The Central Bank of Kenya (CBK) has granted licenses to 41 additional Digital Credit Providers (DCPs), further expanding the pool of regulated digital lenders operating in the country. This brings the total number of licensed DCPs to 126, up from 85 after the last batch of approvals in October 2024.
Since the licensing framework for digital lenders came into effect in March 2022, CBK has received over 700 applications. The licensing process has involved close scrutiny of business models, consumer protection measures, and the qualifications of shareholders, directors, and management teams. CBK has also collaborated with key regulatory bodies, including the Office of the Data Protection Commissioner, to ensure compliance with the Central Bank Act of 2021 and related laws.
“This is to ensure adherence to the relevant laws and, importantly, that the interests of customers are safeguarded,” CBK stated, acknowledging the cooperation of applicants and supporting agencies throughout the process.
Among the newly licensed DCPs are Absolute Credit Kenya, Adroit Credit Limited, Asap Credit Limited, Aventus Technology Limited, Avenews KE Limited, Bimas Kenya Limited, BRAC Kenya Company Limited, and Watu Credit Ltd.
CBK noted that several applications remain under review, mainly due to incomplete documentation. The bank has urged the remaining applicants to expedite the submission of pending information to facilitate final approvals.
The move is part of CBK’s ongoing efforts to regulate Kenya’s digital lending space, enhance consumer protection, and ensure responsible lending practices across the growing sector.
Written By Rodney Mbua
