Technology
CBK clears 10 more mobile phone lenders
Monday March 27 2023
The Central Bank of Kenya in Nairobi. FILE PHOTO | NMG
The Central Bank of Kenya has granted licenses to an additional 10 digital credit providers bringing the number of micro-lenders to 32.
The new list now largely features household names in the digital only lending space and includes Zenka Digital, Okolea International, Giando Africa (Flash Credit Africa) and Risine Credit.
Other entities to make the list of 32 in the latest approvals include Anjoy Credit, Asante FS East Africa, Colkos Enterprises, EDOMX Limited, Extend Money Service, Fourth Generation Capital and Little Pesa.
The 10 make the third batch of digital credit providers to obtain regulatory approval with the banking sector regulator having previously granted licenses in January and September.
Ceres Tech, Getcash Capital, Jijenge Credit, Kweli Smart Solutions, Mwanzo Credit, MyWagePay Limited, Rewot Ciro, Sevi Innovation and
Soko Hela was the first entity to get the CBK green light in September last year.
On January 30, the CBK would subsequently approve the licensing of Inventure Mobile (Tala), Jumo Kenya, Letshego, MFS Technologies,
Natal Tech, Ngao Credit, Pezesha Africa, Tenekata Enterprises, Umoja Fanisi, Zanifu, Mycredit Limited and M-Kopa Loan.
The CBK says it has been reviewing 401 applications since March last year and that it has worked closely with the applicants in reviewing the applications.
The review has involved the scrutiny of the digital credit providers’ business models, consumer protection tools and the fitness and propriety of proposed shareholders, directors and management.
“Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation. We urge these applicants to submit pending documentation expeditiously to enable completion of the review of their applications,” the CBK said on Monday.
