CBK publishes a list of 10 approved mobile lenders.
The Central bank of Kenya, CBK publishes a list of 10 mobile lenders officially approved by them.
However, CBK stated that more lenders will be approved in due time.
CBK stated,”CBK has received 288 applications since March 2022 and has worked closely with the applicants over the last six months in reviewing their applications.”
CBK added,”Additionally, CBK has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner. We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process.”
The 10 approved lenders are;
1.Ceres Tech Limited
2.Getcash Capital Limited
3.Giando Africa Limited (Trading as Flash Credit Africa)
4.Jijenge Credit Limited
5.Kweli Smart Solutions Limited
6.Mwanzo Credit Limited.
7. MyWagepay Limited
8. Rewot Ciro Limited
9. Sevi Innovation Limited
10. Sokohela Limited.
CBK said,”We urge these applicants to submit the pending documentation expeditiously to enable completion of the review of their applications.”
CBK has however issued a warning to creditors without licenses to avoid conducting digital credit business.
CBK stated,”This is pursuant to Section 59(2) of the Central Bank of Kenya Act (CBK Act), that required all operating unregulated DCPs to apply to CBK for a license within six months of the publication of the Central Bank of Kenya (Digital Credit Providers) Regulations, 2022 (the Regulations), i.e., by September 17, 2022, or cease operations.”
This comes after concerns were raised over unethical services that were going on in digital credit business.
CBK said,”The licensing and oversight of DCPs as indicated previously was precipitated by 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.”
More news on digital credit business to follow