CBK Licences 27 New Digital Credit Providers

The Central Bank of Kenya (CBK) has officially announced the licensing of 27 Digital credit providers (DCPs) in accordance with the of section 59(2) of The Central Bank of Kenya Act (CBK Act) making it to 85 licensed DCPs.

“The Central Bank of Kenya announces the licensing of additional 27 digital credit providers DCPs,” CBK said in a press statement.

This comes after as the number of DCPs seeking licensing is rising.

CBK said to have received more than 730 DCPs application since march 2022 with the major focus of the engagement usually being on inter alia on business models, consumer protection and fitness, and property of proposed shareholders and directors and management to ensure laws are adhered to.

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It has said to engage with other agencies in the licensing process including the office of data protecting commissioner.

“CBK has engaged other regulators and agencies pertinent to the licensing process, including the office of the data protection commissioner,” the statement reads.

While other application being on different licensing stages, the CBK urges the remaining applicants to continue submitting pending document in order to finalize their review for application acknowledging their efforts and support of other regulators in the process.

Additionally, the CBK has encouraged the public to report any unregulated DCPs.