The Central Bank of Kenya (CBK) has announced the approval of 41 additional digital lenders, bringing the total number of licensed Digital Credit Providers (DCPs) in Kenya to 126.

 

In a statement dated Thursday, June 5, CBK confirmed that the newly approved companies had met the requirements outlined under Section 59(2) of the Central Bank of Kenya Act (CBK Act).

“The Central Bank of Kenya (CBK) announces the licensing of an additional 41 Digital Credit Providers (DCPs), pursuant to Section 59(2) of the CBK Act.

This brings the number of licensed DCPs to 126, following the last licensing round of 27 DCPs announced in October 2024,” the statement read in part.

 

As of March 2024, the Central Bank of Kenya (CBK) had licensed a total of 51 Digital Credit Providers (DCPs) to operate in the country. This followed the addition of 19 new digital lenders to the existing 32 that were approved in March 2023.

LIST | Central Bank of Kenya Grants Licenses to 19 More Digital Lending Companies Bringing the Total to 51 – https://t.co/FMaKW7cwJG

— Edduhspeaks (@edduhspeaks) March 8, 2024

Here’s a summary of the licensing requirements for Digital Credit Providers (DCPs) in Kenya under CBK regulations.

 

CBK Licensing Requirements for Digital Lenders

1. Legal & Physical Presence

  • Must be a company incorporated in Kenya.

  • Must have a registered physical office in the country.

2. Documentation

  • Company registration and shareholder documents.

  • ICT system details and digital credit delivery channels.

  • Agreements with third-party service providers.

  • Comprehensive policies on AML/CFT, data protection, governance, consumer protection, etc.

3. Ownership & Management Vetting

  • “Fit and proper” checks on directors, senior officers, and major shareholders.

  • Includes police clearance, tax compliance, and CRB reports.

4. Data Protection

  • Must register with the Office of the Data Protection Commissioner (ODPC).

  • Show evidence of strong data protection and privacy safeguards.

5. Consumer Safeguards

  • Clear loan terms and pricing models.

  • Formal customer complaint and redress mechanisms.

6. Fees

  • Application fee (non-refundable).

  • Annual renewal fee: KES 20,000.

7. CBK Review Timeline

  • Application review within 60 days.

  • Approved DCPs are published in the Kenya Gazette and CBK website.

8. Ongoing Compliance

  • Submit annual returns and updates on changes in management/shareholding.

  • Cannot take deposits or hold cash collateral for loans.

These requirements are aimed at enhancing transparency, accountability, and consumer protection in Kenya’s digital lending sector.

 

CBK noted that several other applications are still under review.

“CBK has received more than 700 applications since March 2022 and has worked closely with applicants throughout the review process. In addition, CBK has engaged other regulators and agencies relevant to the licensing process, including the Office of the Data Protection Commissioner,” the statement added.

“Some applicants are at different stages in the process, mostly pending the submission of required documentation. We urge these applicants to submit the necessary documents promptly to facilitate the completion of their applications.”

 

Full List of the 41 Newly Licensed Digital Credit Providers:

  • Absolute Credit Kenya Ltd

  • Adroit Credit Limited

  • Asap Credit Limited

  • Aventus Technology Limited

  • Avenews Ke Ltd

  • AVL Capital Ltd

  • Bimas Kenya Limited

  • BRAC Kenya Company Limited

  • East African Futures Company Limited

  • Fabilo Credit Ltd

  • Fantom Capital Limited

  • Finberry Capital Ltd

  • Finboom Credit Kenya Limited

  • Frictionless Enterprises Limited

  • Girls First Kenya Limited

  • Granary Capital Limited

  • Helium Credit Limited

  • Kifedha Ltd

  • Kikwetu Credit Ltd

  • Leja Ltd

  • Loan Plus Ltd

  • Longitude Capital Limited

  • Maxxton Enterprise Ltd

  • Milhan Access Capital Limited

  • Mkulima Pay Ltd

  • Modesty Credit Ltd

  • Moneza Ltd

  • Nawiri African Sprouts Ltd (Fast Credit)

  • Newark Frontier Limited

  • Numida Technologies Limited

  • Simbageld Ltd

  • Sipranda Capital Ltd

  • Spectrum Capital Ltd

  • Spread Capital Ltd

  • Steadfast Credit Ltd

  • Tentacorp Holdings Limited

  • Tinycost Credit Kenya Limited

  • Truway Credit Limited

  • Voncodes Capital Limited

  • Zoe Credit Limited

  • Zuri Credit Limited

 

 

 

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