By The Weekly Vision Reporter
The Central Bank of Kenya (CBK) has licensed seven more digital credit providers, bringing the total number of licensed DCPs to 58. CBK says it has received over 550 applications since the process began in March 2022.
The newly licensed companies include Mogo Auto, ED Partners Africa, Ismuk, Stride Credit, Payablu, and Progressive. “Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation” CBK said in a statement last week. In a statement, CBK said this brings the number of licensed DCPs to 58 following the licensing of 51 DCPs announced in March 2023. The regulator has received 550 applications since March 2022, they have also engaged other agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner.
“The focus of the engagements has been among other things 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 said.
Other digital lenders are at different stages in the application process, largely awaiting the submission of requisite documentation.
