Treasury Cabinet Secretary Njunguna Ndung'u has announced that at 32 digital credit providers have been licensed.
Speaking in Parliament while reading the 2022-23 budget, the CS said others are in the process of being licensed.
"With the improved number of licensed digital credit providers, the government is keen on ensuring Kenyans are served well and not harassed," he said.
He also said the Kenya Kwanza government has come up with Data Protection digital system that will benefit citizens, and ensure their information is well guarded.
In January, the Central Bank of Kenya licenced additional 12 Digital Credit Providers.
According to the CBK, licensing is in line with Section 59(2) of the Central Bank of Kenya Act (CBK Act).
The CBK said it has so far received 381 applications since March 2022.
The licensed DCPs included; Ceres Tech Limited, Getcash Capital Limited, Giando Africa Limited, Jijenge Credit Limited, Kweli Smart Solutions Limited, Inventure Mobile Limited, Jumo Kenya Limited, Letshego Kenya Ltd, MFS Technologies Limited, M-Kopa Loan Kenya Limited and Mwanzo Credit Limited.
Also approved were My credit Limited, My Wagepay Limited, Natal Tech Company Limited, Ngao Credit Limited, Pezesha Africa Limited, Rewot Ciro Limited, Sevi Innovation Limited, Sokohela Limited, Tenakata Enterprises Limited, Umoja Fanisi Limited and Zanifu Limited.
The licencing and oversight of DCPs were necessitated by concerns raised by Kenyans over the predatory practices of unregulated digital lenders.
The lenders had been accused of high repayment costs, unethical debt collection practices, and the abuse of personal information.
