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
MPs pass Bill banning hospital detention over unpaid bills
Kenya begins 42-day countdown to Ebola-free status
KRA moves to enforce 15 per cent minimum tax on multinational companies
When voters speak, politicians must listen: Lessons for Kenya in US midterm elections
State approves Sh96.95 M compensation for 157 protest victims
Trials intersex children undergo in quest for identity, acceptance
Mr President, you can't concede today and rewrite history tomorrow
The public has also been urged to report unregulated DCPs through dcps@centralbank.go.ke.
Kenya pays more to move cargo as corruption, delays drive up costs, World Bank says
The World Bank report attributes the higher costs in Kenya to inefficiencies along the Mombasa-Nairobi transport corridor.Co-op Bank offers 90pc electric vehicle financing to matatu Saccos in green lending push
Co-operative Bank of Kenya has announced it has set aside Sh1.5 billion to finance the acquisition of electric public service (PSV) vehicle fleets by matatu Saccos.Vipingo Ridge leads Kenya's double triumph at World Golf Awards
Kenya celebrated a double triumph at the 2026 World Golf Awards after Vipingo Ridge was named Africa’s Best Golf Real Estate Venue, while Kenya won the continent’s Best Golf Destination.Nusrat Mohammed: The woman who made saving abused animals her calling
Nusrat Mohammed says every vaccination is an opportunity to change perceptions, save lives, and strengthen the connection between animal welfare and public health.One shot, no mistakes: How digital tech has killed the art of old-school filmmaking
Filmmaking depended on specialised equipment, technical precision and close coordination between camera, sound and laboratory teams.MOST READ
Kenya pays more to move cargo as corruption, delays drive up costs, World Bank says
BUSINESS