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CBK licenses 41 more digital credit providers

CBK emphasised that the licensing process is ongoing, with several applications still under review.

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by SHARON MWENDE

News05 June 2025 - 16:35
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In Summary


  • This move, CBK said, is in line with Section 59(2) of the Central Bank of Kenya (CBK) Act and follows the licensing of 27 providers in October 2024.
  • The regulator said it has received over 700 applications since March 2022 and has worked closely with applicants in reviewing their eligibility. 
CBK/FILE

The Central Bank of Kenya (CBK) has announced the licensing of 41 additional Digital Credit Providers (DCPs), increasing the number of authorised lenders to 126. 

This move, CBK said, is in line with Section 59(2) of the Central Bank of Kenya (CBK) Act and follows the licensing of 27 providers in October 2024.

In a statement issued on Thursday, the regulator said it has received over 700 applications since March 2022 and has worked closely with applicants in reviewing their eligibility. 

The CBK also involved other regulatory bodies, including the Office of the Data Protection Commissioner, in the licensing process.

“The focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors, and management,” the statement read. 

“This is to ensure adherence to the relevant laws and, importantly, that the interests of customers are safeguarded.”

CBK emphasised that the licensing process is ongoing, with several applications still under review.

“Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation,” it said.

CBK urged applicants to “complete and submit the remaining documentation expeditiously.”

The regulator reaffirmed its commitment to consumer protection, noting that public concern over the conduct of unregulated DCPs had prompted tighter oversight.

“The licensing and oversight of DCPs was precipitated by the 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,” CBK said.

A full list of the newly licensed providers is available on the CBK website. 

Members of the public are encouraged to report unregulated providers via email at [email protected].

Prior to the addition of DCPs in October 2024, CBK had added the licenses to seven DCPs in June 2024.

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