Central Bank of Kenya issues licences to more digital lenders
TLDR
- Central Bank of Kenya issues licenses to 7 new Digital Credit Providers, bringing the total licensed providers to 58.
- New licensed DCPs include UbaPesa, Stride Credit, Senti Capital, Progressive Credit, Payablu Credit, Mogo Auto, and Mint Credit.
- Kenya's apex bank has seen an increase in DCP license applications, reaching 550 since March 2022.
The Central Bank of Kenya (CBK) has issued licenses to seven new Digital Credit Providers (DCPs), increasing the total number of licensed DCPs to 58. This follows an earlier batch of 19 DCPs licensed in March 2024.
The newly licensed loan operators are UbaPesa, Stride Credit, Senti Capital, Progressive Credit, Payablu Credit, Mogo Auto, and Mint Credit. Since March 2022, Kenya's apex bank has received 550 applications for DCP licenses, up from 480 as of March 2024.
The CBK has collaborated closely with applicants throughout the review process, engaging with other regulators such as the Office of the Data Protection Commissioner to ensure thorough vetting and compliance.
Points clés à retenir
The licensing and oversight of Digital Credit Providers (DCPs) by the Central Bank of Kenya (CBK) emerged in response to public concerns about unregulated DCPs, which included high costs, unethical debt collection practices, and the misuse of personal information. Similar issues, such as customer harassment, defamation, and unethical recovery methods, have led regulators in Tanzania and Nigeria to tighten controls on loan app operators. In Nigeria, up to 47 unregistered loan apps have been delisted from app stores to clean up the industry. Beyond regulating DCPs, Kenya's central bank plans to issue payment licenses to fintech startups, revising regulations to expand the country's payment market. This development has reportedly encouraged fintech companies like Flutterwave and Chipper Cash to consider obtaining licenses in Kenya.
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