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LIST | Central Bank of Kenya Grants Licenses to 19 More Digital Lending Companies Bringing the Total to 51
The Central Bank of Kenya has granted fresh licenses to 19 digital lending services, adding to the 32 that were announced in March 2023.
Officially termed as Digital Credit Providers (DCPs), the move by CBK brings to 51 the total number of services under the regulatory regime. The bank commenced regulation of digital lenders in March 2022 requiring the lending services to apply for new licenses by September 17, 2022, or cease operations.
The newly licensed lenders include:
“We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process,” CBK adds in the statement.
The full list of accreddited digital lenders in Kenya:
The decision by the government to regulate digital lenders came following concerns from the public about poor practices from digital lenders. Some of the practices that irked Kenyans include:
As reported by BitKE, in December 2022, to address some of these concerns, the government introduced its digital lending platform called Hustler Fund.
The Hustler fund, a signature campaign promise by current President William Ruto, can be accessed via USSD by dialing *254# from any of the country’s three mobile phone network providers.