The Central Bank of Kenya (CBK) has given a go ahead for ten digital lenders to resume operations.
This comes less than a week after Google suspended hundreds of loan apps providing unsecured personal or business loans in the country.
The apps had been taken down after failing to comply with CBKs new guidelines and Google's new policy requiring digital lenders to submit proof of licence.
The latest batch now brings to 32 the number of digital lenders currently in operation in Kenya as competition in the micro loans market heats up.
"CBK has received 401 applications since March 2022 and has worked closely with the applicants in reviewing their applications. Additionally, CBK has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner," said the Banking Sector Regulator.
According to the regulator, applications submitted by various companies are currently at different stages awaiting submissions of necessary documentation as required by The Central Bank Act.
Digital credit providers are expected to submit to the regulator among others, business models, consumer protection and identity of shareholders, directors and management to ensure consumer safety.
In January, CBK licensed 12 digital lenders.
The 32 licesed lenders currently are Anjoy Credit Limited, Asante FS East Africa, Ceres Tech Limited, Colkos Enterprises Limited, EDOMX Limited, Extend Money Service Limited, Fourth Generation Capital Limited, Getcash Capital Limited, Giando Africa Limited (Trading as Flash Credit Africa), Inventure Mobile Limited (Trading as Tala) and Jijenge Credit Limited.
Others are Jumo Kenya, Kweli Smart Solutions, Letshego Kenya, Little Pesa, MFS Technologies Limited, M-Kopa Loan Kenya Limited, Mwanzo Credit Limited Mycredit Limited, MyWagepay Limited, Natal Tech Company Limited, Ngao Credit Limited, Pezesha Africa Limited, Rewot Ciro Limited 26. Risine Credit Limited, Sevi Innovation Limited, Sokohela Limited, Tenakata Enterprises Limited, Umoja Fanisi Limited, Zanifu Limited and Zenka Digital Limited.
