Loan Apps

More loan apps have rushed to the Central Bank of Kenya to get their licenses after Google recently removed hundreds of digital lending apps from the Play Store in Kenya. This is after the Alphabet-owned company implemented a new policy that requires digital lenders to submit proof of a license in response to Kenya’s Digital Credit Providers regulations that require entities providing loans digitally to acquire licenses from the country’s Central Bank.

It is not immediately clear how many loan apps have been blacklisted by Google as they were unavailable for comment. However, a spot check by TechCrunch showed that nearly 500 apps previously in the finance category on Play Store, including MoKash and Okash, had been taken down. TechCrunch had established that 657 apps were listed in the finance category, which features loans, banking, and investing apps. Today, only 198 apps are listed in the category.

The Central Bank of Kenya has since approved 10 more digital credit providers, pushing the total number of registered entities to 32.

In 2021, former President Uhuru Kenyatta assented to the Central Bank Amendment Bill, 2021, allowing the CBK to regulate non-deposit-taking credit providers. This gave CBK the power to suspend any DCP that breaches data confidentiality by pursuing borrowers and charging high-interest rates.

List of the 32 Licensed Loan Apps in Kenya

The Central Bank of Kenya has approved DCPs such as

  1. Tala Inventure Mobile Limited,
  2. Letshego Kenya Ltd,
  3. MFS Technologies Limited
  4. Sevi Innovation Limited,
  5. Tenakata Enterprises Limited,
  6. Umoja Fanisi Limited,
  7. Zanifu Limited.
  8. Natal Tech Company Limited,
  9. Ngao Credit Limited,
  10. Pezesha Africa Limited
  11. Anjoy Credit Limited,
  12. Asante FS East Africa Limited,
  13. Colkos Enterprises Limited,
  14. EDOMX Limited,
  15. Extended Money Service Limited,
  16. Fourth Generation Capital Limited,
  17. Jumo Kenya Limited,
  18. Ceres Tech LTC,
  19. Getcash Capital,
  20. Giando Africa LTD (Flasg Credit Africa),
  21. Jijenge Credit,
  22. Kweli Smart solutions,
  23. M-KOPA Loan Kenya LTD,
  24. Mwanzo Credit LTD
  25. Mycredit Ltd
  26. MyWagepay LTD
  27. Rewot Ciro LTD
  28. Zenka Digital
  29. Okolea International
  30. Risine Credit
  31. Little Pesa
  32. Extend Money Service
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CBK had stated it had received 401 applications since March 2022 and was working 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 new policy implemented by Google will have a significant impact on the digital lending industry in Kenya. The removal of loan apps from the Play Store will make it more difficult for consumers to access credit. However, it will also protect consumers from predatory lending practices.

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Nigel Jr.
As a tech enthusiast and expert, Nigel Jr. is dedicated to providing in-depth and insightful content on all things technology. With a background in online journalism, product reviewing, and tech creation, Nigel has become a trusted source for all things tech.

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