CBK licences 19 digital lenders
Business
By
Stephanie Wangari
| Mar 06, 2024
The Central Bank of Kenya (CBK) has licensed 19 Digital Credit Providers (DCPs).
In a statement on Wednesday, March 6, CBK noted that the number of licensed Digital Credit Providers was now at 51 following the licensing of 32 others in March 2023.
The oversight of DCPs was precipitated by concerns raised by the public on predatory practices of the unregulated providers, noting their high cost, unethical debt collection practices, and the abuse of personal information.
Since March 2022, CBK has received 480 applications.
"Other applicants are at different stages in the process, largely awaiting the submission of requisite documentation. We urge these applicants to submit the pending documentation expeditiously to enable completion of the review of their applications," said CBK.
READ MORE
State faces new IMF test as loan talks resume
Let's prioritise quality learning this year
Saudi Arabia sets executions record in 2025, putting 356 people to death
Why Omtatah wants court to block Sh2.8tr railway works
Road accident-related deaths rise by 3.4pc in 2025
Making agriculture 'cool' again: How to win the youth back into big farming
Alarming clause in Religious Organisations Bill threatens our democracy
Two schools in one: Principals brace for complex CBE transition
Dispensaries to offer maternity services under SHA, says Barasa
The public has also been urged to report unregulated DCPs through dcps@centralbank.go.ke.