The Central Bank of Kenya (CBK) has licensed an additional 7 Digital Credit Providers (DCPs), bringing the total number of licensed providers to 58.
The approval is under Section 59(2) of the Central Bank of Kenya Act (CBK Act).
This brings the number of licensed DCPs to 58 in Kenya following the licensing of 19 DCPs announced in March 2024.
“CBK has received more than 550 applications since March 2022 and has engaged other regulators and agencies pertinent to the licensing process, including the Office of the Data Protection Commissioner,” said the apex bank in a statement Thursday.
The focus of the engagements has been on business models, consumer protection, the fitness and propriety of proposed shareholders, directors, and management.
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Pending Approvals
The involvement of the data protection office is to ensure adherence to the relevant laws and importantly that the interests of customers are safeguarded.
“We acknowledge the efforts of the applicants and the support of other regulators and agencies in this process.”
According to the CBK, the approval of the remaining DCPs is pending due to missing requisite documents.
