The Central Bank of Kenya (CBK) has issued licenses to nineteen Digital Credit Providers (DCP).
CBK says it has so far received 480 applications since March 2022 but had to work with other regulators and agencies in reviewing their applications like the Office of the Data Protection Commissioner which are pertinent to the licensing process.
“The focus of engagement relied on many other things like business models, consumer protection and fitness and propriety of proposed shareholders, directors and management,” sid CBK.
According the regulator, this will ensure adherence to relevant laws and ensure the customers interests are safeguarded.
CBK has called on other applicants who have not yet been issued with licenses to submit the requisite documentation.
“We urge these applicants to submit the pending documentation expeditiously to enable completion of the review of their application.”
A total of 51 DCPs have been licensed following the licensing of 32 DCPs as announced in March 2023.
