Paul Arithi 
- CBK Approves 41 New Digital Credit Providers
The Central Bank of Kenya (CBK) announced on Thursday the licensing of an additional 41 Digital Credit Providers (DCPs) under Section 59(2) of the CBK Act.
This brings the number of licensed DCPs to 126 following the last licensing of 27 DCPs announced in October 2024.
CBK has received more than 700 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.
“The focus of the engagements has been inter alia on business models, consumer protection and fitness and propriety of proposed shareholders, directors, and management,” read part of the CBK statement.
This is to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded.
“We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process,” CBK noted.
CBK noted that other applicants are at different stages in the process, largely awaiting the submission of requisite documentation.
Further, CBK urged all the applicants to submit the pending documentation expeditiously to enable completion of the review of their applications.
“Reports by the public on unregulated DCPs can be sent through deps@centralbank.go.ke.,” CBK said.
Concerns raised by the public about the predatory practices of unregulated DCPs—specifically their high cost, unethical debt collection practices, and abuse of personal information—led to the licensing and oversight of DCPs, as previously indicated.
