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10 digital lenders obtain the much-coveted CBK licence
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The Central Bank of Kenya (CBK) has officially licenced an additional 10 digital lenders to operate in the country, bringing the total number of authorised digital credit providers (DCP) to 32. In line with Section 59(2) of the Central Bank of Kenya Act (CBK Act), the apex bank began the supervision of the digital lending space last year, establishing a transparent licencing process that will see to a saner digital lending space in Kenya.
The Central Bank of Kenya (CBK) has granted licences to 10 digital lenders, taking the total number of authorised digital credit providers (DCP) in the country to 32. The CBK started supervising the digital lending sector under Section 59(2) of the Central Bank of Kenya Act in 2021, setting up a transparent licensing process. The regulator is trying to crack down on high interest rates and other unethical lending practices, while the licences guarantee increased confidentiality for borrowers. In January, Google announced it would no longer host DCPs that failed to provide proof of licensing from Kenya CBK or Nigeria’s Federal Competition and Consumer Protection Commission.
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