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The Central Bank of Kenya (CBK) has significantly increased the number of regulated digital lenders by licensing 19 new providers. This brings the total number of licensed Digital Credit Providers (DCPs) in Kenya to 51, reflecting the CBK’s ongoing effort to control the industry.

New Licensees

The 19 newly registered companies offering digital lending services include:

  • Autocheck
  • Azura
  • Chapeo
  • Chime
  • Creditarea
  • Decimal
  • Dexintec
  • Factorhouse
  • Fezotech
  • Fortune
  • Lipa Later
  • Lobelitec
  • Maralal Ledger
  • Marble Capital
  • MKM Capital
  • Pi Capital
  • Senti Capital
  • Ubapesa
  • Zillions Credit

CBK’s Focus on Customer Protection

The CBK highlighted that all newly licensed providers are registered with the Office of the Data Protection Commissioner, ensuring compliance with data privacy. The regulator works alongside other relevant agencies to maintain high standards for business models, consumer rights, and governance within the lending space.

Impact on Kenya’s Lending Market

This move comes in response to previous concerns about high-interest rates and data misuse by unregulated lenders. The CBK’s licensing push aims to:

  • Increase competition in the digital lending market
  • Enhance customer protection
  • Promote responsible lending practices

Background on Licensing Push

In 2022, the CBK mandated licensing for all DCPs, sparking a wave of registrations. This latest announcement marks the fourth round of approvals, and more DCPs are likely to be licensed in the future as applications progress.

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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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