The Central Bank of Kenya has announced the licensing of seven additional Digital Credit Providers.
This, CBK said is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act).
In its statement, CBK stated that this brings the number of licensed DCPs to 58 following the licensing of 19 DCPS announced in March 2024.
"CBK has received more than 550 applications since March 2022 and has worked closely with the applicants in reviewing their applications," read part of the statement.
"Additionally, CBK has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner."
The bank said other applicants are at different stages in the process, largely awaiting the submission of requisite documentation.
"We urge these applicants to submit the pending documentation expeditiously to enable completion of the review of their applications," read the statement.
"Reports by the public on unregulated DCPs can be sent through [email protected]."
CBK stated that the licensing and oversight of DCPs as indicated previously, was precipitated by concerns raised by the public about the predatory practices of the unregulated DCPs, and in particular, their high cost, unethical debt collection practices, and the abuse of personal information.
