications.”
Here Are The Only 10 Mobile Digital Lenders Licensed to Operate in Kenya
- Ceres Tech Limited
- Getcash Capital Limited
- Giando Africa Limited, trades as Flash Credit Africa
- Jijenge Credit Limited
- Kweli Smart Solutions Limited
- Mwanzo Credit Limited
- MyWagepay Limited
- Sevi Innovation Limited
- Rewot Civo Limited
- Sokohela Limited
The number is likely to go higher as more companies receive authorization. According to reports, the regulator received 288 applications over a period of six months.