he Central Bank of Kenya has licensed 19 additional Digital Credit Providers (DCPs), bringing to 51 the total number of digital lenders approved to operate in the country.
CBK says other applicants are at different stages following over 480 applications received since March 2022. The institution says it 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. This is to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded,” CBK says in a press release received by BRK.
Further, CBK urges the public to report non-complying digital lenders using dcps@centralbank.go.ke, admitting previous multiple concerns by the public about the predatory practices over unregulated DCPs, and in particular, their high cost of loans, unethical debt collection practices, and the abuse of personal information.
